21/06/2017 (The Times of India Business) - * Palm sees second straight day of declines * Market seen further declining in July - trader

* Palm may test support at 2,441 rgt/T - technicals (Updates with closing prices) By Emily Chow KUALA LUMPUR, June 21 (Reuters) - Malaysian palm oil futures fell to their lowest in a week on Wednesday, their sharpest daily fall in a week, tracking related oils on the Chicago Board of Trade (CBOT) and China's Dalian Commodity Exchange.

The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange fell 1 percent to 2,442 ringgit ($569.76) a tonne at the close of trade, charting a second consecutive day of declines. It earlier fell to 2,430 ringgit, its lowest since June 14. Traded volumes stood at 50,738 lots of 25 tonnes. "Palm fell in light of the plunge in soybean oil overnight," said a futures trader in Kuala Lumpur, referring to the sharp 2.4 percent decline in soyoil futures on the CBOT on Tuesday. Related edible oils on Dalian also weighed on palm prices, which are seen declining further in July, another trader added. "After the Eid-al-Fitr holidays, we should see production picking up, demand slowing down and stocks building up," he said, referring to the Muslim festival which marks the end of the fasting month of Ramadan. Both Eid and Ramadan, which fall in June this year, see higher uptake of palm oil for cooking purposes, as Muslims break day-long fasts with communal feasting. Palm oil exports typically drop after Ramadan, as buyers stock up on palm oil supplies a month before festivities begin. Shipments for the June 1-20 period fell 14-16 percent versus the corresponding period last month, according to data from two cargo surveyors on Tuesday. Palm oil may test support at 2,441 ringgit per tonne, a break below which could cause a further loss to the next support at 2,421 ringgit, according to Wang Tao, a Reuters market analyst for commodities and energy technicals. In other related oils, soybean oil on the Chicago Board of Trade was flat, while the September soybean oil on the Dalian Commodity Exchange lost 0.9 percent. The September palm olein contract fell 2 percent. Palm oil prices are impacted by the movements of related edible oils such as soyoil, as they compete for a share in the global vegetable oils market. Palm, soy and crude oil prices at 1109 GMT Contract Month Last Change Low High Volume MY PALM OIL JUL7 2590 -16.00 2581 2596 712 MY PALM OIL AUG7 2485 -17.00 2464 2490 7352 MY PALM OIL SEP7 2441 -24.00 2430 2450 18486 CHINA PALM SEP7 5208 -106.00 5188 5260 452188 OLEIN CHINA SOYOIL SEP7 5814 -52.00 5770 5828 392304 CBOT SOY OIL JUL7 32.02 +0.00 31.97 32.17 4918 INDIA PALM OIL JUN7 482.80 +1.00 481.50 484.5 891 INDIA SOYOIL JUL7 625.9 -2.15 625.5 629.85 15390 NYMEX CRUDE AUG7 43.52 +0.01 43.03 43.61 146536 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 = 4.2860 ringgit) ($1 = 64.4950 Indian rupees) ($1 = 6.8249 Chinese yuan) (Reporting by Emily Chow; Editing by Sunil Nair and David Evans)