KUALA LUMPUR, April 5 (Reuters) – 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)
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(Reporting by Mei Mei Chu; Editing by Sonia Cheema)
((Meifong.chu@thomsonreuters.com))
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