MARKET DEVELOPMENT
VEGOILS-Palm Slips For Second Session on Stronger Ringgit, Weaker Dalian Oils
VEGOILS-Palm Slips For Second Session on Stronger Ringgit, Weaker Dalian Oils
* Market sees intraday low of 3,094 rgt/T
* Palm sees sharpest daily fall since Dec. 20
* CPO under pressure from strengthening ringgit, weaker related Chinese oils -trader
(Updates latest prices, quote)
06/01/2016 (Reuters) - Malaysian palm oil futures fell for a second consecutive session on Thursday evening on the back of a stronger ringgit, and as it tracked weaker performing related oils on China's Dalian Commodity Exchange.
Benchmark palm oil futures for March delivery on the Bursa Malaysia Derivatives Exchange fell 1.4 percent to 3,096 ringgit ($690) a tonne at the end of the trading day, its sharpest daily decline since Dec. 20.
Traded volumes stood at 41,198 lots of 25 tonnes each on Thursday evening.
"Crude palm oil is under pressure from a strengthening ringgit," a futures trader from Kuala Lumpur said, adding that a stronger Chinese yuan also puts pressure on China's commodities prices including Dalian's refined, bleached and deodorized (RBD) palm olein.
Palm takes its cue from the performance of related vegetable oils, as they compete for a share in the global edible oils market.
The May soybean oil contract on the Dalian Commodity Exchange was down 0.4 percent, while the May contract for Dalian palm olein fell 1.3 percent.
A stronger ringgit, palm's currency of trade, also makes the tropical oil more expensive for foreign buyers, curbing its demand. The ringgit strengthened 0.3 percent against the dollar to reach 4.4830 in the evening.
In other edible oils, the March soybean oil contract on the CBOT gained 0.1 percent.
Palm, soy and crude oil prices at 1035 GMT
Contract Month Last Change Low High Volume
MY PALM OIL JAN7 3210 -34.00 3210 3245 201
MY PALM OIL FEB7 3137 -52.00 3134 3210 2635
MY PALM OIL MAR7 3095 -45.00 3094 3164 19610
CHINA PALM OLEIN MAY7 6134 -78.00 6112 6216 605182
CHINA SOYOIL MAY7 6874 -24.00 6852 6930 393544
CBOT SOY OIL MAR7 35.23 +0.09 35.17 35.43 7932
INDIA PALM OIL JAN7 583.30 -3.50 582.30 587.5 943
INDIA SOYOIL JAN7 727 -2.90 727 731.45 9970
NYMEX CRUDE FEB7 53.25 -0.01 53.04 53.42 55085
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 = 4.4830 ringgit)
($1 = 67.9125 Indian rupees)
($1 = 6.8860 Chinese yuan)
* Palm sees sharpest daily fall since Dec. 20
* CPO under pressure from strengthening ringgit, weaker related Chinese oils -trader
(Updates latest prices, quote)
06/01/2016 (Reuters) - Malaysian palm oil futures fell for a second consecutive session on Thursday evening on the back of a stronger ringgit, and as it tracked weaker performing related oils on China's Dalian Commodity Exchange.
Benchmark palm oil futures for March delivery on the Bursa Malaysia Derivatives Exchange fell 1.4 percent to 3,096 ringgit ($690) a tonne at the end of the trading day, its sharpest daily decline since Dec. 20.
Traded volumes stood at 41,198 lots of 25 tonnes each on Thursday evening.
"Crude palm oil is under pressure from a strengthening ringgit," a futures trader from Kuala Lumpur said, adding that a stronger Chinese yuan also puts pressure on China's commodities prices including Dalian's refined, bleached and deodorized (RBD) palm olein.
Palm takes its cue from the performance of related vegetable oils, as they compete for a share in the global edible oils market.
The May soybean oil contract on the Dalian Commodity Exchange was down 0.4 percent, while the May contract for Dalian palm olein fell 1.3 percent.
A stronger ringgit, palm's currency of trade, also makes the tropical oil more expensive for foreign buyers, curbing its demand. The ringgit strengthened 0.3 percent against the dollar to reach 4.4830 in the evening.
In other edible oils, the March soybean oil contract on the CBOT gained 0.1 percent.
Palm, soy and crude oil prices at 1035 GMT
Contract Month Last Change Low High Volume
MY PALM OIL JAN7 3210 -34.00 3210 3245 201
MY PALM OIL FEB7 3137 -52.00 3134 3210 2635
MY PALM OIL MAR7 3095 -45.00 3094 3164 19610
CHINA PALM OLEIN MAY7 6134 -78.00 6112 6216 605182
CHINA SOYOIL MAY7 6874 -24.00 6852 6930 393544
CBOT SOY OIL MAR7 35.23 +0.09 35.17 35.43 7932
INDIA PALM OIL JAN7 583.30 -3.50 582.30 587.5 943
INDIA SOYOIL JAN7 727 -2.90 727 731.45 9970
NYMEX CRUDE FEB7 53.25 -0.01 53.04 53.42 55085
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 = 4.4830 ringgit)
($1 = 67.9125 Indian rupees)
($1 = 6.8860 Chinese yuan)