31.05.2018 (The Edge Markets MY) - JAKARTA (May 31): Malaysian palm oil benchmark futures fell on Thursday as a weak demand outlook continued to put pressure on prices of the vegetable oil.    

The palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange was down 0.45% to RM2,429 (US$610.61) a tonne by the close.

Traded volume stood at 32,308 lots of 25 tonnes each.

The contract erased some of its 0.91% gain from a day earlier after it rebounded from a three-week low.

"Weakness in demand is putting a lid on the prices," a Kuala Lumpur-based palm trader said.

Malaysia's palm oil exports in May were lower at around 1.2 million tonnes, down 8.8% from April's shipments, independent inspection company AmSpec Agri Malaysia said on Thursday.

Meanwhile, cargo surveyor Societe Generale de Surveillance (SGS) said the country's May palm oil exports fell 9.9%.

Sime Darby Plantation Bhd, the world’s largest palm oil planter by land holdings, estimated crude palm oil prices to be within a range of RM2,400 to RM2,500 per tonne next month.

In Indonesia, the world's top palm oil exporter, shipments of palm and palm kernel oils fell 13.6% in April, data from the Indonesia Palm Oil Association showed.

In related vegetable oils, the Chicago July soybean oil contract traded 0.2% higher, while the September soybean oil on China's Dalian Commodity Exchange fell 0.3%.

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

Palm, soy and crude oil prices, as of 1047 GMT

Contract	Month	Last	Change	Low	High	Volume
MY PALM OIL	JUN 8	2423	-4	2406	2435	188
MY PALM OIL	JUL 8	2422	-9	2414	2444	3804
MY PALM OIL	AUG8	2424	-11	2416	2447	12071
CHINA PALM OLEIN	SEP 8	5096	0	5078	5138	384946
CHINA SOYOIL	SEP 8	5844	-20	5822	5888	659558
CBOT SOY OIL	JUL 8	31.55	-0.4	31.49	31.61	7009
INDIA PALM OIL	MAY8	653.2	-0.4	652.9	653.7	256
INDIA SOYOIL	JUN 8	764.95	-1.3	761	768.2	9630
NYMEX CRUDE	JUL 8	67.83	-0.38	67.66	68.3	121971

 

 Palm oil prices in Malaysian ringgit per tonne
CBOT soy oil in US 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 US dollars per barrel

(US$1 = RM3.9780)
(US$1 = 6.4045 Chinese yuan)
(US$1 = 67.4750 Indian rupees)