VEGOILS-Palm rises more than 2% after a volatile Monday


KUALA LUMPUR, April 26 (Reuters)Malaysian palm oil futures rebounded on Tuesday as further details emerged of the major Indonesian producer’s ban on palm exports, easing fears of a blanket ban on the shipment of all products.

The reference palm oil contract FCPOc3 for July delivery on the Bursa Malaysia Derivatives Exchange gained 169 ringgits, or 2.71%, to 6,398 ringgits ($1,471.82) a tonne in early trading.

The contract fell 2% on Monday after rising almost 7% earlier in the day.

FUNDAMENTALS

* Indonesia will not ban exports of refined, bleached and deodorized palm olein until Thursday, while the ban will not include crude palm oil or other forms of derivative products, said a senior government official Musdhalifah Machmud.

* However, new export bans may be applied in the event of a shortage of refined palm oil, according to a presentation the Indonesian government made to companies.

* Exports of Malaysian palm oil products from April 1-25 fell 12.9% to 897,683 tonnes from the same period in March, cargo inspector Societe Generale de Surveillance said.

* The most active soybean oil contract in Dalian DBYcv1 fell 2.1%, while its palm oil contract DCPcv1 lost 0.5%. Chicago Board of Trade Soybean Oil Price BOcv1 increased by 0.9%.

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

* Palm oil could rebound to a range of 6,326 to 6,392 ringgits a tonne, after stabilizing around support at 6,104 ringgits, Reuters technical analyst Wang Tao said. TECHNICAL/C

MARKET NEWS

* Asian stocks rose cautiously on Tuesday after a late rally on Wall Street, although global growth fears fueled by China’s tough COVID-19 restrictions and an expected streak of aggressive Federal Reserve tightening undermined risk appetite. MKTS/GLOB

DATA/EVENTS (GMT, April)

1230 Market of durable goods in the United States

1400 US Consumer Confidence April

1,400 units of new homes sold in the United States in March

($1 = 4.3470 ringgit)

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(Reporting by Mei Mei Chu; Editing by Subhranshu Sahu)

((Meifong.chu@thomsonreuters.com))

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