Palm oil eases for second day on higher Malaysia supply prospects
BEIJING, July 24 (Reuters) -Malaysian palm oil futures fell for a second day on Wednesday, pressured by prospects of higher output in the world's second largest producer.
The benchmark palm oil contract FCPOc3 for October delivery on the Bursa Malaysia Derivatives Exchange slid 18 ringgit, or 0.45%, to 3,951 ringgit ($845.86) a ton during early trade.
FUNDAMENTALS
* The market is anticipating higher production in July after a miller association's data showed output in southern Peninsular Malaysia during July 1-20 rose 17.8% compared to the same period last month, analysts said.
* India bought a record amount of edible oils for July delivery, as refiners increased palm oil and soyoil purchases due to lucrative prices and ahead of an anticipated hike in import duties, industry and government sources told Reuters.
* Indonesia is planning for the widespread use of the palm-oil based B40 biodiesel in 2025, replacing the current B35 blending, the energy ministry said in a statement.
* Falling U.S. crude inventories caused oil prices to rebound on Wednesday after several days of decline, while expectations for a nearing ceasefire deal in the Middle East kept prices from continuing to climb. O/R
* Weaker crude oil futures make palm a less attractive option for biodiesel feedstock.
* Dalian's most-active soyoil contract DBYcv1 fell 0.05%, while its palm oil contract DCPcv1 fell 0.9%. Soyoil prices on the Chicago Board of Trade BOcv1 were down 0.6%.
* 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 retest support at 3,947 ringgit per metric ton, as it could have completed a bounce around resistance at 4,024 ringgit, Reuters technical analyst Wang Tao said. TECH/C
MARKET NEWS
* Asian stocks were subdued on Wednesday after lacklustre earnings from U.S. tech behemoths Tesla and Alphabet dented sentiment, while the yen hit a six-week high ahead of a central bank meeting next week where a rate hike remains on the table. MKTS/GLOB
DATA/EVENTS (GMT)
0030 Japan JibunBK Mfg PMI Flash SA July
0030 Japan JibunBK Comp Op Flash SA July
0030 Japan JibunBK SVC PMI Flash SA July
0050 Japan Chain Store Sales YY June
0715 France HCOB Mfg Flash PMI July
0715 France HCOB Services Flash PMI July
0715 France HCOB Composite Flash PMI July
0730 Germany HCOB Mfg Flash PMI July
0730 Germany HCOB Services Flash PMI July
0730 Germany HCOB Composite Flash PMI July
0800 EU HCOB Mfg Flash PMI July
0800 EU HCOB Services Flash PMI July
0800 EU HCOB Composite Flash PMI July
0830 UK Mfg Flash PMI July
0830 UK Services Flash PMI July
0830 UK Composite Flash PMI July
1400 US New Home Sales-Units June
($1 = 4.6710 ringgit)
Reporting by Mei Mei Chu; Editing by Eileen Soreng
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
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