KUALA LUMPUR, April 16 – Malaysian palm oil
futures rose 2% on Friday lifted by stronger exports in April so
far, but the contract is set for its first weekly decline in
three as tight supply weighed on sentiment.
The benchmark palm oil contract for July delivery
on the Bursa Malaysia Derivatives Exchange gained 75 ringgit, or
2.09%, to 3,665 ringgit ($888.05) a tonne during early trade.
Palm has declined nearly 3% so far in the week.
* Malaysia on Thursday kept its May export tax for crude
palm oil at 8%, but raised its reference price to 4,533.40
ringgit ($1,098.74) per tonne.
* Palm oil exports during April 1-15 rose between 6% and 15%
from the same period in March, cargo surveyors said on Thursday.
* Dalian’s most-active soyoil contract gained 1.5%,
while its palm oil contract rose 2.7%. Soyoil prices on
the Chicago Board of Trade were up 0.8%.
* Palm oil is affected by price movements in related oils as
they compete for a share in the global vegetable oils market.
* Palm oil July contract may rise to 3,654 ringgit per
tonne, as it has cleared a resistance at 3,585 ringgit, Reuters
technical analyst Wang Tao said.
* Asian shares were little changed on Friday ahead of a raft
of Chinese economic data, while world stocks on the whole flew
at a record level, fuelled by strong U.S. economic data that may
herald a solid recovery ahead.
0200 China Urban Investment (YTD) YY March
0200 China Industrial Output YY March
0200 China Retail Sales YY March
0200 China GDP YY Q1
0900 EU HICP Final MM, YY March
1230 US Housing Starts Number March
1300 EU Finance ministers meet
1400 US U Mich Sentiment Prelim April
($1 = 4.1270 ringgit) REUTERS