MARKET DEVELOPMENT
VEGOILS-Palm Slips After 5 Sessions of Gains on Weaker Dalian Soyoil
VEGOILS-Palm Slips After 5 Sessions of Gains on Weaker Dalian Soyoil
* Stronger ringgit weighs on market - trader
* Palm still targets 2,765-2,791 rgt/T range - technicals
* Malaysia end-Sept stockpiles rise to 2 mln tonnes - MPOB
11/10/2017 (Reuters) - Malaysian palm oil futures slipped in early trade on Tuesday after five straight sessions of gains, tracking weakness in related edible oils on China's Dalian Commodity Exchange.
The benchmark palm oil contract for December delivery on the Bursa Malaysia Derivatives Exchange was down 0.1 percent at 2,733 ringgit ($647.32) a tonne at the midday break.
Traded volumes stood at 14,850 lots of 25 tonnes each at Tuesday noon.
"Palm oil is most likely down following the Dalian Commodity Exchange," said a futures trader from Kuala Lumpur.
The January soybean oil contract on China's Dalian Commodity Exchange fell 0.7 percent, while the January palm olein contract declined 0.6 percent.
Another trader said a stronger ringgit also weighed on palm prices, as this makes the tropical oil more expensive for holders of foreign currencies.
The ringgit, the currency of trade for palm oil, hit a one-week high against the dollar and was last up 0.2 percent at 4.2230 per dollar.
Rising inventory levels in Malaysia, the world's second largest producer of the tropical oil, could further weigh on palm prices.
Inventory levels at the end of September rose 4 percent from a month earlier to 2.02 million tonnes, data from industry regulator the Malaysian Palm Oil Board (MPOB) showed on Tuesday.
Output declined 1.7 percent to 1.78 million tonnes, while exports rose 1.8 percent to 1.52 million tonnes.
In other related edible oils, the December soybean oil contract on the Chicago Board of Trade was down 0.2 percent.
Palm oil may break resistance at 2,738 ringgit per tonne and rise into a range of 2,765-2,791 ringgit, according to Reuters market analyst for commodities and energy technicals Wang Tao.
Palm, soy and crude oil prices at 0619 GMT
Contract Month Last Change Low High Volume
MY PALM OIL OCT7 2711 -28.00 2711 2711 2
MY PALM OIL NOV7 2734 -4.00 2730 2739 667
MY PALM OIL DEC7 2733 -2.00 2726 2739 4820
CHINA PALM OLEIN JAN8 5546 -42.00 5528 5582 318282
CHINA SOYOIL JAN8 6076 -44.00 6064 6120 230650
CBOT SOY OIL DEC7 33.18 +0.00 33.11 33.25 4029
INDIA PALM OIL OCT7 540.00 -1.20 539.00 543.7 187
INDIA SOYOIL OCT7 658.7 -1.15 658.7 663 4210
NYMEX CRUDE NOV7 49.61 +0.03 49.54 49.73 14702
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 = 4.2220 ringgit)
($1 = 65.2650 Indian rupees)
($1 = 6.5937 Chinese yuan)
* Palm still targets 2,765-2,791 rgt/T range - technicals
* Malaysia end-Sept stockpiles rise to 2 mln tonnes - MPOB
11/10/2017 (Reuters) - Malaysian palm oil futures slipped in early trade on Tuesday after five straight sessions of gains, tracking weakness in related edible oils on China's Dalian Commodity Exchange.
The benchmark palm oil contract for December delivery on the Bursa Malaysia Derivatives Exchange was down 0.1 percent at 2,733 ringgit ($647.32) a tonne at the midday break.
Traded volumes stood at 14,850 lots of 25 tonnes each at Tuesday noon.
"Palm oil is most likely down following the Dalian Commodity Exchange," said a futures trader from Kuala Lumpur.
The January soybean oil contract on China's Dalian Commodity Exchange fell 0.7 percent, while the January palm olein contract declined 0.6 percent.
Another trader said a stronger ringgit also weighed on palm prices, as this makes the tropical oil more expensive for holders of foreign currencies.
The ringgit, the currency of trade for palm oil, hit a one-week high against the dollar and was last up 0.2 percent at 4.2230 per dollar.
Rising inventory levels in Malaysia, the world's second largest producer of the tropical oil, could further weigh on palm prices.
Inventory levels at the end of September rose 4 percent from a month earlier to 2.02 million tonnes, data from industry regulator the Malaysian Palm Oil Board (MPOB) showed on Tuesday.
Output declined 1.7 percent to 1.78 million tonnes, while exports rose 1.8 percent to 1.52 million tonnes.
In other related edible oils, the December soybean oil contract on the Chicago Board of Trade was down 0.2 percent.
Palm oil may break resistance at 2,738 ringgit per tonne and rise into a range of 2,765-2,791 ringgit, according to Reuters market analyst for commodities and energy technicals Wang Tao.
Palm, soy and crude oil prices at 0619 GMT
Contract Month Last Change Low High Volume
MY PALM OIL OCT7 2711 -28.00 2711 2711 2
MY PALM OIL NOV7 2734 -4.00 2730 2739 667
MY PALM OIL DEC7 2733 -2.00 2726 2739 4820
CHINA PALM OLEIN JAN8 5546 -42.00 5528 5582 318282
CHINA SOYOIL JAN8 6076 -44.00 6064 6120 230650
CBOT SOY OIL DEC7 33.18 +0.00 33.11 33.25 4029
INDIA PALM OIL OCT7 540.00 -1.20 539.00 543.7 187
INDIA SOYOIL OCT7 658.7 -1.15 658.7 663 4210
NYMEX CRUDE NOV7 49.61 +0.03 49.54 49.73 14702
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 = 4.2220 ringgit)
($1 = 65.2650 Indian rupees)
($1 = 6.5937 Chinese yuan)