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Palm falls for third day, hits near-one-month low



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JAKARTA, May 31 (Reuters) -Malaysian palm oil futures plunged for a third straight session on Wednesday and hit their lowest in nearly a month.

The benchmark palm oil contract FCPOc3 for August delivery on the Bursa Malaysia Derivatives Exchange fell 3.03% to 3,289 ringgit ($744.08) per tonne in morning trade.

The contract looked set to book a third monthly drop after extending losses from its worst day in two weeks on weaker rival edible oil prices and expectations of rising output in May.


FUNDAMENTALS

* Malaysia's exports during May 1-25 fell 0.7% from the same period in April, cargo surveyor Intertek Testing Services said on Friday. Another cargo surveyor, AmSpec Agri Malaysia, said exports rose 0.7%.

* May production is expected to rise between 20% and 30%from April, rebounding from the lows seen during the Raya holidays, analysts said.

* Dalian's most-active soyoil contract DBYcv1 fell 4.11%,while its palm oil contract DCPcv1 was down 4.39%.Soyoil prices on the Chicago Board of Trade BOcv1 dropped 1.32%.

* Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.

* Palm oil FCPOc3 may revisit its April 28 low of 3,288 ringgit per tonne, as it has broken key support of 3,363 ringgit, said Reuters technical analyst Wang Tao. TECH/C



MARKET NEWS

* Asia's stock markets slid toward a second month of losses in a row on Wednesday, and even the glittering Nikkei paused, as weak Chinese factory activity fed growing doubts about the post-pandemic recovery in the world's second-biggest economy. MKTS/GLOB

DATA/EVENTS (GMT)

0130 China NBS Manufacturing PMI May

0645 France GDP QQ Final Q1

0645 France CPI (EU Norm) Prelim YY May

0645 France Producer Prices YY April

0755 Germany Unemployment Chg, Rate SA May

0800 ECB releases biannual Financial Stability Review

1200 Germany CPI, HICP Prelim YY May

1800 US Federal Reserve issues the Beige Book



($1 = 4.4350 ringgit)



Reporting by Bernadette Christina Munthe; Editing by Sohini Goswami

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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