JAKARTA, March 17 (Reuters)Malaysian palm oil futures were set for a second straight weekly drop on Friday, even as prices rose from a one-month low hit in the previous session, supported by a recovery in most rival edible oils.

The benchmark palm oil contract FCPOc3 for June delivery on the Bursa Malaysia Derivatives Exchange gained 56 ringgit, or 1.42%, to 3,989 ringgit ($889.21) a tonne in early trade. The contract has lost 2.9% so far in the week.

FUNDAMENTALS

* Exports of Malaysian palm oil products for March 1-15 rose between 55% and 72% from the same period in February, as shipments to India jumped ahead of the Muslim festival of Eid, according to cargo surveyors data.

* Argentina’s Buenos Aires grains exchange slashed its 2022/2023 soy production forecast to 25 million tonnes, down sharply from the 29 million tonnes previously estimated, as the crop continues to be battered by a prolonged drought.

* Palm oil producers in Indonesia sold 360,150 tonnes of cheap cooking oil to the domestic market in February, the country’s trade minister said on Wednesday, short of a government target designed to ensure supply to local consumers.

* Dalian’s most active soyoil contract DBYcv1 slid 0.66%, while its palm oil contract DCPcv1 rose 1.14%. Soyoil prices on the Chicago Board of Trade BOc2 were up 0.05%.

* Palm oil may retest a support of 3,892 ringgit per tonne, a break below which could trigger a fall into a range of 3,810-3,856 ringgit, Reuters technical analyst Wang Tao said. TECH/C

MARKET NEWS

* Asian markets extended a risk rally on Wall Street to end a tumultuous week that saw a brewing banking crisis send bond yields plunging while market participants sharply lowered expectations of future interest rate hikes in Western economies.MKTS/GLOB

DATA/EVENTS (GMT)

1000 EU HICP Final MM, YY Feb

1315 US Industrial Production MM Feb

1400 US U Mich Sentiment Prelim March

($1 = 4.4860 ringgit)

cpohttps://tmsnrt.rs/3Ls7eep

(Reporting by Bernadette Christina Munthe; Editing by Subhranshu Sahu)

((Bernadette.christina@thomsonreuters.com))

Source: Nasdaq

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