MARKET DEVELOPMENT
VEGOILS-Palm Oil Prices Head For Second Week of Losses
VEGOILS-Palm Oil Prices Head For Second Week of Losses
* Palm oil declines for fourth session this week
* April output forecast to rise, seen dampening market - trader
* 2,716 ringgit per tonne target aborted -technicals
(Updates latest prices)
18/04/2016 (Reuters) - Malaysian palm oil futures fell on Friday, a fourth market session of falls this week, weighed down by declining rival oils and expectations of higher output in April.
They have fallen 0.9 percent so far this week, on track for a second consecutive weekly decline.
The palm oil contract for June delivery on the Bursa Malaysia Derivatives Exchange slid 0.5 percent to 2,644 ringgit ($678) per tonne at the close of trade.
Traded volumes were 69,304 lots of 25 tonnes each, higher than a 2015 daily average of 44,600.
A Kuala Lumpur-based trader said the fall was likely to be due to overnight losses in external markets, while higher production is also expected for April.
Although analysts expect the El Nino weather phenomenon to reduce global production of palm oil this year by 700,000 tonnes due to crop damage, April output typically rises in line with seasonal trend. (MYPOMP-CPOTT)
A bullish target at 2,716 ringgit per tonne has been temporarily aborted for palm oil, as it failed to go above the April 13 high of 2,684 ringgit, according to Wang Tao, Reuters market analyst for commodities and energy technicals.
The September soybean oil contract on the Dalian Commodity Exchange fell 0.6 percent while the May Chicago Board of Trade soyoil contract declined 0.7 percent.
The offer price for crude palm kernel oil slipped to 4877.71 ringgit per tonne (PKO-MYSTH-M1) in the evening, according to price assessments by Thomson Reuters.
Palm, soy and crude oil prices at 1017 GMT:
Contract Month Last Change Low High Volume
MY PALM OIL APR6 2640 +14.00 2640 2640 11
MY PALM OIL MAY6 2623 -16.00 2604 2630 1826
MY PALM OIL JUN6 2644 -13.00 2621 2653 18045
CHINA PALM OLEIN SEP6 5522 -24.00 5510 5594 933980
CHINA SOYOIL SEP6 6120 -34.00 6120 6222 847348
CBOT SOY OIL MAY6 33.46 +0.00 33.32 33.8 5867
INDIA PALM OIL APR6 0.00 +0.00 0.00 0 0
INDIA SOYOIL APR6 0 +0.00 0 0 0
NYMEX CRUDE MAY6 40.75 -0.75 40.75 41.73 65807
Palm oil prices in Malaysian ringgit per tonne
CBOT soy oil in U.S. cents per pound
Dalian soy oil and RBD palm olein in Chinese yuan per tonne
India soy oil in Indian rupee per 10 kg
Crude in U.S. dollars per barrel
($1 = 3.9000 ringgit)
($1 = 66.5400 Indian rupees)
($1 = 6.4761 Chinese yuan)
* 2,716 ringgit per tonne target aborted -technicals
(Updates latest prices)
18/04/2016 (Reuters) - Malaysian palm oil futures fell on Friday, a fourth market session of falls this week, weighed down by declining rival oils and expectations of higher output in April.
They have fallen 0.9 percent so far this week, on track for a second consecutive weekly decline.
The palm oil contract for June delivery on the Bursa Malaysia Derivatives Exchange slid 0.5 percent to 2,644 ringgit ($678) per tonne at the close of trade.
Traded volumes were 69,304 lots of 25 tonnes each, higher than a 2015 daily average of 44,600.
A Kuala Lumpur-based trader said the fall was likely to be due to overnight losses in external markets, while higher production is also expected for April.
Although analysts expect the El Nino weather phenomenon to reduce global production of palm oil this year by 700,000 tonnes due to crop damage, April output typically rises in line with seasonal trend. (MYPOMP-CPOTT)
A bullish target at 2,716 ringgit per tonne has been temporarily aborted for palm oil, as it failed to go above the April 13 high of 2,684 ringgit, according to Wang Tao, Reuters market analyst for commodities and energy technicals.
The September soybean oil contract on the Dalian Commodity Exchange fell 0.6 percent while the May Chicago Board of Trade soyoil contract declined 0.7 percent.
The offer price for crude palm kernel oil slipped to 4877.71 ringgit per tonne (PKO-MYSTH-M1) in the evening, according to price assessments by Thomson Reuters.
Palm, soy and crude oil prices at 1017 GMT:
Contract Month Last Change Low High Volume
MY PALM OIL APR6 2640 +14.00 2640 2640 11
MY PALM OIL MAY6 2623 -16.00 2604 2630 1826
MY PALM OIL JUN6 2644 -13.00 2621 2653 18045
CHINA PALM OLEIN SEP6 5522 -24.00 5510 5594 933980
CHINA SOYOIL SEP6 6120 -34.00 6120 6222 847348
CBOT SOY OIL MAY6 33.46 +0.00 33.32 33.8 5867
INDIA PALM OIL APR6 0.00 +0.00 0.00 0 0
INDIA SOYOIL APR6 0 +0.00 0 0 0
NYMEX CRUDE MAY6 40.75 -0.75 40.75 41.73 65807
Palm oil prices in Malaysian ringgit per tonne
CBOT soy oil in U.S. cents per pound
Dalian soy oil and RBD palm olein in Chinese yuan per tonne
India soy oil in Indian rupee per 10 kg
Crude in U.S. dollars per barrel
($1 = 3.9000 ringgit)
($1 = 66.5400 Indian rupees)
($1 = 6.4761 Chinese yuan)