01/06/2023 (Nasdaq), Kuala Lumpur - Malaysian palm oil futures recovered some losses on Thursday after plunging nearly 6% in the previous session, but weak exports kept the contract near a 2.5-year closing low.

The benchmark palm oil contract FCPOc3 for August delivery on the Bursa Malaysia Derivatives Exchange gained 64 ringgit, or 2%, to 3,265 ringgit ($708.04) a tonne during early trade.

FUNDAMENTALS

* Indonesia and Malaysia will delay trade talks with the European Union (EU) while they seek fairer treatment for small palm oil producers, the Financial Times reported on Wednesday.

* Malaysia's exports during May fell 0.8% from April, cargo surveyor Intertek Testing Services said on Wednesday. Another cargo surveyor, AmSpec Agri Malaysia, said exports fall 1.8%.

* Indonesia has set its crude palm oil reference price lower at $811.68 per tonne for the period of June 1-15, making its export tax cheaper at $33 per tonne and levy at $85.

* India slashed the base import prices of crude palm oil, soyoil, gold and silver as prices on the world market corrected, the government said in a statement late on Wednesday.

* Dalian's most-active soyoil contract DBYcv1 gained 0.2%, while its palm oil contract DCPcv1 fell 0.4%. Soyoil prices on the Chicago Board of Trade BOcv1 were up 0.8%.

* Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.

MARKET NEWS

* Most Asia-Pacific stock markets rose on Thursday amid receding bets for a U.S. rate hike this month and relief over the passage of the U.S. debt ceiling bill through the House. MKTS/GLOB

DATA/EVENTS (GMT)

0600 UK Nationwide house price MM, YY May

0750 France S&P Global Mfg PMI May

0755 Germany HCOB Mfg PMI May

0800 EU HCOB Mfg Final PMI May

0830 UK S&P GLBL/CIPS Mfg PMI FNL May

0900 EU HICP Flash YY May

0900 EU HICP-X, F, E, A&T Flash YY, MM May

0900 EU Unemployment Rate April

1230 US Initial Jobless Clm Weekly

1345 US S&P Global Mfg PMI Final May

1400 US ISM Manufacturing PMI May

($1 = 4.6112 ringgit)

Source: Reuters

https://www.nasdaq.com/articles/vegoils-palm-oil-claws-back-partial-gains-weak-exports-limit