MARKET DEVELOPMENT
VEGOILS-Palm Oil Extends Losses Amid Bearish Price Forecast
VEGOILS-Palm Oil Extends Losses Amid Bearish Price Forecast
* Palm oil futures on track to post second session of losses
* CPO price seen at 2,400 ringgit/T in 2018 - Mielke
09/03/2017 (Reuters) - Malaysian palm oil futures fell on Wednesday, heading for their second straight session of declines, amid bearish price forecasts as output was expected to recover.
Benchmark palm oil futures for May delivery on the Bursa Malaysia Derivatives Exchange were 0.7 percent lower at 2,839 ringgit ($638.26) per tonne by mid-day break.
In the previous session, palm oil dropped 1.2 percent, ending a five-day winning streak.
Traders are monitoring forecasts coming out of a palm industry conference in Kuala Lumpur this week.
Leading vegetable oils analyst Thomas Mielke said at the conference on Wednesday that palm oil prices have peaked and he expects prices to fall to 2,400 ringgit per tonne by 2018.
Palm oil may test a support of 2,820 ringgit per tonne, a break below which could cause a further loss to the next support at 2,783 ringgit, said Reuters market analyst for commodities and energy technicals Wang Tao.
In related vegetable oils, soybean oil on the Chicago Board of Trade climbed as much as 0.7 percent, while the May soybean oil contract on the Dalian Commodity Exchange dropped up to 1.9 percent.
Palm, soy and crude oil prices at 0542 GMT
Contract Month Last Change Low High Volume
MY PALM OIL 7-Mar 2970 -4.00 2970 2970 41
MY PALM OIL 7-Apr 2900 -24.00 2889 2909 566
MY PALM OIL 7-May 2839 -20.00 2821 2843 6961
CHINA PALM OLEIN 7-May 5830 -62.00 5764 5876 386578
CHINA SOYOIL 7-May 6546 -70.00 6486 6596 300624
CBOT SOY OIL 7-May 33.83 0.90 33.66 33.96 6827
INDIA PALM OIL 7-Mar 532.10 0.90 528.10 533 347
INDIA SOYOIL 7-Mar 659.70 3.00 657.50 660 1860
NYMEX CRUDE 7-Apr 52.82 -0.32 52.75 52.92 14190
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 = 4.4480 ringgit)
($1 = 66.6400 Indian rupees)
($1 = 6.9018 Chinese yuan)
* CPO price seen at 2,400 ringgit/T in 2018 - Mielke
09/03/2017 (Reuters) - Malaysian palm oil futures fell on Wednesday, heading for their second straight session of declines, amid bearish price forecasts as output was expected to recover.
Benchmark palm oil futures for May delivery on the Bursa Malaysia Derivatives Exchange were 0.7 percent lower at 2,839 ringgit ($638.26) per tonne by mid-day break.
In the previous session, palm oil dropped 1.2 percent, ending a five-day winning streak.
Traders are monitoring forecasts coming out of a palm industry conference in Kuala Lumpur this week.
Leading vegetable oils analyst Thomas Mielke said at the conference on Wednesday that palm oil prices have peaked and he expects prices to fall to 2,400 ringgit per tonne by 2018.
Palm oil may test a support of 2,820 ringgit per tonne, a break below which could cause a further loss to the next support at 2,783 ringgit, said Reuters market analyst for commodities and energy technicals Wang Tao.
In related vegetable oils, soybean oil on the Chicago Board of Trade climbed as much as 0.7 percent, while the May soybean oil contract on the Dalian Commodity Exchange dropped up to 1.9 percent.
Palm, soy and crude oil prices at 0542 GMT
Contract Month Last Change Low High Volume
MY PALM OIL 7-Mar 2970 -4.00 2970 2970 41
MY PALM OIL 7-Apr 2900 -24.00 2889 2909 566
MY PALM OIL 7-May 2839 -20.00 2821 2843 6961
CHINA PALM OLEIN 7-May 5830 -62.00 5764 5876 386578
CHINA SOYOIL 7-May 6546 -70.00 6486 6596 300624
CBOT SOY OIL 7-May 33.83 0.90 33.66 33.96 6827
INDIA PALM OIL 7-Mar 532.10 0.90 528.10 533 347
INDIA SOYOIL 7-Mar 659.70 3.00 657.50 660 1860
NYMEX CRUDE 7-Apr 52.82 -0.32 52.75 52.92 14190
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 = 4.4480 ringgit)
($1 = 66.6400 Indian rupees)
($1 = 6.9018 Chinese yuan)