VEGOILS-Palm oil in range-bound trade, dry weather and weak demand weigh
15/06/2023 (Nasdaq), Kuala Lumpur - Malaysian palm oil futures traded in a tight range on Thursday as traders weighed bigger May stockpiles against concerns over weak demand and dry weather hitting production.
The benchmark palm oil contract FCPOc3 for August delivery on the Bursa Malaysia Derivatives Exchange gained 5 ringgit, or 0.14%, to 3,457 ringgit ($746.49) a metric ton during early trade.
FUNDAMENTALS
* Indonesia plans to set its crude palm oil reference price at $723.45 per metric ton for the June 16-30 period, down from $811.68 currently, economics ministry official Musdhalifah Machmud said on Wednesday.
* Indonesia's palm oil exports, including refined products, fell 1.93% annually to 2.13 million metric ton in April, data from the Indonesian Palm Oil Association showed on Thursday.
* India on Wednesday slashed base import duty on refined soyoil and sunflower oil to 12.5% from an earlier 17.5%, the government said in a notification as the world's biggest vegetable oil buyer tries to dampen local prices.
* Cargo surveyors are scheduled to release June 1-15 shipment data later in the day.
* Dalian's most-active soyoil contract DBYcv1 rose 0.1%, while its palm oil contract DCPcv1 gained 0.2%. Soyoil prices on the Chicago Board of Trade BOcv1 were down 0.07%.
* Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
MARKET NEWS
* Asian stocks braked around two-month highs on Thursday, while the dollar nursed modest losses, after the U.S. Federal Reserve chose not to hike interest rates for the first time in 17 months, even as it opened the door to more hikes ahead. MKTS/GLOB
DATA/EVENTS (GMT)
0430 Japan Tertiary Ind Act NSA Apr
0645 France CPI (EU Norm) May
0900 EU Trade Balance Apr
1000 EU Reserve Assets May
1215 EU ECB Refinancing Rate Jun
1215 EU ECB Deposit Rate Jun
1230 US Import Prices May
1230 US Initial Jobless Claims Weekly
1230 US Philly Fed Business Indx Jun
1230 US Retail Sales May
1315 US Industrial Production May
1245 ECB President Christine Lagarde speaks to reporters in Frankfurt following the Governing Council's monetary policymeeting
($1 = 4.6310 ringgit)
Source: Reuters