KUALA LUMPUR, March 30 (Reuters) – Malaysian palm oil futures inched lower on Thursday after a three-session climb, but the contract hovered near a one-week high, underpinned by expectations of lower production.
The benchmark palm oil contract FCPOc3 for June delivery on the Bursa Malaysia Derivatives Exchange slid 7 ringgit, or 0.19%, to 3,700 ringgit ($837.10) in early trade.
FUNDAMENTALS
* Cargo surveyors are scheduled to release March exports data on Friday.
* A millers’ association has pegged a 22.9% slump in March 1-25 output, analysts said.
* Dalian’s most-active soyoil contract DBYcv1 rose 0.1%, while its palm oil contract DCPcv1 fell 0.1%. Soyoil prices on the Chicago Board of Trade BOcv1 were down 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 rise into a range of 3,773 ringgit to 3,810 ringgit per tonne to fill a gap forming on March 22, Reuters technical analyst Wang Tao said. TECH/C
MARKET NEWS
* Asian stocks rose with fears easing on the banking front and the prospect of a break-up at Chinese conglomerate Alibaba offering an encouraging sign that Beijing’s regulatory storm focused on tech companies might finally be clearing. MKTS/GLOB
DATA/EVENTS (GMT)
0900 EU Consumer Confid. Final March
1200 Germany CPI Prelim YY March
1200 Germany HICP Prelim YY March
1230 US GDP Final Q4
1230 US Initial Jobless Clm Weekly
($1 = 4.4200 ringgit)
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(Reporting by Mei Mei Chu; Editing by Subhranshu Sahu)
((Meifong.chu@thomsonreuters.com))
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