MARKET DEVELOPMENT
VEGOILS-Palm Oil in Line For Second Week of Losses Tracking Rival Oils
VEGOILS-Palm Oil in Line For Second Week of Losses Tracking Rival Oils
* 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
18/04/2016 (Reuters) - Malaysian palm oil futures fell on Friday, heading for their fourth session of falls this week, weighed down by declining rival oils and expectations of higher output in April.
Palm has fallen 0.9% so far this week, on track for a second consecutive week of declines.
The palm oil contract for June delivery on the Bursa Malaysia Derivatives Exchange slid 0.64% to reach 2,640 ringgit (US$681) per tonne by midday break. Traded volumes were 29,830 lots of 25 tonnes each.
A Kuala Lumpur-based trader said palm oil likely fell tracking overnight losses in external markets, and "higher production is also expected for April".
While analysts expect a crop-damaging El Nino weather phenomenon to reduce global production of palm oil this year by 700,000 tonnes, April output typically rises in line with seasonal trend.
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 0.2%, while the May Chicago Board of Trade soyoil contract declined 0.3%.
The offer price for crude palm kernel oil stood at 4927.31 ringgit per tonne at noon, according to price assessments by Thomson Reuters.
Palm, soy and crude oil prices at 0455 GMT:
Contract Month Last Change Low High Volume
MY PALM OIL APR6 2640 +14.00 2640 2640 11
MY PALM OIL MAY6 2625 -14.00 2620 2629 383
MY PALM OIL JUN6 2640 -17.00 2637 2653 7618
CHINA PALM OLEIN SEP6 5530 -16.00 5526 5594 748228
CHINA SOYOIL SEP6 6136 -18.00 6132 6222 696610
CBOT SOY OIL MAY6 33.63 +0.00 33.55 33.8 1532
INDIA PALM OIL APR6 0.00 +0.00 0.00 0 0
INDIA SOYOIL APR6 0 +0.00 0 0 0
NYMEX CRUDE MAY6 41.61 +0.11 41.31 41.73 13531
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
(US$1 = 3.9010 ringgit)
(US$1 = 66.6027 Indian rupees)
(US$1 = 6.4858 Chinese yuan)
* April output forecast to rise, seen dampening market - trader
* 2,716 ringgit per tonne target aborted -technicals
18/04/2016 (Reuters) - Malaysian palm oil futures fell on Friday, heading for their fourth session of falls this week, weighed down by declining rival oils and expectations of higher output in April.
Palm has fallen 0.9% so far this week, on track for a second consecutive week of declines.
The palm oil contract for June delivery on the Bursa Malaysia Derivatives Exchange slid 0.64% to reach 2,640 ringgit (US$681) per tonne by midday break. Traded volumes were 29,830 lots of 25 tonnes each.
A Kuala Lumpur-based trader said palm oil likely fell tracking overnight losses in external markets, and "higher production is also expected for April".
While analysts expect a crop-damaging El Nino weather phenomenon to reduce global production of palm oil this year by 700,000 tonnes, April output typically rises in line with seasonal trend.
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 0.2%, while the May Chicago Board of Trade soyoil contract declined 0.3%.
The offer price for crude palm kernel oil stood at 4927.31 ringgit per tonne at noon, according to price assessments by Thomson Reuters.
Palm, soy and crude oil prices at 0455 GMT:
Contract Month Last Change Low High Volume
MY PALM OIL APR6 2640 +14.00 2640 2640 11
MY PALM OIL MAY6 2625 -14.00 2620 2629 383
MY PALM OIL JUN6 2640 -17.00 2637 2653 7618
CHINA PALM OLEIN SEP6 5530 -16.00 5526 5594 748228
CHINA SOYOIL SEP6 6136 -18.00 6132 6222 696610
CBOT SOY OIL MAY6 33.63 +0.00 33.55 33.8 1532
INDIA PALM OIL APR6 0.00 +0.00 0.00 0 0
INDIA SOYOIL APR6 0 +0.00 0 0 0
NYMEX CRUDE MAY6 41.61 +0.11 41.31 41.73 13531
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
(US$1 = 3.9010 ringgit)
(US$1 = 66.6027 Indian rupees)
(US$1 = 6.4858 Chinese yuan)