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CPO futures pare gains ahead of key data

8 Feb 2023 10:04 am
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Crude Palm Oil (CPO) futures gave up early gains on Wednesday to trade in a tight range, as investors awaited key monthly data amid concerns of tightening supply from top producer Indonesia.

The benchmark palm oil contract for April delivery on the Bursa Malaysia Derivatives Exchange slipped 3 ringgit, or 0.08%, to 3,936 ringgit ($916.20) a tonne by the midday break.

Indonesia will review its palm oil export quota ratios amid rising prices of domestic cooking oil, the Coordinating Ministry of Maritime and Investment Affairs said on Monday, raising fears that Jakarta would further limit its exports.

Gains in the Malaysian ringgit and Indonesia's rupiah have made palm oil more expensive for international buyers, nonetheless demand is expected to improve ahead the Islamic holy month of Ramadan in March.

A new European Union law preventing the import of commodities linked to deforestation risks sidelining small farmers who are unable to meet the burdensome cost of compliance.

The U.S. Department of Agriculture will provide a fresh update on harvest prospects in its World Agricultural Supply and Demand Estimates report later in the day, while the Malaysia Palm Oil Board and cargo surveyors are scheduled to release key supply and demand data on Friday.

Dalian's most-active soyoil contract rose 1.3%, while its palm oil contract gained 1.2%. Soyoil prices on the Chicago Board of Trade 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. ($1 = 4.2960 ringgit)

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