Palm oil trades sideways ahead of cargo surveyor data
JAKARTA, July 31 (Reuters) -Malaysian palm oil futures traded sideways on Wednesday as market participants awaited July export data from cargo surveyors for direction.
The benchmark palm oil contract FCPOc3 for October delivery on the Bursa Malaysia Derivatives Exchange lost 10 ringgit, or 0.26%, to 3,905 ringgit ($847.26) a metric ton by 0237 GMT. It traded between 3,881 ringgit and 3,917 ringgit in early trade.
For the month, the contract was down 0.15%.
FUNDAMENTALS
* Dalian's most-active soyoil contract DBYcv1 was down 0.05%, while its palm oil contract DCPcv1 was up 0.13%. Soyoil prices on the Chicago Board of Trade BOc2 were down 0.21%.
* Palm oil tracks price movements of rival edible oils, as they compete for a share of the global vegetable oils market.
* Cargo surveyors are expected to publish their estimates on Malaysia palm oil exports in July later in the day.
* Indonesia raised its crude palm oil reference price for August to $820.11 per metric ton from $800.75 per ton in July, but will keep the export tax and export levy unchanged, a trade ministry official said on Tuesday.
MARKET NEWS
* Asian stocks clung to familiar ranges after contrasting results from tech bellwether Microsoft and chipmaker AMD suggested a divide in the AI landscape while the yen was firm ahead of the Bank of Japan's policy decision.MKTS/GLOB
DATA/EVENTS (GMT)
0645 France CPI (EU Norm) Prelim YY July
0645 France CPI (EU Norm) Prelim MM July
0645 France CPI Prelim YY NSA July
0645 France CPI Prelim MM NSA July
0645 France Producer Prices YY June
0755 Germany Unemployment Chg SA July
0755 Germany Unemployment Rate SA July
0900 EU HICP Flash YY July
0900 EU HICP-X F,E,A&T Flash YY July
0900 EU HICP-X F, E, A, T Flash MM July
Japan O/N Call Rate
($1 = 4.6090 ringgit)
Reporting by Bernadette Christina; Editing by Subhranshu Sahu
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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