Malaysia's palm oil production in March was estimated to have fallen by one percent to 596,000 tonnes compared with 601,219 tonnes in February, private forecaster Ivan Wong said on Monday. He has previously estimated March output at 625,000 to630,000 tonnes. End-March stocks were estimated at 640,000 tonnes against the Palm Oil Registration and Licensing Authority's (PORLA) 736,670 tonnes at end-February, Wong said in his latest report. He also estimated exports in March at 610,000 tonnes compared with PORLA's 523,190 tonnes in February.

Korean importers seek US soyameal

Certain South Korean soyameal importers are expected to pick up some US soyameal for May shipment onwards under US export credit guarantees this week, traders said on Monday. But they said other importers were sidelined, waiting for prices in the US grain markets to bottom out. "There will be some soyameal purchases by several local importers this week for May shipments," said a trader with amajor feed producer. The trader said most South Korean importers were believed to have covered their requirements for April shipments and were expected to seek soyameal for May shipments.

Sydney wheat drops

Sydney Futures Exchange (SFE) wheat surprised by falling in a low-turnover market on Monday. The decline followed Chicago's further fall on Friday. But the Australian market had been expected to rise on Monday because of Egypt's announcement of a tender for 110,000 tonnes of Australian hard wheat or U.S. Hard red winter wheat, Australia's continued dry weather and the Australian Wheat Board's confirmation at last of a much talked about 1.5 million tonne wheat sale to India. July 1998 was the only SFE wheat contract to sell on Monday, falling by A$1.50 to A$184.00 a tonne on a volume of two lots.

Kuala Lumpur palm oil little changed

The palm oil market was little changed at midday after drifting in a tight range on lack of participation ahead of the release of March crop data fromforecaster Ivan Wong later today, traders said. "Some fresh crop estimates are coming out for March later today and there were no new development from Indonesia, so the market is very quiet this morning," said a trader. Turnover on the futures market was only 167 lots traded by the end of the morning session. Players are mostly staying at the sidelines while waiting for news from Indonesia regarding its crude palm oil export ban, traders said.

Traders to stay away from import

Japanese corn importers are expected to remain sidelined this week, waiting for the Chicago market to bottom out, traders said on Monday. "Traders are showing little interest in the corn importing business for the July-September period since the Chicago market has not confirmed a floor and there are no bullish factors in sight," a trader at a leading trading house said. "It would be hard to enter the market while Chicago prices keep edging down," he said. On Friday, Chicago Board of Trade corn futures closed lower as the Maycontract hit an 8- month low, with slow exports leading the way down. Traders said they were waiting for fresh incentives to spur Japanese buying.

US coffee roastings flat

For the week ended March 28, 1998, US coffee roastings totalled approximately 250,000 60-kg bags, unchanged from the previous week, and compared with 270,000 bags in the corresponding week one year ago. Cumulative roastings totalled 4,270,000 60-kg bags, versus 4,405,000 bags in the same year ago period.

Singapore rubber futures mixed

Singapore rubber futures closed narrowly mixed in moderate trade on Monday amid uncertainty over the near-term direction of the market, dealers said. Prices in Tokyo and Osaka ended slightly firmer as private investors carried out fresh buying in distant months, expecting the yen to slip further against the U.S. Dollar. But there was no follow-through buying interest here, they said.

Japan rubber may drop

Japanese rubber futures are expected to be rangebound this week, as themarket lacks the energy to test the upside after it failed to extend gains last week amid the yen's sharp losses against the dollar, analysts said on Monday. The downside will be supported by technical buying, but speculative selling may emerge if end-March rubber stockpile data, expected to be released this week, shows a substantial increase, they added. "Despite the yen's fall against the dollar, rubber futures were stuck in a tight range, as operators were cautious about taking long positions due to concerns over bearish fundamentals," one brokerage analyst said.

LME copper in tug-of-war with yen

Copper prices on the London Metal Exchange (LME) face a tug-of-war between an ailing Japanese yen and fears a strike at two KGHM mines in Poland will spread throughout the group, dealers said on Monday. "It's going to be interesting. We see limited downside for copper due to the mine strikes, but at the same time upside is capped by worries over Japan's economy and the weak yen," said a dealer with amajor European firm. On Friday, three-month copper prices at the LME ended down $11 a tonne at $1,699 after see-sawing between $1,722 and $1,779 for most of the day. Copper is underpinned by fears of production losses if workers at two KGHM mines join the Rudna mine strike.

China aluminium prices may drop

China's aluminium prices are expected to drop on oversupply after sluggish performance in the first three months, the China Securities said on Monday. Aluminium output in the first three months was estimated at 500,000 tonnes, up 10 percent from the same period a year earlier, the newspaper said. Aluminium imports in the period were down about 30 per cent year-on-year to less than 50,000 tonnes, it said. "The main reason for the drop in aluminium imports was the large rise in domestic aluminium production, oversupply in the market, and relatively low prices," it said.

Pakistan gold prices seen firm

Pakistan's gold prices rose in the past week in line with rising international prices anddealers said on Monday they expect further gains on the back of strong domestic demand. They said demand was expected to rise as the marriage season would be in full swing after the Moslem festival of Eidul Adha, scheduled for Wednesday.

Malaysia tin ends flat

Malaysia's tin price ended unchanged at 20.73 ringgit ($5.53) a kg on Monday after tracking a firmer ringgit, dealers said. They said buyers and sellers squared positions despite the strong close of the London Metal Exchange on Friday. "The ringgit is providing direction to the market again,"said a trader. The ringgit was at 3.72 to a dollar at 0400 GMT on Monday, compared to 3.76 on late Friday. Dealers said final turnover was at 55 tonnes, down from the 60 tonnes on Friday. The local price differential over the London market was $79a tonne from $50 previously.

Simex Brent falls

Brent crude futures in Asia were marginally softer late on Monday, as bullish sentiment seen at the end of last week eased. May Brent on Simex wasuntraded but quoted at $14.32/$14.43 per barrel at 0845 GMT. Prices on IPE settled 22 cents higher at $14.41 on Friday, with the market receiving a boost on news of output cuts in China and a decree passed by Norway confirming its 100,000 output cut in support of the production cut agreement by Opec and non-Opec countries. June Brent on Simex traded three cents lower at $14.70,after London closed 23 cents higher at $14.73 on Friday.

Oil prices in Asia ease

Oil prices in Asia eased slightly on Monday backing away from levels reached late last week on news of further production cuts and pre-weekend short covering. May North Sea Brent blend crude on the Singapore International Monetary Exchange (Simex) was untraded but quoted at $14.32/$14.43 per barrel at 0805 GMT. June futures on Simex traded three cents lower at $14.70 compared with London's closing level of $14.73. The May contract on the International Petroleum Exchange (IPE) closed 22 cents firmer at $14.41 on Friday, with the market receiving aboost on news of output cuts in China and a decree passed by Norway confirming its 100,000 output cut in support of the cuts announced by Opec and non-Opec countries.