Palm weighed by on weak rival oil prices, export data
Malaysian palm oil futures declined for a third straight session on Thursday, weighed down by weak export data and losses in rival vegetable oils in the Chicago and Dalian markets.
The benchmark palm oil contract 
FCPO1! for April delivery on the Bursa Malaysia Derivatives Exchange has lost 38 ringgit, or 0.89%, to 4,230 ringgit ($940.84) a metric ton by 0245 GMT.
FUNDAMENTALS
* Soyoil prices on the Chicago Board of Trade (BOc2) were down 1.01%. Dalian's most-active soyoil contract (DBYcv1) lost 0.59%, while its palm oil contract CPO1! fell 1.72%.
* Palm oil tracks price movements in rival edible oils as it competes for a share of the global vegetable oils market.
* Exports of Malaysian palm oil products during Jan. 1-15 are estimated to have fallen between 15.5% and 23.7%, according to cargo surveyors Intertek Testing Services and independent inspection company AmSpec Agri Malaysia.
* Palm oil may stabilise around support at 4,253 ringgit and bounce towards 4,351-4,412 ringgit, said Reuters' technical analyst Wang Tao.
MARKET NEWS
* Oil prices rose for a second day after a larger-than-expected decline in U.S. crude oil stockpiles added to supply concerns stoked by U.S. sanctions against Russian energy trade.
* Asian shares tracked Wall Street higher and the dollar was soft as easing core U.S. inflation kept potential rate cuts by the Federal Reserve on the table, while the yen rose to a one-month high on rate hike bets.
DATA/EVENTS
0700 Germany HICP Final YY Dec
0700 UK GDP Est 3M/3M, MM, YY Nov
0700 UK Services MM, Services YY Nov
0700 UK Manufacturing Output MM Nov
1000 EU Total Trade Balance SA Nov
1330 US Import Prices YY Dec
1330 US Initial Jobless Clm 11 Jan, w/e
1330 US Philly Fed Business Indx Jan
1330 US Retail Sales MM Dec
1530 US EIA-Nat Gas Chg Bcf 10 Jan, w/e
1530 US Nat Gas-EIA Implied Flow 10 Jan w/e
($1 = 4.4960 ringgit)
