MARKET DEVELOPMENT
VEGOILS-Palm Reverses Gains to Fall For Second Session in A Row
VEGOILS-Palm Reverses Gains to Fall For Second Session in A Row
* Palm declines for second straight session
* Market down on weaker cargo surveyor export data - trader
(Updates latest prices, quote)
16/11/2016 (Reuters) - Malaysian palm oil futures declined for a second straight session on Tuesday after weaker export data from a cargo surveyor prompted traders to sell.
Palm price movements have been volatile in the two previous trading sessions. Palm dropped more than 4 percent on Monday to post its sharpest intraday fall in over four months, tracking the weaker performance of rival oils on China's Dalian Commodity Exchange following talk of Chinese government measures to curb speculation.
Monday's slide came after palm rose to a four-year high of 3,089 ringgit on Friday due to a fall in the Malaysian currency, which makes the tropical oil cheaper for foreign currency holders.
Benchmark palm oil futures for January on the Bursa Malaysia Derivatives Exchange were down 1 percent at 2,824 ringgit ($651) a tonne at the end of the trading day on Tuesday.
Traded volumes stood at 61,843 lots of 25 tonnes, above the 2015 daily average of 44,600 lots.
"The market is down mainly on estimate numbers," said a futures trader from Kuala Lumpur, referring to the export data from cargo surveyor Intertek Testing Services on Tuesday.
It showed a 17 percent decline in Malaysian palm oil shipments in the first half of November from the corresponding period last month.
In other related vegetable oils, the January soybean oil contract on China's Dalian Commodity Exchange slipped 0.8 percent while the January contract for palm olein on China's Dalian Commodity Exchange declined 2.8 percent.
The December soybean oil contract on the Chicago Board of Trade edged 0.03 percent lower.
Palm, soy and crude oil prices at 1035 GMT
Contract Month Last Change Low High Volume
MY PALM OIL NOV6 0 +0.00 0 0 0
MY PALM OIL DEC6 2831 -28.00 2824 2901 2785
MY PALM OIL JAN7 2824 -28.00 2817 2900 26297
CHINA PALM OLEIN JAN7 5950 -172.00 5872 6062 789906
CHINA SOYOIL JAN7 6578 -54.00 6498 6624 478862
CBOT SOY OIL DEC6 33.93 -0.02 33.81 34.2 10418
INDIA PALM OIL NOV6 519.40 -3.80 516.40 527.6 666
INDIA SOYOIL NOV6 677.7 +4.70 674.5 678 2230
NYMEX CRUDE DEC6 44.49 +1.17 43.55 44.53 91675
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 = 4.3400 ringgit)
($1 = 67.6850 Indian rupees)
($1 = 6.8510 Chinese yuan)
* Market down on weaker cargo surveyor export data - trader
(Updates latest prices, quote)
16/11/2016 (Reuters) - Malaysian palm oil futures declined for a second straight session on Tuesday after weaker export data from a cargo surveyor prompted traders to sell.
Palm price movements have been volatile in the two previous trading sessions. Palm dropped more than 4 percent on Monday to post its sharpest intraday fall in over four months, tracking the weaker performance of rival oils on China's Dalian Commodity Exchange following talk of Chinese government measures to curb speculation.
Monday's slide came after palm rose to a four-year high of 3,089 ringgit on Friday due to a fall in the Malaysian currency, which makes the tropical oil cheaper for foreign currency holders.
Benchmark palm oil futures for January on the Bursa Malaysia Derivatives Exchange were down 1 percent at 2,824 ringgit ($651) a tonne at the end of the trading day on Tuesday.
Traded volumes stood at 61,843 lots of 25 tonnes, above the 2015 daily average of 44,600 lots.
"The market is down mainly on estimate numbers," said a futures trader from Kuala Lumpur, referring to the export data from cargo surveyor Intertek Testing Services on Tuesday.
It showed a 17 percent decline in Malaysian palm oil shipments in the first half of November from the corresponding period last month.
In other related vegetable oils, the January soybean oil contract on China's Dalian Commodity Exchange slipped 0.8 percent while the January contract for palm olein on China's Dalian Commodity Exchange declined 2.8 percent.
The December soybean oil contract on the Chicago Board of Trade edged 0.03 percent lower.
Palm, soy and crude oil prices at 1035 GMT
Contract Month Last Change Low High Volume
MY PALM OIL NOV6 0 +0.00 0 0 0
MY PALM OIL DEC6 2831 -28.00 2824 2901 2785
MY PALM OIL JAN7 2824 -28.00 2817 2900 26297
CHINA PALM OLEIN JAN7 5950 -172.00 5872 6062 789906
CHINA SOYOIL JAN7 6578 -54.00 6498 6624 478862
CBOT SOY OIL DEC6 33.93 -0.02 33.81 34.2 10418
INDIA PALM OIL NOV6 519.40 -3.80 516.40 527.6 666
INDIA SOYOIL NOV6 677.7 +4.70 674.5 678 2230
NYMEX CRUDE DEC6 44.49 +1.17 43.55 44.53 91675
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 = 4.3400 ringgit)
($1 = 67.6850 Indian rupees)
($1 = 6.8510 Chinese yuan)