Palm rises on weaker Malaysian ringgit, demand hopes
MUMBAI, May 23 (Reuters) -Malaysian palm oil futures opened higher on Thursday due to weakness in the Malaysian ringgit and expectations of improved demand as the tropical oil started trading at a discount to rival soft oils.
The benchmark palm oil contract FCPOc3 for August delivery on the Bursa Malaysia Derivatives Exchange was up 29 ringgit, or 0.75%, at 3,897 ringgit ($826.51) a metric ton during the morning trade.
FUNDAMENTALS
* The Malaysian ringgit MYR=, palm's currency of trade, weakened 0.53% against the dollar. A weaker ringgit makes palm oil more attractive for foreign currency holders.
* Malaysian palm oil exports for May 1-20 fell between 8.3%and 9.6% from the month before, according to cargo surveyors.
* U.S. soybean oil futures BOc2 were down 0.54% on Thursday morning.
* Palm oil may fall into a range of 3,812-3,832 ringgit per metric ton, as the first bounce from 3,767 ringgit has completed, according to Reuters' technical analyst Wang Tao. TECH/C
MARKET NEWS
* Wall Street ended lower and oil prices fell on Wednesday as investors parsed minutes from the U.S. Federal Reserve's most recent policy meeting. MKTS/GLOB
* Oil prices eased for a fourth straight day on Thursday on worries that U.S. borrowing costs could be hiked again if inflation surged, a move that could hurt oil demand.
DATA/EVENTS (GMT)
0500 Japan Chain Store Sales YY April
0715 France HCOB Mfg, Serv, Comp Flash PMIs May
0730 Germany HCOB Mfg, Serv, Comp Flash PMIs May
0800 EU HCOB Mfg, Serv, Comp Flash PMIs May
0830 UK Flash Comp, Mfg, Serv PMIs May
1230 US Initial Jobless Clm Weekly
1445 US S&P Global Mfg, Svcs, Comp Flash PMIs May
1400 EU Consumer Confid. Flash May
1400 US New Home Sales-Units April
G7 Finance Ministers and Central Bank Governors meet in Stresa, Italy to debate global economic developments
($1 = 4.7150 ringgit)
Reporting by Rajendra Jadhav; Editing by Mrigank Dhaniwala
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