VEGOILS-Palm oil falls after hitting highest in nearly three weeks

04/04/2023 (Nasdaq), Kuala Lumpur - Malaysian palm oil futures fell on Wednesday as traders booked profits after the contract hit a nearly three-week high in the previous session, and was further weighed by a stronger ringgit.

The benchmark palm oil contract FCPOc3 for June delivery on the Bursa Malaysia Derivatives Exchange slid 63 ringgit, or 1.59%, to 3,903 ringgit ($888.05) a tonne during early trade.

The contract had risen 5.45% in the last two sessions.

FUNDAMENTALS

* The ringgit MYR=, palm's currency of trade, rose 0.2% against the dollar, making the commodity more expensive for holders of foreign currency.

* Soyoil prices on the Chicago Board of Trade BOcv1 were up 0.34%. The Dalian exchange was closed for a public holiday.

* 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 fall to 3,853 ringgit per tonne, following its failure to break a resistance at 3,963 ringgit, Reuters technical analyst Wang Tao said. TECH/C

MARKET NEWS

* Stocks struggled to make headway on Wednesday, the dollar nursed losses and bonds clung to gains, as signs of a slowing U.S. labour market made investors nervous about the economic outlook, while a bigger-than-expected rate hike lifted the kiwi dollar. MKTS/GLOB

DATA/EVENTS (GMT)

0600 Germany Industrial Orders MM Feb

0600 Germany Manufacturing O/P Cur Price SA Feb

0600 Germany Consumer Goods SA Feb

0750 France S&P Global Serv, Comp PMIs March

0755 Germany S&P Global Serv PMI March

0755 Germany S&P Global Comp Final PMI March

0800 EU S&P Global Serv, Comp Final PMIs March

0830 UK Composite PMI Final March

0830 UK Reserve Assets Total March

1230 US International Trade Feb

1345 US S&P Global Serv, Comp Final PMIs March

1400 US ISM N-Mfg PMI March

($1 = 4.3950 ringgit)

Source: Reuters

https://www.nasdaq.com/articles/vegoils-palm-oil-falls-after-hitting-highest-in-nearly-three-weeks