Today Online (11/03/2021) - KUALA LUMPUR, March 11 - Malaysian palm oil futures inched lower on Thursday after a six-session rally to a 13-year high, as weakness in rival soyoil and cargo surveyor data showing dismal March 1-10 exports outweighed bullish Malaysian Palm Oil Board data.

The benchmark palm oil contract for March delivery on the Bursa Malaysia Derivatives Exchange fell 5 ringgit, or 0.13%, to 3,969 ringgit ($965.75) a tonne by 0256 GMT.

FUNDAMENTALS

* Malaysia's palm oil inventories fell more than expected in February as production declined to its lowest in five years and imports plunged, industry regulator Malaysian Palm Oil Board data showed on Wednesday.

* Malaysian palm oil product exports for March 1-10 fell 22.6% to 309,898 tonnes from the same period in February with fewer shipments to China, according to cargo surveyor Intertek Testing Services data on Wednesday.

* Dalian's most-active soyoil contract fell 2%, while its palm oil contract gained 1%. Soyoil prices on the Chicago Board of Trade were down 0.4%.

* 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 were set to open slightly higher, following Wall Street's momentum, after a report on U.S. consumer prices calmed concerns about inflation, helping steer the Dow Jones Industrial Average to a record close.

* Crude oil prices rose as vaccine rollouts bolstered the economic outlook and U.S. fuel stocks fell sharply, although gains were capped by a surge in crude oil inventories after last month's Texas storm.

DATA/EVENTS

1245 EU ECB Refinancing Rate March

1245 EU ECB Deposit Rate March

1330 US Initial Jobless Clm Weekly

1700 US Federal Reserve issues quarterly financial REUTERS

Read more at https://www.todayonline.com/world/vegoils-palm-eases-13-year-high-dismal-exports-weaker-soyoil