MARKET DEVELOPMENT
VEGOILS-Palm Slips As Competing Vegetable Oils Weaken, Ringgit Strengthens
VEGOILS-Palm Slips As Competing Vegetable Oils Weaken, Ringgit Strengthens
* Palm may fall to 2,148 ringgit level -technicals
19/05/2015 (Reuters) - Malaysian palm oil futures slipped for a second day on Monday as competing vegetable oil markets fell and as the ringgit strengthened, traders said.
By the midday break, the benchmark July contract on the Bursa Malaysia Derivatives exchange had edged down 0.69 percent to 2,173 ringgit ($608.77) a tonne, heading for a second day of losses after shedding 0.8 percent on Friday.
"The market was down a bit because the ringgit has strengthened a bit, and Dalian RBD palm olein is down a bit as well," said a trader with a foreign commodities brokerage in Kuala Lumpur, referring to the Refined, Bleached and Deodorised Palm Olein contract on the Dalian Commodity Exchange.
Total traded volume stood at 13,979 lots of 25 tonnes each, above the average 12,500 lots traded by midday.
Technical charts show that palm may fall to 2,148 ringgit per tonne, as the drop on May 15 suggests the completion of a rebound from the April 29 low of 2,070 ringgit.
The Malaysian ringgit edged down 0.24 percent against the dollar on Monday, but has gained around 0.8 percent over the past week and around 3.8 percent in the last two months.
In other markets, oil prices rose on Monday on supply concerns in the Middle East following fighting in Iraq and Yemen, but Iranian comments that OPEC was unlikely to cut output as well as signs of strengthening U.S. production capped gains.
The U.S. July soyoil contract edged down 0.33 percent in early Asian trade, while the most active September soybean oil contract on China's Dalian Commodity Exchange lost 0.95 percent. The most active September palmoil contract on the Dalian bourse fell 1.05 percent.
Palm, soy and crude oil prices at 0613 GMT
Contract Month Last Change Low High Volume
MY PALM OIL JUN5 2180 -11.00 2177 2182 844
MY PALM OIL JUL5 2177 -11.00 2172 2180 3839
MY PALM OIL AUG5 2173 -15.00 2169 2180 7363
CHINA PALM OLEIN SEP5 5084 -52.00 5062 5110 520116
CHINA SOYOIL SEP5 5844 -42.00 5826 5858 558748
CBOT SOY OIL JUL5 33.02 +0.60 32.96 33.18 2476
INDIA PALM OIL MAY5 450.30 +0.60 448.70 450.90 254
INDIA SOYOIL JUN5 603.50 +1.45 602.40 604.50 9900
NYMEX CRUDE JUN5 59.88 +0.19 59.73 59.96 3401
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 = 3.5695 ringgit)
($1 = 6.2034 Chinese yuan)
($1 = 63.5250 Indian rupees)
19/05/2015 (Reuters) - Malaysian palm oil futures slipped for a second day on Monday as competing vegetable oil markets fell and as the ringgit strengthened, traders said.
By the midday break, the benchmark July contract on the Bursa Malaysia Derivatives exchange had edged down 0.69 percent to 2,173 ringgit ($608.77) a tonne, heading for a second day of losses after shedding 0.8 percent on Friday.
"The market was down a bit because the ringgit has strengthened a bit, and Dalian RBD palm olein is down a bit as well," said a trader with a foreign commodities brokerage in Kuala Lumpur, referring to the Refined, Bleached and Deodorised Palm Olein contract on the Dalian Commodity Exchange.
Total traded volume stood at 13,979 lots of 25 tonnes each, above the average 12,500 lots traded by midday.
Technical charts show that palm may fall to 2,148 ringgit per tonne, as the drop on May 15 suggests the completion of a rebound from the April 29 low of 2,070 ringgit.
The Malaysian ringgit edged down 0.24 percent against the dollar on Monday, but has gained around 0.8 percent over the past week and around 3.8 percent in the last two months.
In other markets, oil prices rose on Monday on supply concerns in the Middle East following fighting in Iraq and Yemen, but Iranian comments that OPEC was unlikely to cut output as well as signs of strengthening U.S. production capped gains.
The U.S. July soyoil contract edged down 0.33 percent in early Asian trade, while the most active September soybean oil contract on China's Dalian Commodity Exchange lost 0.95 percent. The most active September palmoil contract on the Dalian bourse fell 1.05 percent.
Palm, soy and crude oil prices at 0613 GMT
Contract Month Last Change Low High Volume
MY PALM OIL JUN5 2180 -11.00 2177 2182 844
MY PALM OIL JUL5 2177 -11.00 2172 2180 3839
MY PALM OIL AUG5 2173 -15.00 2169 2180 7363
CHINA PALM OLEIN SEP5 5084 -52.00 5062 5110 520116
CHINA SOYOIL SEP5 5844 -42.00 5826 5858 558748
CBOT SOY OIL JUL5 33.02 +0.60 32.96 33.18 2476
INDIA PALM OIL MAY5 450.30 +0.60 448.70 450.90 254
INDIA SOYOIL JUN5 603.50 +1.45 602.40 604.50 9900
NYMEX CRUDE JUN5 59.88 +0.19 59.73 59.96 3401
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 = 3.5695 ringgit)
($1 = 6.2034 Chinese yuan)
($1 = 63.5250 Indian rupees)