16/05/2023 (Nasdaq), Kuala Lumpur - Malaysian palm oil futures fell on Tuesday for a second consecutive session, as the contract rolled over to a new month and tracked losses in rival edible oils.

The benchmark palm oil contract FCPOc3 for August delivery on the Bursa Malaysia Derivatives Exchange slid 31 ringgit, or 0.88%, to 3,481 ringgit ($784.89) a tonne during early trade.

FUNDAMENTALS

* Exports from Malaysia during the May 1-15 period rose 4% from the same period in April, according to cargo surveyor Intertek Testing Services on Monday. AmSpec Agri Malaysia, another cargo surveyor, said exports rose 5.2%.

* Indonesia set its crude palm oil reference price at $893.23 per tonne for the period of May 16-31, a trade ministry decree published on Monday showed.

* The UN aid chief said on Monday efforts will continue in coming days to extend a deal allowing the safe Black Sea export of Ukraine grain, a pact Russia has threatened to quit on May 18 over obstacles to its grain and fertilizer exports.

* Soyoil prices on the Chicago Board of Trade BOcv1 were down 0.2% amid forecasts of record U.S production. Dalian's most-active soyoil contract DBYcv1 gained 0.2%, while its palm oil contract DCPcv1 lost 0.1%.

* 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 test a support at 3,498 ringgit per tonne, a break below could open the way towards 3,418 ringgit, Reuters technical analyst Wang Tao said. TECH/C

MARKET NEWS

* Asia stocks mostly held firm on Tuesday despite weaker-than-expected Chinese economic data, with investors expecting the world's second-biggest economy to provide policy support. MKTS/GLOB

DATA/EVENTS (GMT)

0600 UK Claimant Count Unem Chng April

0600 UK ILO Unemployment Rate March

0600 UK HMRC Payrolls Change April

0900 EU Total Trade Balance SA March

0900 EU GDP Flash Estimate QQ, YY Q1

0900 Germany ZEW Economic Sentiment May

0900 Germany ZEW Current Conditions May

1230 US Retail Sales MM April

1315 US Industrial Production MM April

($1 = 4.4350 ringgit)

Source: Reuters

https://www.nasdaq.com/articles/vegoils-palm-tracks-rival-oils-lower-for-second-straight-day