KUALA LUMPUR, April 29 (Reuters) –Malaysian palm oil futures opened higher on Monday, supported by firmer rival Dalian contracts and Chicago soyoil prices, ahead of the cargo surveyors’ export estimates for the month in the world’s second-biggest producer.
The benchmark palm oil contract FCPOc3 for July delivery on the Bursa Malaysia Derivatives Exchange rose 38 ringgit, or 0.98%, to 3,934 ringgit ($824.39) a metric ton during early trade.
The contract lost 0.76% last week.
FUNDAMENTALS
* Cargo surveyors are expected to release exports estimates for April on Tuesday.
* Dalian’s most-active soyoil contract DBYcv1 gained 1.35%, while its palm oil contract DCPcv1 added 1.88%. Soyoil prices on the Chicago Board of Trade BOcv1 were up 0.86%.
* Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
* Oil prices fell in early Asian trading on Monday, erasing gains from Friday as Israel-Hamas peace talks in Cairo eased fears of a wider conflict in the Middle East and US inflation data further dimmed the prospects of interest rate cuts anytime soon. O/R
* Weaker crude oil futures make palm a less attractive option for biodiesel feedstock.
*The Malaysian ringgit MYR=palm’s currency of trade, weakened 0.1% against the dollar, making the commodity less expensive for buyers holding the foreign currency.
* Palm oil may rise into a range of 3,942-3,969 ringgit per metric ton, as a downtrend from the April 3 high of 4,443 ringgit may have reversed, Reuters technical analyst Wang Tao said. TECH/C
MARKET NEWS
* Asian stocks got off to a positive start on Monday ahead of the Federal Reserve’s policy meeting later in the week, while the dollar broke past the psychologically key level of 160 yen for the first time in decades. MKTS/GLOB
DATA/EVENTS
0900 EU Consumer Confid. End April
1200 Germany CPI Prelim YY April
1200 Germany HICP Prelim YY April
($1 = 4.7720 ringgit)
Reporting by Danial Azhar; Editing by Janane Venkatraman
For a table on Malaysian physical palm oil prices, including refined oil, Reuters Terminal users can double click on or type OILS/MY01. * To view freight rates from Peninsula Malaysia/Sumatra to China, India, Pakistan and Rotterdam, please key in OILS/ASIA2 and press enter, or double click between the brackets. * Reuters Terminal users can see cash and futures edible oil prices by double clicking on the codes in the brackets: To go to the next page in the same chain, hit F12. To go back, hit F11. Vegetable oils OILS/ASIA1 Malaysian palm oil exports SGSPALM1 CBOT soyoil futures 0#BO: CBOT soybean futures 0#S: Indian solvent SOLVENT01 Dalian Commodity Exchange DC/MENU Dalian soyoil futures 0#DBY: Dalian refined palm oil futures 0#DCP: Zhengzhou rapeseed oil 0#COI: European edible oil prices/trades OILS/E
