MARKET DEVELOPMENT
VEGOILS-Palm Oil Retreats Slightly on Weaker Export Demand
VEGOILS-Palm Oil Retreats Slightly on Weaker Export Demand
* Palm falls slightly in the evening on weak demand
* Cargo surveyors scheduled to release data on Friday
(Updates latest prices, quotes)
15/04/2016 (Reuters) - Malaysian palm oil futures reversed course to fall slightly in late trade on Thursday, as export demand remained weak ahead of data on early April shipments.
The palm oil contract for June delivery on the Bursa Malaysia Derivatives Exchange dipped 0.1 percent, settling at 2,657 ringgit ($683) per tonne at the close of trade. Traded volumes were 51,099 lots of 25 tonnes each, above a 2015 daily average of 44,600 lots.
"Exports are dwindling because of higher prices. We should see some pressure on prices," said a Kuala Lumpur-based trader.
"The market is trying to recover but it's still not getting any momentum."
Another trader said the range-bound market was awaiting new leads, such as data from cargo surveyors Intertek Testing Services and Societe Generale de Surveillance.
Shipment data for the first 15 days of April is due to be released on Friday, and could show declines from the corresponding period a month ago due to an export tax on crude palm oil. Shipments in the first 10 days of April fell 1-2 percent.
Malaysia introduced a 5 percent tax on crude palm oil for April, ending a duty-free policy in place since May 2015.
The September soybean oil contract on the Dalian Commodity Exchange rose 0.4 percent, while the May Chicago Board of Trade soyoil contract gained 0.2 percent.
The offer price for crude palm kernel oil fell to 4,927.31 ringgit ($1,267) per tonne <PKO-MYSTH-M1> in late trade, from 4,943.85 ringgit on Wednesday, according to price assessments by Thomson Reuters.
Palm, soy and crude oil prices at 1035 GMT:
Contract Month Last Change Low High Volume
MY PALM OIL APR6 2625 -2.00 2625 2626 57
MY PALM OIL MAY6 2638 -2.00 2632 2656 1596
MY PALM OIL JUN6 2657 -2.00 2653 2677 19735
CHINA PALM OLEIN SEP6 5548 +30.00 5504 5588 953266
CHINA SOYOIL SEP6 6166 +22.00 6118 6188 646408
CBOT SOY OIL MAY6 33.91 +0.00 33.73 34.04 4763
INDIA PALM OIL APR6 0.00 +0.00 0.00 0 0
INDIA SOYOIL APR6 0 +0.00 0 0 0
NYMEX CRUDE MAY6 41.70 -0.06 40.84 41.81 85649
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 = 3.8900 ringgit)
($1 = 66.6600 Indian rupees)
($1 = 6.4830 Chinese yuan)
* Cargo surveyors scheduled to release data on Friday
(Updates latest prices, quotes)
15/04/2016 (Reuters) - Malaysian palm oil futures reversed course to fall slightly in late trade on Thursday, as export demand remained weak ahead of data on early April shipments.
The palm oil contract for June delivery on the Bursa Malaysia Derivatives Exchange dipped 0.1 percent, settling at 2,657 ringgit ($683) per tonne at the close of trade. Traded volumes were 51,099 lots of 25 tonnes each, above a 2015 daily average of 44,600 lots.
"Exports are dwindling because of higher prices. We should see some pressure on prices," said a Kuala Lumpur-based trader.
"The market is trying to recover but it's still not getting any momentum."
Another trader said the range-bound market was awaiting new leads, such as data from cargo surveyors Intertek Testing Services and Societe Generale de Surveillance.
Shipment data for the first 15 days of April is due to be released on Friday, and could show declines from the corresponding period a month ago due to an export tax on crude palm oil. Shipments in the first 10 days of April fell 1-2 percent.
Malaysia introduced a 5 percent tax on crude palm oil for April, ending a duty-free policy in place since May 2015.
The September soybean oil contract on the Dalian Commodity Exchange rose 0.4 percent, while the May Chicago Board of Trade soyoil contract gained 0.2 percent.
The offer price for crude palm kernel oil fell to 4,927.31 ringgit ($1,267) per tonne <PKO-MYSTH-M1> in late trade, from 4,943.85 ringgit on Wednesday, according to price assessments by Thomson Reuters.
Palm, soy and crude oil prices at 1035 GMT:
Contract Month Last Change Low High Volume
MY PALM OIL APR6 2625 -2.00 2625 2626 57
MY PALM OIL MAY6 2638 -2.00 2632 2656 1596
MY PALM OIL JUN6 2657 -2.00 2653 2677 19735
CHINA PALM OLEIN SEP6 5548 +30.00 5504 5588 953266
CHINA SOYOIL SEP6 6166 +22.00 6118 6188 646408
CBOT SOY OIL MAY6 33.91 +0.00 33.73 34.04 4763
INDIA PALM OIL APR6 0.00 +0.00 0.00 0 0
INDIA SOYOIL APR6 0 +0.00 0 0 0
NYMEX CRUDE MAY6 41.70 -0.06 40.84 41.81 85649
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 = 3.8900 ringgit)
($1 = 66.6600 Indian rupees)
($1 = 6.4830 Chinese yuan)