Palm falls from near three-week high as demand concerns weigh
KUALA LUMPUR, Jan 31 (Reuters) -Malaysian palm oil futures slipped on Tuesday after climbing to their highest in nearly three weeks in the previous session, as traders fretted about slow export demand ahead of cargo surveyor data.
The benchmark palm oil contract FCPOc3 for April delivery on the Bursa Malaysia Derivatives Exchange slid 39 ringgit, or 0.99%, to 3,897 ringgit ($917.59) a tonne in early trade after a three-day climb.
* Cargo surveyors are scheduled to release their January export data later in the day. Exports from Malaysia during Jan. 1-25 slumped between 28% and 35% from a month earlier due to weaker demand from key markets Europe, China, and India, according to cargo surveyor data.
* Indonesia's trade minister said on Monday cooking oil producers must increase supply to the domestic market by 50% for the next three months to meet rising demand ahead of Islamic religious festivities.
* Dalian's most-active soyoil contract DBYcv1 fell 0.5%, while its palm oil contract DCPcv1 eased 1.3%. Soyoil prices on the Chicago Board of Trade BOcv1 were up 0.1%.
* Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
* Palm oil may test a support at 3,888 ringgit per tonne, a break below which could open the way towards 3,796 ringgit, Reuters technical analyst Wang Tao said. TECH/C
* Asian shares traded cautiously and bonds nursed small losses as investors braced for an eventful week that includes central bank meetings, a slew of earnings reports and key U.S. economic data. MKTS/GLOB
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($1 = 4.2470 ringgit)
Reporting by Mei Mei Chu; 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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