JAKARTA, June 16 (Reuters) - Malaysian palm oil futures
dropped more than 2% on Wednesday, shedding sharp gains from the
previous session, weighed down by a fall in soyoil prices.
The benchmark palm oil contract for September
delivery on the Bursa Malaysia Derivatives Exchange dropped
2.51% to 3,453 ringgit ($838.72) a tonne.
Soyoil contract on the Chicago Board of Trade (CBOT)
dipped 0.23%. Soybean oil prices on the Dalian Commodity
Exchange dropped 0.42%, while its palm oil contract
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 3,602 ringgit
per tonne and rise into a range of 3,691 ringgit to 3,757
ringgit, Reuters technicals analyst Wang Tao said.
* Oil prices rose on Wednesday, with Brent gaining for a
fifth consecutive session, as falling stockpiles and a recovery
in demand encouraged investors.
* U.S. corn futures rose nearly 1% on Wednesday, underpinned
by concerns about potential yield losses from recent
* Asian shares were subdued on Wednesday with investors wary
of any hint of hawkishness from the U.S. Federal Reserve given
lofty asset valuations rely so heavily on an endless supply of
Wednesday, June 16
0600 UK CPI YY May
0700 China Urban Investment (YTD) YY May
0700 China Industrial Output YY May
0700 China Retail Sales YY May
1230 US Housing Starts Number May
1800 US Federal Open Market Committee announces its
on interest rates followed by statement
($1 = 4.1170 ringgit)
(Reporting by Bernadette Christina Munthe)