MARKET DEVELOPMENT
VEGOILS-Palm Posts Biggest Intraday Fall in A Week on Stronger Ringgit
VEGOILS-Palm Posts Biggest Intraday Fall in A Week on Stronger Ringgit
* Palm down 1 pct at close of trade
* Sees first drop in three sessions
* April exports beat forecasts - cargo surveyor data
(Updates with closing prices)
04/05/2017 (Reuters) - Malaysian palm oil futures fell on Wednesday, posting their biggest intraday drop in a week as the ringgit strengthened and made the vegetable oil more expensive for holders of other currencies.
The ringgit, the currency in which palm oil is traded, hit its strongest level in five-and-a-half months at 4.3100 per dollar. It was last quoted 0.2 percent stronger at 4.3170.
The benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange was down 1 percent at 2,522 ringgit ($584.20) a tonne by the close of trade, its first drop in three sessions.
Traded volumes stood at 37,684 lots of 25 tonnes each.
"The stronger ringgit contributed to the market's decline," said a futures trader from Kuala Lumpur, even after cargo surveyor data showed April exports came in above forecasts.
Data from cargo surveyors on Tuesday showed shipments of the tropical oil rising between 4.3 percent and 4.6 percent month-on-month in April.
Palm oil demand usually rises before the Muslim fasting month of Ramadan, which comes at the end-May this year. The festival sees a higher usage of palm oil for cooking, as Muslims end day-long fasts with communal feasting.
In other related vegetable oils, soybean oil on the Chicago Board of Trade declined 0.4 percent, while the September soybean oil contract on the Dalian Commodity Exchange was up 0.1 percent.
Palm oil prices are typically hit by other related edible oils, as they compete for a share in the global vegetable oils market.
Palm, soy and crude oil prices at 1044 GMT
Contract Month Last Change Low High Volume
MY PALM OIL MAY7 2706 -25.00 2703 2738 424
MY PALM OIL JUN7 2605 -26.00 2604 2632 2114
MY PALM OIL JUL7 2521 -26.00 2518 2551 18683
CHINA PALM OLEIN SEP7 5234 +0.00 5214 5258 289278
CHINA SOYOIL SEP7 5886 +4.00 5874 5918 375182
CBOT SOY OIL JUL7 32.48 +0.00 32.42 32.75 5921
INDIA PALM OIL MAY7 488.80 -3.90 487.50 492 796
INDIA SOYOIL MAY7 612.5 -0.10 611 613.7 5710
NYMEX CRUDE JUN7 48.09 +0.43 47.81 48.23 90994
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 = 4.3170 ringgit)
($1 = 64.1425 Indian rupees)
($1 = 6.8920 Chinese yuan)
* Sees first drop in three sessions
* April exports beat forecasts - cargo surveyor data
(Updates with closing prices)
04/05/2017 (Reuters) - Malaysian palm oil futures fell on Wednesday, posting their biggest intraday drop in a week as the ringgit strengthened and made the vegetable oil more expensive for holders of other currencies.
The ringgit, the currency in which palm oil is traded, hit its strongest level in five-and-a-half months at 4.3100 per dollar. It was last quoted 0.2 percent stronger at 4.3170.
The benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange was down 1 percent at 2,522 ringgit ($584.20) a tonne by the close of trade, its first drop in three sessions.
Traded volumes stood at 37,684 lots of 25 tonnes each.
"The stronger ringgit contributed to the market's decline," said a futures trader from Kuala Lumpur, even after cargo surveyor data showed April exports came in above forecasts.
Data from cargo surveyors on Tuesday showed shipments of the tropical oil rising between 4.3 percent and 4.6 percent month-on-month in April.
Palm oil demand usually rises before the Muslim fasting month of Ramadan, which comes at the end-May this year. The festival sees a higher usage of palm oil for cooking, as Muslims end day-long fasts with communal feasting.
In other related vegetable oils, soybean oil on the Chicago Board of Trade declined 0.4 percent, while the September soybean oil contract on the Dalian Commodity Exchange was up 0.1 percent.
Palm oil prices are typically hit by other related edible oils, as they compete for a share in the global vegetable oils market.
Palm, soy and crude oil prices at 1044 GMT
Contract Month Last Change Low High Volume
MY PALM OIL MAY7 2706 -25.00 2703 2738 424
MY PALM OIL JUN7 2605 -26.00 2604 2632 2114
MY PALM OIL JUL7 2521 -26.00 2518 2551 18683
CHINA PALM OLEIN SEP7 5234 +0.00 5214 5258 289278
CHINA SOYOIL SEP7 5886 +4.00 5874 5918 375182
CBOT SOY OIL JUL7 32.48 +0.00 32.42 32.75 5921
INDIA PALM OIL MAY7 488.80 -3.90 487.50 492 796
INDIA SOYOIL MAY7 612.5 -0.10 611 613.7 5710
NYMEX CRUDE JUN7 48.09 +0.43 47.81 48.23 90994
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 = 4.3170 ringgit)
($1 = 64.1425 Indian rupees)
($1 = 6.8920 Chinese yuan)