08/01/2024 (Nasdaq), Jakarta - Malaysian palm oil futures were little changed on Tuesday as market participants awaited monthly Malaysian Palm Oil Board (MPOB) data scheduled for release on Wednesday for further direction.

The benchmark palm oil contract FCPOc3 for March delivery on the Bursa Malaysia Derivatives Exchange inched higher 2 ringgit, or 0.05%, to 3,695 ringgit ($796.51) a metric ton in morning trade.

FUNDAMENTALS

* Dalian's most-active soyoil contract DBYcv1 rose 0.27% and its palm oil contract DCPcv1 increased 0.09%. Soyoil prices on the Chicago Board of Trade BOcv1 rose 0.33%.

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

* Oil prices steadied in early trade after sliding in the previous session, as markets weighed Middle East tensions against demand worries and rising OPEC supply. O/R

* Weaker crude oil futures make palm a less attractive option for biodiesel feedstock.

* The Malaysian ringgit MYR=, palm's currency of trade, rose 0.19% against the U.S dollar. A stronger ringgit makes palm oil less attractive for foreign currency holders.

* Palm oil may test support of 3,607 ringgit per ton, and fall into the 3,576-3,607 ringgit range, said Reuters technical analyst Wang Tao. TECH/C

MARKET NEWS

Asia's stock indexes were mostly higher after a tech-led surge on Wall Street as investors await the next set of U.S inflation numbers due this week, which could hint at when the Federal Reserve might start cutting interest rates. MKTS/GLOB

DATA/EVENTS (GMT)

0700 Germany Industrial Output MM Nov

0700 Germany Industrial Production YY SA Nov

1330 US International Trade Nov

($1 = 4.6390 ringgit)

Source: Reuters

https://www.nasdaq.com/articles/vegoils-palm-struggles-for-momentum-as-investors-await-mpob-data