27/10/2022 (Nasdaq), Jakarta - Malaysian palm oil futures dropped on Friday, dragged lower by losses in rival edible oils, and were poised for a weekly drop amid concerns of sluggish demand.

The benchmark palm oil contract FCPOc3 for January delivery on the Bursa Malaysia Derivatives fell 1.25% to 4,095 ringgit ($867.95) per tonne in early trading.

The contract has lost 0.84% so far this week.

FUNDAMENTALS

* Dalian's most active soyoil contract DBYv1 fell 1.70%, while its palm oil contract DCPv1 dropped 2.55%. Soyoil prices on the Chicago Board of Trade BOc2 flitted sideways.

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

* Palm oil may break a support of 4,114 ringgit per tonne and fall into 4,001-4,071 ringgit range, Reuters technical analyst Wang Tao said. TECH/C

MARKET NEWS

* Oil prices fell in early trade on Friday on a stronger dollar, but were on track for a weekly gain on concerns about supply tightening with Europe's pending cut-off of imports from Russia. O/R

* Asian equities edged lower on Friday as investors grappled with mixed earnings reports, while the Japanese yen held firm ahead of the Bank of Japan's policy review. MKTS/GLOB

DATA/EVENTS

0630 France GDP Preliminary QQ Q3

0645 France CPI (EU Norm) Prelim YY Oct

0645 France Producer Prices YY Sept

0800 Germany GDP Flash QQ SA, YY NSA Q3

0900 EU Consumer Confid. Final Oct

0800 Germany CPI Prelim YY Oct

0800 Germany HICP Prelim YY Oct

1230 US Consumption, Adjusted MM Sept

1400 US U Mich Sentiment Final Oct

($1 = 4.7180 ringgit)

-          Reuters

https://www.nasdaq.com/articles/vegoils-palm-oil-tracks-rivals-lower-set-for-weekly-loss