MARKET DEVELOPMENT
VEGOILS-Palm Hits Near 3-Week Low Tracking Weaker Rival Soyoil
VEGOILS-Palm Hits Near 3-Week Low Tracking Weaker Rival Soyoil
* Palm records second day of losses
* Plunge in Dalian palm adds to market decline - Trader
* Palm oil may fall to 2,558 rgt/tonne - Technicals
(Updates with closing prices)
25/05/2017 (Reuters) - Malaysian palm oil futures fell more than 1 percent on Wednesday evening, dipping to their lowest in nearly three weeks, as they tracked weaker-performing soyoil on the Chicago Board of Trade and China's Dalian Commodity Exchange.
The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange was down 1.4 percent at 2,581 ringgit ($601.49) a tonne at the close of trade, recording a second straight session of declines.
Earlier in the session, it hit 2,579 ringgit a tonne, its lowest since May 5. Traded volumes stood at 47,257 lots of 25 tonnes each in the evening.
"We are down on external factors," said a futures trader from Kuala Lumpur, referring to related vegetable oils in markets abroad. "But the market is trying to hold in anticipation of better export figures tomorrow."
Export data from cargo surveyors for the May 1-25 period is scheduled for release after 0300 GMT on Thursday. Shipments from
Malaysia, the world's second-largest producer of the tropical oil, rose 18-20 percent during May 1-20 versus the corresponding period last month.
Traders forecast a surge in demand during May, as major consumers such as India, Pakistan and the Middle East ramp up palm oil consumption ahead of Ramadan, which begins this week.
The Muslim festival sees day-long fasts, which ends with communal feasting, meaning higher palm oil usage for cooking.
Palm oil may break a support at 2,600 ringgit per tonne and fall to the next support at 2,558 ringgit, according to Reuters market analyst for commodities and energy technicals Wang Tao.
In other related vegetable oils, soybean oil on the Chicago Board of Trade was last trading flat, while the September soybean oil contract on the Dalian Commodity Exchange shed up to 1.3 percent.
The September contract for palm olein dipped as much as 1.5 percent.
Palm oil prices are impacted by the performance of rival edible oils such as soyoil, as they compete for a share in the global vegetable oils market.
Palm, soy and crude oil prices at 1038 GMT
Contract Month Last Change Low High Volume
MY PALM OIL JUN7 2861 -16.00 2859 2876 265
MY PALM OIL JUL7 2699 -41.00 2698 2721 5473
MY PALM OIL AUG7 2580 -36.00 2579 2604 24769
CHINA PALM OLEIN SEP7 5450 -80.00 5426 5496 535984
CHINA SOYOIL SEP7 5910 -76.00 5878 5974 500930
CBOT SOY OIL JUL7 32.34 +0.00 32.16 32.53 10442
INDIA PALM OIL MAY7 519.00 -6.20 518.60 524.2 864
INDIA SOYOIL JUN7 632.6 -3.90 630.5 634.1 18220
NYMEX CRUDE JUL7 51.49 +0.02 51.40 51.88 143875
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 = 4.2910 ringgit)
($1 = 64.8225 Indian rupees)
($1 = 6.8898 Chinese yuan)
* Plunge in Dalian palm adds to market decline - Trader
* Palm oil may fall to 2,558 rgt/tonne - Technicals
(Updates with closing prices)
25/05/2017 (Reuters) - Malaysian palm oil futures fell more than 1 percent on Wednesday evening, dipping to their lowest in nearly three weeks, as they tracked weaker-performing soyoil on the Chicago Board of Trade and China's Dalian Commodity Exchange.
The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange was down 1.4 percent at 2,581 ringgit ($601.49) a tonne at the close of trade, recording a second straight session of declines.
Earlier in the session, it hit 2,579 ringgit a tonne, its lowest since May 5. Traded volumes stood at 47,257 lots of 25 tonnes each in the evening.
"We are down on external factors," said a futures trader from Kuala Lumpur, referring to related vegetable oils in markets abroad. "But the market is trying to hold in anticipation of better export figures tomorrow."
Export data from cargo surveyors for the May 1-25 period is scheduled for release after 0300 GMT on Thursday. Shipments from
Malaysia, the world's second-largest producer of the tropical oil, rose 18-20 percent during May 1-20 versus the corresponding period last month.
Traders forecast a surge in demand during May, as major consumers such as India, Pakistan and the Middle East ramp up palm oil consumption ahead of Ramadan, which begins this week.
The Muslim festival sees day-long fasts, which ends with communal feasting, meaning higher palm oil usage for cooking.
Palm oil may break a support at 2,600 ringgit per tonne and fall to the next support at 2,558 ringgit, according to Reuters market analyst for commodities and energy technicals Wang Tao.
In other related vegetable oils, soybean oil on the Chicago Board of Trade was last trading flat, while the September soybean oil contract on the Dalian Commodity Exchange shed up to 1.3 percent.
The September contract for palm olein dipped as much as 1.5 percent.
Palm oil prices are impacted by the performance of rival edible oils such as soyoil, as they compete for a share in the global vegetable oils market.
Palm, soy and crude oil prices at 1038 GMT
Contract Month Last Change Low High Volume
MY PALM OIL JUN7 2861 -16.00 2859 2876 265
MY PALM OIL JUL7 2699 -41.00 2698 2721 5473
MY PALM OIL AUG7 2580 -36.00 2579 2604 24769
CHINA PALM OLEIN SEP7 5450 -80.00 5426 5496 535984
CHINA SOYOIL SEP7 5910 -76.00 5878 5974 500930
CBOT SOY OIL JUL7 32.34 +0.00 32.16 32.53 10442
INDIA PALM OIL MAY7 519.00 -6.20 518.60 524.2 864
INDIA SOYOIL JUN7 632.6 -3.90 630.5 634.1 18220
NYMEX CRUDE JUL7 51.49 +0.02 51.40 51.88 143875
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 = 4.2910 ringgit)
($1 = 64.8225 Indian rupees)
($1 = 6.8898 Chinese yuan)