VEGOILS-Palm falls on weaker rival oils in Dalian and Chicago

Credit: REUTERS/HASNOOR HUSSAIN

By Dewi Kurniawati

JAKARTA, Feb 22 (Reuters) - Malaysian palm oil futures fell on Thursday, underpinned by the losses in rival oils in Dalian and Chicago soyoil futures.

The benchmark palm oil contract FCPOc3 for May delivery on the Bursa Malaysia Derivatives Exchange decreased 10 ringgit, or 0.26%, to 3,853 ringgit ($804.22) a metric ton in morning trade.

FUNDAMENTALS

* Soyoil contract at Dalian Commodity Exchange DBYv1 were down 0.14%, while its palm oil contract DCPv1 fell 0.14%. Meanwhile, soyoil prices on the Chicago Board of Trade BOc2 were down 0.04%.

* Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.

* Exports of Malaysian palm oil products for Feb. 1-20 were seen falling by 3.4% to 18.3% from the previous month, cargo surveyors data showed.

* Oil prices rose slightly, holding to gains from the previous session that came amid signs of tighter supply.O/R

* Palm oil FCPOc3 remains neutral in a range of 3,815 ringgit to 3,891 ringgit per metric ton, and an escape could suggest a direction, Reuters technical analyst Wang Tao said. TECH/C

MARKET NEWS

* Treasury yields rose on Wednesday after minutes from the Federal Reserve's last meeting showed concerns about cutting interest rates too soon, while global shares closed flat ahead of Nvidia results that could determine the near-term outlook for equities. MKTS/GLOB

DATA/EVENTS (GMT)

0500 Japan Chain Store Sales YY Jan

0745 France Business Climate Mfg, Overall Feb

0815 France HCOB Mfg, Serv, Comp Flash PMIs Feb

0830 Germany HCOB Mfg, Serv, Comp Flash PMIs Feb

0900 EU HCOB Mfg, Serv, Comp Flash PMIs Feb

0930 UK Flash Comp, Mfg, Serv PMIs Feb

1000 EU HICP Final MM, YY Jan

1330 US Initial Jobless Clm Weekly

1445 US S&P Global Mfg, Svcs, Comp Flash PMIs Feb

1500 US Existing Home Sales Jan

($1 = 4.7910 ringgit)

cpo https://tmsnrt.rs/49niH8p

(Reporting by Dewi Kurniawati; Editing by Rashmi Aich)

((Dewi.Kurniawati@thomsonreuters.com))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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