VEGOILS-Palm oil firms as ringgit weakens; set for first weekly loss in three

KUALA LUMPUR, April 22 (Reuters) – Malaysian palm oil futures rose early on Friday as the ringgit weakened, but the market is poised for its first weekly decline in three, weighed down by a drop in exports from April so far .

The reference palm oil contract FCPOc3 for July delivery on the Bursa Malaysia Derivatives Exchange gained 71 ringgits, or 1.12%, to 6,384 ringgits ($1,483.62) a tonne in early trading.

For the week, the palm is down 1.3% so far.

FUNDAMENTALS

* The ringgit MYR=the palm tree’s currency fell 0.35% against the dollar to its lowest level since June 2020, making the product cheaper for foreign currency holders.

* After huge rebounds fueled by dramatic commodity price surges, the tide could turn for currencies such as the Australian dollar and Colombian peso as fears of slowing global growth take hold on the markets. markets.

* Exports of Malaysian palm oil products from April 1-20 fell 12.6% to 632,588 tonnes from the same week in March, freight inspector Societe Generale de Surveillance said Thursday evening.

* The most active soybean oil contract in Dalian DBYcv1 gained 1%, while its palm oil contract DCPcv1 increased by 0.9%. Chicago Board of Trade Soybean Oil Price BOcv1 fell 0.4% after a seven-day winning streak.

* Palm oil is impacted by related oil price movements as they compete for share of the global vegetable oil market.

* Palm oil could test resistance at 6,454 ringgit a tonne, a break above that could lead to a gain to 6,548 ringgit, Reuters technical analyst Wang Tao said. TECHNICAL/C

MARKET NEWS

* Asian stocks fell as investors worried about the prospect of increasingly aggressive rate hikes for the United States as well as the fallout for the global economy from lockdowns in China. MKTS/GLOB

DATA/EVENTS (GMT)

0600 UK retail sales MM, YY March

0600 UK Retail Sales Ex-Fuel MM March

0715 France S&P Global Mfg, Serv, Comp Flash PMI April

0730 Germany S&P Global Mfg, Svc, Comp Flash PMI April

0800 EU S&P Global Mfg, Serv, Comp Flash PMI April

0830 UK Flash Comp, Mfg, Serv PMI April

1345 US S&P Global Mfg, Serv, Comp Flash PMI April

The International Monetary Fund and the World Bank conduct their

Spring meetings in Washington (until April 24)

1700 US IMF chief Kristalina Georgieva holds

discussion on the future in spring IMF/World Bank

Meetings

($1 = 4.3030 ringgit)

cpohttps://tmsnrt.rs/3vzGYp4

(Reporting by Mei Mei Chu; Editing by Rashmi Aich)

((Meifong.chu@thomsonreuters.com))

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