MARKET DEVELOPMENT
VEGOILS-Palm Hits 1-Wk Low But Seen Supported on Stronger Export Outlook
VEGOILS-Palm Hits 1-Wk Low But Seen Supported on Stronger Export Outlook
* Palm heads for fourth straight session of fall
* Palm may fall into 2,760-2,787 rgt/T range - Techs
20/09/2017 (Reuters) - Malaysian palm oil futures hit a one-week low on Tuesday and were headed for a fourth straight session of fall, but traders said strong export outlook is expected to support the market.
* Palm may fall into 2,760-2,787 rgt/T range - Techs
20/09/2017 (Reuters) - Malaysian palm oil futures hit a one-week low on Tuesday and were headed for a fourth straight session of fall, but traders said strong export outlook is expected to support the market.
The benchmark palm oil contract for December delivery on the Bursa Malaysia Derivatives Exchange was down 0.2 percent at 2,799 ringgit ($668.02) a tonne at the midday break. It earlier fell to 2,794 ringgit, its lowest since Sept. 12.
Traded volumes stood at 18,130 lots of 25 tonnes each at noon.
"The market declined due to technical reasons, but is expected to be supported today on exports," said a futures trader from Kuala Lumpur, referring to export data from cargo surveyors.
Intertek Testing Services and Societe Generale de Surveillance are scheduled to release Malaysian palm oil shipment data for Sept. 1-20 on Wednesday.
The market is correcting as it is overpriced, said another trader, adding that it would be supported by strong exports before demand tapers off at the end of the month.
Palm oil exports from Malaysia surged over 20 percent in the first half of September from a month ago, led by strong gains in demand from China, Europe and India, cargo surveyor data showed.
Palm oil may fall into a range of 2,760-2,787 ringgit per tonne, as it could have temporarily peaked around a resistance at 2,885 ringgit, said Reuters market analyst for commodities and energy technicals Wang Tao.
In other related oils, the October soybean oil contract on the Chicago Board of Trade was up 0.1 percent, while the January soybean oil on the Dalian Commodity Exchange fell 0.1 percent.
The January palm olein contract rose 0.5 percent.
Palm oil prices are impacted by the movements in related edible oils including soy, as they compete for a share in the global vegetable oils market.
Palm, soy and crude oil prices at 0448 GMT
Contract Month Last Change Low High Volume
MY PALM OIL OCT7 2830 -4.00 2826 2852 62
MY PALM OIL NOV7 2807 -11.00 2802 2835 3754
MY PALM OIL DEC7 2799 -6.00 2794 2822 9524
CHINA PALM OLEIN JAN8 5770 +30.00 5692 5804 379512
CHINA SOYOIL JAN8 6350 -8.00 6316 6378 260154
CBOT SOY OIL DEC7 34.47 +0.04 34.43 34.62 3578
INDIA PALM OIL SEP7 546.60 -0.70 546.30 546.8 39
INDIA SOYOIL SEP7 0 +0.00 0 0 0
NYMEX CRUDE OCT7 49.86 -0.05 49.85 50.05 4636
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 = 4.1900 ringgit)
($1 = 64.1400 Indian rupees)
($1 = 6.5889 Chinese yuan)
Traded volumes stood at 18,130 lots of 25 tonnes each at noon.
"The market declined due to technical reasons, but is expected to be supported today on exports," said a futures trader from Kuala Lumpur, referring to export data from cargo surveyors.
Intertek Testing Services and Societe Generale de Surveillance are scheduled to release Malaysian palm oil shipment data for Sept. 1-20 on Wednesday.
The market is correcting as it is overpriced, said another trader, adding that it would be supported by strong exports before demand tapers off at the end of the month.
Palm oil exports from Malaysia surged over 20 percent in the first half of September from a month ago, led by strong gains in demand from China, Europe and India, cargo surveyor data showed.
Palm oil may fall into a range of 2,760-2,787 ringgit per tonne, as it could have temporarily peaked around a resistance at 2,885 ringgit, said Reuters market analyst for commodities and energy technicals Wang Tao.
In other related oils, the October soybean oil contract on the Chicago Board of Trade was up 0.1 percent, while the January soybean oil on the Dalian Commodity Exchange fell 0.1 percent.
The January palm olein contract rose 0.5 percent.
Palm oil prices are impacted by the movements in related edible oils including soy, as they compete for a share in the global vegetable oils market.
Palm, soy and crude oil prices at 0448 GMT
Contract Month Last Change Low High Volume
MY PALM OIL OCT7 2830 -4.00 2826 2852 62
MY PALM OIL NOV7 2807 -11.00 2802 2835 3754
MY PALM OIL DEC7 2799 -6.00 2794 2822 9524
CHINA PALM OLEIN JAN8 5770 +30.00 5692 5804 379512
CHINA SOYOIL JAN8 6350 -8.00 6316 6378 260154
CBOT SOY OIL DEC7 34.47 +0.04 34.43 34.62 3578
INDIA PALM OIL SEP7 546.60 -0.70 546.30 546.8 39
INDIA SOYOIL SEP7 0 +0.00 0 0 0
NYMEX CRUDE OCT7 49.86 -0.05 49.85 50.05 4636
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 = 4.1900 ringgit)
($1 = 64.1400 Indian rupees)
($1 = 6.5889 Chinese yuan)