MARKET DEVELOPMENT
VEGOILS-Palm Heads for First Drop in Three Sessions on Weaker CBOT Soyoil
VEGOILS-Palm Heads for First Drop in Three Sessions on Weaker CBOT Soyoil
* Palm sees first week of losses after three weekly gains
* Market to remain sideways until after U.S. elections - trader
* Palm to test resistance at 2,786 rgt/T - technicals
(Updates latest prices)
07/11/2016 (Reuters) - Malaysian palm oil futures charted their first decline on Friday evening after two consecutive winning sessions, tracking weaker soyoil on the Chicago Board of Trade.
Traders said the market is likely to weaken on caution ahead of the U.S. presidential elections next Tuesday.
"Palm is likely to remain sideways until after the elections," said a futures trader in Kuala Lumpur.
Benchmark palm oil futures for January on the Bursa Malaysia Derivatives Exchange were down 1.4 percent at 2,736 ringgit ($652) a tonne at the end of the trading day.
The December soybean oil contract on the Chicago Board of Trade was down 1 percent. Palm's price movements are impacted by its rival edible oils, as they compete for a share in the global vegetable oils market.
Palm also saw its first week of losses after three weekly gains. It is down 1.9 percent so far this week, after hitting a near two-week low of 2,712 ringgit on Wednesday.
Traded volumes stood at 29,870 lots of 25 tonnes each on Friday evening, versus the 2015 daily average of 44,600 lots.
Palm prices were also dampened by forecasts of rising inventories in Malaysia, the world's second-largest producer of the tropical oil.
October inventories are seen rising 8.8 percent from September to 1.68 million tonnes, its strongest monthly gain since August 2015, according to a Reuters survey of eight planters, traders and analysts. (MYPOMS-TPO)
Official palm data for the month of October will be released on Nov. 10 by industry regulator, the Malaysian Palm Oil Board.
In related competing oils, the January soybean oil contract on China's Dalian Commodity Exchange was down 0.9 percent, while the January contract for palm olein on China's Dalian Commodity Exchange rose 0.3 percent.
Palm oil is expected to test resistance at 2,786 ringgit per tonne, according to Reuters market analyst for commodities and energy technicals Wang Tao.
Palm, soy and crude oil prices at 1044 GMT
Contract Month Last Change Low High Volume
MY PALM OIL NOV6 0 -39.00 0 0 5
MY PALM OIL DEC6 2742 -39.00 2741 2782 2587
MY PALM OIL JAN7 2734 -38.00 2734 2776 18369
CHINA PALM OLEIN JAN7 5892 +20.00 5892 5996 1111864
CHINA SOYOIL JAN7 6564 -60.00 6562 6680 590736
CBOT SOY OIL DEC6 34.76 -0.34 34.69 35.13 7097
INDIA PALM OIL NOV6 515.50 -2.90 514.60 519.7 1203
INDIA SOYOIL NOV6 666.9 -2.75 666.2 670.5 16560
NYMEX CRUDE DEC6 44.58 -0.08 44.29 44.87 70938
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 = 4.1970 ringgit)
($1 = 66.7550 Indian rupees)
($1 = 6.7545 Chinese yuan)
* Market to remain sideways until after U.S. elections - trader
* Palm to test resistance at 2,786 rgt/T - technicals
(Updates latest prices)
07/11/2016 (Reuters) - Malaysian palm oil futures charted their first decline on Friday evening after two consecutive winning sessions, tracking weaker soyoil on the Chicago Board of Trade.
Traders said the market is likely to weaken on caution ahead of the U.S. presidential elections next Tuesday.
"Palm is likely to remain sideways until after the elections," said a futures trader in Kuala Lumpur.
Benchmark palm oil futures for January on the Bursa Malaysia Derivatives Exchange were down 1.4 percent at 2,736 ringgit ($652) a tonne at the end of the trading day.
The December soybean oil contract on the Chicago Board of Trade was down 1 percent. Palm's price movements are impacted by its rival edible oils, as they compete for a share in the global vegetable oils market.
Palm also saw its first week of losses after three weekly gains. It is down 1.9 percent so far this week, after hitting a near two-week low of 2,712 ringgit on Wednesday.
Traded volumes stood at 29,870 lots of 25 tonnes each on Friday evening, versus the 2015 daily average of 44,600 lots.
Palm prices were also dampened by forecasts of rising inventories in Malaysia, the world's second-largest producer of the tropical oil.
October inventories are seen rising 8.8 percent from September to 1.68 million tonnes, its strongest monthly gain since August 2015, according to a Reuters survey of eight planters, traders and analysts. (MYPOMS-TPO)
Official palm data for the month of October will be released on Nov. 10 by industry regulator, the Malaysian Palm Oil Board.
In related competing oils, the January soybean oil contract on China's Dalian Commodity Exchange was down 0.9 percent, while the January contract for palm olein on China's Dalian Commodity Exchange rose 0.3 percent.
Palm oil is expected to test resistance at 2,786 ringgit per tonne, according to Reuters market analyst for commodities and energy technicals Wang Tao.
Palm, soy and crude oil prices at 1044 GMT
Contract Month Last Change Low High Volume
MY PALM OIL NOV6 0 -39.00 0 0 5
MY PALM OIL DEC6 2742 -39.00 2741 2782 2587
MY PALM OIL JAN7 2734 -38.00 2734 2776 18369
CHINA PALM OLEIN JAN7 5892 +20.00 5892 5996 1111864
CHINA SOYOIL JAN7 6564 -60.00 6562 6680 590736
CBOT SOY OIL DEC6 34.76 -0.34 34.69 35.13 7097
INDIA PALM OIL NOV6 515.50 -2.90 514.60 519.7 1203
INDIA SOYOIL NOV6 666.9 -2.75 666.2 670.5 16560
NYMEX CRUDE DEC6 44.58 -0.08 44.29 44.87 70938
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 = 4.1970 ringgit)
($1 = 66.7550 Indian rupees)
($1 = 6.7545 Chinese yuan)