Palm oil falls, set for sharpest weekly climb since October
MG News | March 11, 2022 at 09:11 AM GMT+05:00
March 11, 2022: Malaysian palm oil futures declined on Friday after the nation's palm oil board data surprised the market with higher-than-expected February end-stocks, although the contract is set for a third weekly jump as global supply tightens.
The benchmark palm oil contract FCPOc3 for May delivery on the Bursa Malaysia Derivatives Exchange slid 124 ringgit, or 1.78% to 6,837 ringgit ($1,631.74) a tonne during early trade.
For the week, the palm is up 8.7% so far — the sharpest in five months.
FUNDAMENTALS
* Malaysian inventories at February-end fell less than anticipated, down 2% from the previous month to 1.52 million tonnes, the Malaysian Palm Oil Board said on Thursday. Exports, which was pegged to climb, fell 5% to 1.1 million tonnes. Read full story
* Shipments during March 1-10 rose between 6% and 17% from February, cargo surveyors said on Thursday. Read full storyRead full storyRead full story
* Demand for Malaysian palm oil is expected to be firm as buyers seek replacements for Black Sea sunflower oil disrupted by the Russia-Ukraine war and as Indonesia expands a policy requiring exporters to sell 30% of their products domestically.
* However, sky-high prices of edible oil have also triggered demand rationing in key importers.
* Dalian's most-active soyoil contract DBYcv1 fell 1.5%, while its palm oil contract DCPcv1 rose 0.4%. Soyoil prices on the Chicago Board of Trade BOcv1 were down 1%.
* Palm oil may retest a resistance at 7,100 ringgit per tonne, a break above could lead to a gain to 7,302 ringgit, Reuters technical analyst Wang Tao said. TECH/C
MARKET NEWS
* Asian shares extended a global slump after the fastest U.S. inflation in four decades and a hawkish European Central Bank (ECB) bolstered expectations for more aggressive rate hikes.
Reuters
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