MARKET DEVELOPMENT
VEGOILS-Palm Slips on Weaker China Dalian Oils, Profit-Taking
VEGOILS-Palm Slips on Weaker China Dalian Oils, Profit-Taking
* Palm falls from a two-week top, down 0.8 pct
* Palm oil faces a resistance at 2,503 ringgit per tonne - Techs
05/07/2017 (Reuters) - Malaysian palm oil futures fell on Tuesday from a two-week high hit in the previous session, on profit-taking and as the market tracked a weaker performance in related oils on China's Dalian Commodity Exchange.
The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange was down 0.8 percent at 2,482 ringgit ($577.68) a tonne, at the midday break.
Traded volumes stood at 15,297 lots of 25 tonnes each.
"The Dalian market is down today, coupled with the U.S. market close," said a futures trader in Kuala Lumpur. The soyoil market on the Chicago Board of Trade is closed for the U.S. Independence Day holiday.
Another Kuala Lumpur-based trader said profit-taking added to palm's declines early in the day.
Palm oil prices are impacted by movements in related edible oils, as they compete for a share in the global edible oils market.
The September soybean oil on the Dalian Commodity Exchange slipped as much as 1.5 percent, while the September palm olein contract declined up to 1.4 percent.
Palm prices, which already dived 7.1 percent on-quarter in the April-June period, are expected to decline further in the third quarter of this year as production might rise in line with seasonal trend.
Demand is seen to remain weak until the next major festive occasion of Diwali in October.
There is generally an increase in the sale of palm oil a month ahead of the Hindu religious event, as buyers stock up ahead of festivities for cooking purposes.
Palm oil faces a resistance at 2,503 ringgit per tonne, according to Reuters market analyst for commodities and energy technicals Wang Tao.
Palm, soy and crude oil prices at 0500 GMT
Contract Month Last Change Low High Volume
MY PALM OIL JUL7 2630 -12.00 2619 2630 223
MY PALM OIL AUG7 2525 -18.00 2520 2527 1882
MY PALM OIL SEP7 2482 -21.00 2478 2484 5857
CHINA PALM OLEIN SEP7 5268 -64.00 5256 5360 306368
CHINA SOYOIL SEP7 5928 -74.00 5912 6034 338758
CBOT SOY OIL AUG7 33.24 +0.18 33.04 33.8 24139
INDIA PALM OIL JUL7 483.20 -2.20 482.90 484 103
INDIA SOYOIL JUL7 643.25 -2.75 643.15 644.3 1750
NYMEX CRUDE AUG7 46.83 -0.24 46.78 47.13 24697
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 = 4.2965 ringgit)
($1 = 64.8050 Indian rupees)
($1 = 6.7950 Chinese yuan)
* Palm oil faces a resistance at 2,503 ringgit per tonne - Techs
05/07/2017 (Reuters) - Malaysian palm oil futures fell on Tuesday from a two-week high hit in the previous session, on profit-taking and as the market tracked a weaker performance in related oils on China's Dalian Commodity Exchange.
The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange was down 0.8 percent at 2,482 ringgit ($577.68) a tonne, at the midday break.
Traded volumes stood at 15,297 lots of 25 tonnes each.
"The Dalian market is down today, coupled with the U.S. market close," said a futures trader in Kuala Lumpur. The soyoil market on the Chicago Board of Trade is closed for the U.S. Independence Day holiday.
Another Kuala Lumpur-based trader said profit-taking added to palm's declines early in the day.
Palm oil prices are impacted by movements in related edible oils, as they compete for a share in the global edible oils market.
The September soybean oil on the Dalian Commodity Exchange slipped as much as 1.5 percent, while the September palm olein contract declined up to 1.4 percent.
Palm prices, which already dived 7.1 percent on-quarter in the April-June period, are expected to decline further in the third quarter of this year as production might rise in line with seasonal trend.
Demand is seen to remain weak until the next major festive occasion of Diwali in October.
There is generally an increase in the sale of palm oil a month ahead of the Hindu religious event, as buyers stock up ahead of festivities for cooking purposes.
Palm oil faces a resistance at 2,503 ringgit per tonne, according to Reuters market analyst for commodities and energy technicals Wang Tao.
Palm, soy and crude oil prices at 0500 GMT
Contract Month Last Change Low High Volume
MY PALM OIL JUL7 2630 -12.00 2619 2630 223
MY PALM OIL AUG7 2525 -18.00 2520 2527 1882
MY PALM OIL SEP7 2482 -21.00 2478 2484 5857
CHINA PALM OLEIN SEP7 5268 -64.00 5256 5360 306368
CHINA SOYOIL SEP7 5928 -74.00 5912 6034 338758
CBOT SOY OIL AUG7 33.24 +0.18 33.04 33.8 24139
INDIA PALM OIL JUL7 483.20 -2.20 482.90 484 103
INDIA SOYOIL JUL7 643.25 -2.75 643.15 644.3 1750
NYMEX CRUDE AUG7 46.83 -0.24 46.78 47.13 24697
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 = 4.2965 ringgit)
($1 = 64.8050 Indian rupees)
($1 = 6.7950 Chinese yuan)