MARKET DEVELOPMENT
VEGOILS-Palm Oil Falls on Weaker Export Data; Output Seen to Improve
VEGOILS-Palm Oil Falls on Weaker Export Data; Output Seen to Improve
* Palm sees second session of losses in three
* Weaker market on slow demand, rise in output - trader
* Palm neutral in 2,767-2,810 rgt/T range - Technicals
(Updates with closing prices)
21/03/2017 (Reuters) - Malaysian palm oil futures on Monday slipped to a second session of declines in three on weaker export data, while March output is expected to improve from a month ago.
Benchmark palm oil futures for June delivery on the Bursa Malaysia Derivatives Exchange were down 0.8 percent at 2,780 ringgit ($628.25) a tonne in the evening.
Traded volumes stood at 51,323 lots of 25 tonnes each at the end of the trading day.
"The market is looking at lower demand, while supply is to see a marginal increase," said a futures trader from Kuala Lumpur.
Export data for Malaysian palm oil shipments saw a decline between March 1 and March 20, about 3 percent down from a month ago, according to cargo surveyor Intertek Testing Services.
Another cargo surveyor, Societe Generale de Surveillance, showed a 7.9 percent decline in shipments during the same time period.
Low demand and rising production could weigh down palm oil prices. Palm oil output is expected to recover from the second quarter onwards, as the effects of a crop-damaging El Nino fades away, and this might pull down prices to around 2,500 ringgit, say industry experts.
Malaysian output last fell 1.4 percent in February on-month, while end-stocks declined 5.3 percent to 1.46 million tonnes. (MYPOMP-CPOTT) (MYPOMS-TPO)
Palm oil looks neutral in a range of 2,767-2,810 ringgit per tonne, and an escape could signal a direction, said Wang Tao, a Reuters market analyst for commodities and energy technicals.
In other related vegetable oils, soybean oil on the Chicago Board of Trade climbed as much as 0.7 percent, while the September soybean oil contract on the Dalian Commodity Exchange rose up to 0.9 percent.
The September contract for palm olein on the Dalian Commodity Exchange gained 0.5 percent.
Palm, soy and crude oil prices at 1038 GMT
Contract Month Last Change Low High Volume
MY PALM OIL APR7 2938 -27.00 2933 2969 574
MY PALM OIL MAY7 2840 -30.00 2838 2879 5991
MY PALM OIL JUN7 2778 -23.00 2772 2812 27627
CHINA PALM OLEIN SEP7 5642 +28.00 5588 5650 420608
CHINA SOYOIL SEP7 6536 +56.00 6480 6540 351656
CBOT SOY OIL MAY7 32.51 +0.21 32.41 32.59 6928
INDIA PALM OIL MAR7 531.30 -1.40 530.00 534.6 910
INDIA SOYOIL MAR7 658.35 +0.90 657.75 658.6 900
NYMEX CRUDE APR7 48.07 -0.71 47.97 48.74 15478
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 = 4.4250 ringgit)
($1 = 65.3850 Indian rupees)
($1 = 6.9053 Chinese yuan)
* Weaker market on slow demand, rise in output - trader
* Palm neutral in 2,767-2,810 rgt/T range - Technicals
(Updates with closing prices)
21/03/2017 (Reuters) - Malaysian palm oil futures on Monday slipped to a second session of declines in three on weaker export data, while March output is expected to improve from a month ago.
Benchmark palm oil futures for June delivery on the Bursa Malaysia Derivatives Exchange were down 0.8 percent at 2,780 ringgit ($628.25) a tonne in the evening.
Traded volumes stood at 51,323 lots of 25 tonnes each at the end of the trading day.
"The market is looking at lower demand, while supply is to see a marginal increase," said a futures trader from Kuala Lumpur.
Export data for Malaysian palm oil shipments saw a decline between March 1 and March 20, about 3 percent down from a month ago, according to cargo surveyor Intertek Testing Services.
Another cargo surveyor, Societe Generale de Surveillance, showed a 7.9 percent decline in shipments during the same time period.
Low demand and rising production could weigh down palm oil prices. Palm oil output is expected to recover from the second quarter onwards, as the effects of a crop-damaging El Nino fades away, and this might pull down prices to around 2,500 ringgit, say industry experts.
Malaysian output last fell 1.4 percent in February on-month, while end-stocks declined 5.3 percent to 1.46 million tonnes. (MYPOMP-CPOTT) (MYPOMS-TPO)
Palm oil looks neutral in a range of 2,767-2,810 ringgit per tonne, and an escape could signal a direction, said Wang Tao, a Reuters market analyst for commodities and energy technicals.
In other related vegetable oils, soybean oil on the Chicago Board of Trade climbed as much as 0.7 percent, while the September soybean oil contract on the Dalian Commodity Exchange rose up to 0.9 percent.
The September contract for palm olein on the Dalian Commodity Exchange gained 0.5 percent.
Palm, soy and crude oil prices at 1038 GMT
Contract Month Last Change Low High Volume
MY PALM OIL APR7 2938 -27.00 2933 2969 574
MY PALM OIL MAY7 2840 -30.00 2838 2879 5991
MY PALM OIL JUN7 2778 -23.00 2772 2812 27627
CHINA PALM OLEIN SEP7 5642 +28.00 5588 5650 420608
CHINA SOYOIL SEP7 6536 +56.00 6480 6540 351656
CBOT SOY OIL MAY7 32.51 +0.21 32.41 32.59 6928
INDIA PALM OIL MAR7 531.30 -1.40 530.00 534.6 910
INDIA SOYOIL MAR7 658.35 +0.90 657.75 658.6 900
NYMEX CRUDE APR7 48.07 -0.71 47.97 48.74 15478
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 = 4.4250 ringgit)
($1 = 65.3850 Indian rupees)
($1 = 6.9053 Chinese yuan)