MARKET DEVELOPMENT
VEGOILS-Palm Snaps Two Days of Gains, Hits More Than Five-Month Low
VEGOILS-Palm Snaps Two Days of Gains, Hits More Than Five-Month Low
* Market sees first session of losses in three, hits intraday low of 2,656 rgt/T
* Palm down on weak soy complex, impending output rise - Traders
(Updates with closing prices, trader quote)
31/03/2017 (Reuters) - Malaysian palm oil futures snapped two sessions of gains on Thursday, hitting their lowest in more than five months, dragged down by weaker-performing rival soyoil on the Chicago Board of Trade (CBOT) and China's Dalian Commodity Exchange.
Benchmark palm oil futures for June delivery on the Bursa Malaysia Derivatives Exchange were down 2.3 percent at 2,659 ringgit ($601.72) a tonne by the close.
The price had touched an intraday low of 2,656 ringgit, the weakest level since Oct. 14. Palm is down 3.5 percent this week, in line for a second consecutive weekly decline.
Traded volumes stood at 58,631 lots of 25 tonnes each at the close of trade.
"Palm declined because the soy complex is weak," one Kuala Lumpur-based futures trader said, referring to soyoil on the Chicago Board of Trade.
Another trader said that the sharper drop in the second half of trade was led by a weaker Dalian exchange.
"With the impending rise in production, the market is going down," he said, referring to forthcoming government data on Malaysian's March palm oil production.
Industry players and traders are forecasting a rise in March production but the growth rate remains uncertain.
In related edible oils, soybean oil on CBOT slipped as much as 0.5 percent, while the September soybean oil contract on the Dalian Commodity Exchange declined as much as 1.5 percent.
The September contract for palm olein on the Dalian exchange was down 1.3 percent.
In the past few sessions palm prices have tracked related edible oils because they compete in the global vegetable oil market.
Palm, soy and crude oil prices at 1046 GMT
Contract Month Last Change Low High Volume
MY PALM OIL APR7 2839 -43.00 2828 2865 586
MY PALM OIL MAY7 2737 -59.00 2737 2788 5415
MY PALM OIL JUN7 2657 -62.00 2656 2705 21632
CHINA PALM OLEIN SEP7 5350 -84.00 5334 5456 481304
CHINA SOYOIL SEP7 6122 -84.00 6102 6214 566156
CBOT SOY OIL MAY7 31.81 -0.40 31.81 32.32 8230
INDIA PALM OIL MAR7 538.50 -0.10 537.30 538.5 157
INDIA SOYOIL APR7 636.65 -3.15 635.5 638.35 10600
NYMEX CRUDE MAY7 49.36 -0.15 49.27 49.75 98006
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 = 4.4190 ringgit)
($1 = 64.9325 Indian rupees)
($1 = 6.8886 Chinese yuan)
* Palm down on weak soy complex, impending output rise - Traders
(Updates with closing prices, trader quote)
31/03/2017 (Reuters) - Malaysian palm oil futures snapped two sessions of gains on Thursday, hitting their lowest in more than five months, dragged down by weaker-performing rival soyoil on the Chicago Board of Trade (CBOT) and China's Dalian Commodity Exchange.
Benchmark palm oil futures for June delivery on the Bursa Malaysia Derivatives Exchange were down 2.3 percent at 2,659 ringgit ($601.72) a tonne by the close.
The price had touched an intraday low of 2,656 ringgit, the weakest level since Oct. 14. Palm is down 3.5 percent this week, in line for a second consecutive weekly decline.
Traded volumes stood at 58,631 lots of 25 tonnes each at the close of trade.
"Palm declined because the soy complex is weak," one Kuala Lumpur-based futures trader said, referring to soyoil on the Chicago Board of Trade.
Another trader said that the sharper drop in the second half of trade was led by a weaker Dalian exchange.
"With the impending rise in production, the market is going down," he said, referring to forthcoming government data on Malaysian's March palm oil production.
Industry players and traders are forecasting a rise in March production but the growth rate remains uncertain.
In related edible oils, soybean oil on CBOT slipped as much as 0.5 percent, while the September soybean oil contract on the Dalian Commodity Exchange declined as much as 1.5 percent.
The September contract for palm olein on the Dalian exchange was down 1.3 percent.
In the past few sessions palm prices have tracked related edible oils because they compete in the global vegetable oil market.
Palm, soy and crude oil prices at 1046 GMT
Contract Month Last Change Low High Volume
MY PALM OIL APR7 2839 -43.00 2828 2865 586
MY PALM OIL MAY7 2737 -59.00 2737 2788 5415
MY PALM OIL JUN7 2657 -62.00 2656 2705 21632
CHINA PALM OLEIN SEP7 5350 -84.00 5334 5456 481304
CHINA SOYOIL SEP7 6122 -84.00 6102 6214 566156
CBOT SOY OIL MAY7 31.81 -0.40 31.81 32.32 8230
INDIA PALM OIL MAR7 538.50 -0.10 537.30 538.5 157
INDIA SOYOIL APR7 636.65 -3.15 635.5 638.35 10600
NYMEX CRUDE MAY7 49.36 -0.15 49.27 49.75 98006
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 = 4.4190 ringgit)
($1 = 64.9325 Indian rupees)
($1 = 6.8886 Chinese yuan)