MARKET DEVELOPMENT
VEGOILS-Palm Inches Lower to End Week Flat in Post Holiday Lull
VEGOILS-Palm Inches Lower to End Week Flat in Post Holiday Lull
* Dalian, U.S. grains continue to drag on palm prices
* Traded volume at 22,140 lots, well below average
* Traders expect volume to pick up next week when fresh data due
(Updates prices, volumes)
27/07/2015 (Reuters) - Malaysian palm oil futures inched lower on Friday, falling for a third straight session asquiet trading continued following the Muslim fasting month holiday period.
By Friday's close, benchmark palm oil for October delivery on Bursa Malaysia Derivatives was down 0.55 percent at 2,177 ringgit ($571.69) a tonne. The contract was largely unchanged this week, inching down 0.09 percent.
Trade volumes stood at 22,140 lots of 25 tonnes each on Friday, well below the roughly 35,000 lots usually traded daily.
"It's the overall lethargy of the market," said a trader at a foreign commodities brokerage in Kuala Lumpur, including in vegetable oil markets in China and the United States.
Friday's slight decline in palm prices, however, was slightly skewed by the low volumes and the absence of many participants that were still on leave, he said.
For the second straight week, palm prices were nearly flat to the previous Friday's finish.
Wang Tao, a Reuters market analyst for commodities technicals, said palm may test a support at 2,168 ringgit per tonne, a break below which could lead to a loss to 2,154 ringgit.
Traders are looking to Malaysian palm oil export data due on Monday for new cues on the market, after recent figures showed declining shipments from the world's second-largest producer during what are usually high-output months.
Volumes should pick-up next week with the input of the new export data and the return of more players to the market, traders said.
In competing markets, the most-active soybean oil contract on the Dalian Commodity Exchange was down 0.75 percent,
while Dalian RBD palm oil for September delivery was down 0.29 percent in afternoon Asian trading.
Brent crude oil prices neared four-month lows on Friday after data showed a contraction in China's factory sector and the dollar rose against a basket of currencies.
Palm, soy and crude oil prices at 1011 GMT
Contract Month Last Change Low High Volume
MY PALM OIL AUG5 2181 -9.00 2174 2183 61
MY PALM OIL SEP5 2179 -11.00 2174 2184 3401
MY PALM OIL OCT5 2177 -12.00 2174 2186 11364
CHINA PALM OLEIN JAN6 4860 -34.00 4842 4900 514482
CHINA SOYOIL JAN6 5582 -42.00 5556 5634 512420
CBOT SOY OIL DEC5 31.56 -0.20 31.45 31.78 4720
INDIA PALM OIL JUL5 429.10 -0.20 428.80 430.50 298
INDIA SOYOIL AUG5 572.90 +1.55 569.00 573.50 20970
NYMEX CRUDE SEP5 48.69 +0.24 48.51 48.92 23365
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 = 3.8080 ringgit)
($1 = 6.2095 Chinese yuan renminbi)
($1 = 63.9800 Indian rupees)
* Traded volume at 22,140 lots, well below average
* Traders expect volume to pick up next week when fresh data due
(Updates prices, volumes)
27/07/2015 (Reuters) - Malaysian palm oil futures inched lower on Friday, falling for a third straight session asquiet trading continued following the Muslim fasting month holiday period.
By Friday's close, benchmark palm oil for October delivery on Bursa Malaysia Derivatives was down 0.55 percent at 2,177 ringgit ($571.69) a tonne. The contract was largely unchanged this week, inching down 0.09 percent.
Trade volumes stood at 22,140 lots of 25 tonnes each on Friday, well below the roughly 35,000 lots usually traded daily.
"It's the overall lethargy of the market," said a trader at a foreign commodities brokerage in Kuala Lumpur, including in vegetable oil markets in China and the United States.
Friday's slight decline in palm prices, however, was slightly skewed by the low volumes and the absence of many participants that were still on leave, he said.
For the second straight week, palm prices were nearly flat to the previous Friday's finish.
Wang Tao, a Reuters market analyst for commodities technicals, said palm may test a support at 2,168 ringgit per tonne, a break below which could lead to a loss to 2,154 ringgit.
Traders are looking to Malaysian palm oil export data due on Monday for new cues on the market, after recent figures showed declining shipments from the world's second-largest producer during what are usually high-output months.
Volumes should pick-up next week with the input of the new export data and the return of more players to the market, traders said.
In competing markets, the most-active soybean oil contract on the Dalian Commodity Exchange was down 0.75 percent,
while Dalian RBD palm oil for September delivery was down 0.29 percent in afternoon Asian trading.
Brent crude oil prices neared four-month lows on Friday after data showed a contraction in China's factory sector and the dollar rose against a basket of currencies.
Palm, soy and crude oil prices at 1011 GMT
Contract Month Last Change Low High Volume
MY PALM OIL AUG5 2181 -9.00 2174 2183 61
MY PALM OIL SEP5 2179 -11.00 2174 2184 3401
MY PALM OIL OCT5 2177 -12.00 2174 2186 11364
CHINA PALM OLEIN JAN6 4860 -34.00 4842 4900 514482
CHINA SOYOIL JAN6 5582 -42.00 5556 5634 512420
CBOT SOY OIL DEC5 31.56 -0.20 31.45 31.78 4720
INDIA PALM OIL JUL5 429.10 -0.20 428.80 430.50 298
INDIA SOYOIL AUG5 572.90 +1.55 569.00 573.50 20970
NYMEX CRUDE SEP5 48.69 +0.24 48.51 48.92 23365
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 = 3.8080 ringgit)
($1 = 6.2095 Chinese yuan renminbi)
($1 = 63.9800 Indian rupees)