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Credit: REUTERS/LIM HUEY TENG

Malaysian palm oil futures eased on Friday, pressured by cheaper Dalian and Chicago soyoil prices, although, on a weekly basis, the contract is set to rebound from last weeks sharp decline.

KUALA LUMPUR, Aug 27 (Reuters) - Malaysian palm oil futures eased on Friday, pressured by cheaper Dalian and Chicago soyoil prices, although, on a weekly basis, the contract is set to rebound from last weeks sharp decline.

The benchmark palm oil contract FCPOc3 for November delivery on the Bursa Malaysia Derivatives Exchange slid 42 ringgit, or 0.96%, to 4,350 ringgit ($1,036.70) a tonne during early trade.

For the week, it is up 2% on concerns around tight global edible oil supplies.

FUNDAMENTALS

* The U.S. Environmental Protection Agency has recommended retroactively lowering biofuel blending mandates for 2020, two sources familiar with the matter said, after the agency sent a proposal on the mandates to the White House for review.

* Indonesias plans to raise the mandatory bio-content in its palm oil-based biodiesel to 40% may face further delays, after the high price of the vegetable oil has made the programme too costly, a senior government official told Reuters.

* Dalians most-active soyoil contract DBYcv1 fell 1.3%, while its palm oil contract DCPcv1 eased 1.7%. Soyoil prices on the Chicago Board of Trade BOcv1 were down 1.5%.

* 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 break a resistance at 4,405 ringgit per tonne, and climb into a range of 4,464-4,560 ringgit, Reuters technical analyst Wang Tao said. TECH/C

MARKET NEWS

* Asian shares were mixed as slight gains in China were balanced by declines elsewhere and investors globally turned cautious ahead of a long-awaited speech by Fed Chair Jerome Powell. MKTS/GLOB

DATA/EVENTS

1230 US Consumption Adjusted MM July

1400 US U Mich Sentiment Final Aug

1400 US Fed Chair Jerome Powell speaks about the economic

outlook in a keynote address at the annual

economic symposium in Jackson Hole, Wyoming.

($1 = 4.1960 ringgit)

cpohttps://tmsnrt.rs/3Djqnc5

(Reporting by Mei Mei Chu; editing by Uttaresh.V)

((Meifong.chu@thomsonreuters.com))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Reuters

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