The Edge Markets (16/04/2018) - KUALA LUMPUR (April 16): Malaysian palm oil futures fell to a one-month low on Monday evening, recording a sixth straight day of losses on expectations of slowing demand growth and tracking losses in related edible oils.    

The benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange slid 1.3% to 2,369 ringgit (US$609.55) a tonne at the end of the trading day.

The market earlier fell to 2,368 ringgit, its lowest level since May 12.

Trading volumes stood at 43,439 lots of 25 tonnes each at the close of trade.

"The market is expecting reducing exports for now," said a futures trader from Kuala Lumpur, referring to Malaysian palm oil shipment data indicating slowing demand growth. 

Exports of Malaysian palm oil products for April 1-15 rose 5% to 6% from the corresponding period in March, inspection company AmSpec Agri Malaysia and cargo surveyor Societe Generale de Surveillance reported on Monday.

Demand growth slowed after rising 25% to 32% in exports from April 1-10. 

Traders said palm oil was also tracking weakness in related edible oils, such as overnight U.S. soyoil on the Chicago Board of Trade and China's Dalian Commodity Exchange. 

Palm oil prices are affected by movements in rival edible oils, as they compete for a share in the global vegetable oils market.

The Chicago Board of Trade's May soybean oil contract fell 0.5% in trade on Friday, and was last down 0.5% as well on Monday. 

In other related oils, May soybean oil on China's Dalian Commodity Exchange fell 0.4%, while the Dalian May palm oil contract dropped 0.6%. 

Palm oil might fall to 2,382 ringgit per tonne, as it has broken a support at 2,401 ringgit, according to Reuters market analyst for commodities and energy technicals Wang Tao.

 Palm, soy and crude oil prices as of 1048 GMT

 Contract                        Month    Last  Change     Low    High  Volume
 MY PALM OIL                MAY8     2362  -30.00    2360    2401     729
 MY PALM OIL                JUN8     2368  -31.00    2367    2408   11502
 MY PALM OIL                JUL8     2370  -32.00    2368    2409   18220
 CHINA PALM OLEIN    SEP8     5024  -32.00    5018    5060  280208
 CHINA SOYOIL            SEP8     5808  -26.00    5796    5856  329442
 CBOT SOY OIL            MAY8    31.32   -0.16   31.28   31.58    6904
 INDIA PALM OIL          APR8   635.60   -4.70  634.30   639.8     641
 INDIA SOYOIL            APR8   764.05   -4.65     764     767    1910
 NYMEX CRUDE         MAY8    66.66   -0.73   66.14   67.74  152131

 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
 
(US$1 = 3.8865 ringgit)
(US$1 = 65.4400 Indian rupees)
(US$1 = 6.2850 Chinese yuan)

Read more at http://www.theedgemarkets.com/article/palm-declines-onemonth-low-slowing-demand-growth