MARKET DEVELOPMENT
VEGOILS-Palm Hits 8-Month Low on Concerns Over Rising Output; Tracks Weaker Soyoil
VEGOILS-Palm Hits 8-Month Low on Concerns Over Rising Output; Tracks Weaker Soyoil
* Palm charts fifth day of declines
* Market falls to intraday low of 2,468 rgt/T
* Palm oil to test support at 2,484 rgt/T - technicals
(Updates with closing prices)
19/04/2017 (Reuters) - Malaysian palm oil futures fell on Tuesday, recording a fifth consecutive session of losses, weighed down by forecasts of rising output and tracking weaker performing rival oils.
The benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange edged down 1 percent to 2,473 ringgit ($560.90) a tonne at the end of the trading day.
It earlier fell to an intraday low of 2,468 ringgit, its lowest levels since Aug. 11.
Traded volumes stood at 59,760 lots of 25 tonnes each on Tuesday evening.
"The market is down on weaker soyoil, and also on continued concerns of higher supplies both in Malaysia and Indonesia," a Kuala Lumpur-based futures trader said.
Production growth in the world's top producers of the tropical oil is forecast to recover between now and the third quarter of the year, as the lingering effects of a crop damaging El Nino wear off.
Malaysian production rose for the full month of March, up 16.3 percent from February, its first monthly gain since September, in line with seasonal trends. MYPOMP-CPOTT
Palm oil prices are also affected by movements in rival edible oils as they compete for a share in the global vegetable oils market.
Soybean oil on the Chicago Board of Trade was down 0.8 percent, while the September soybean oil contract on the Dalian Commodity Exchange fell 1.4 percent.
In other related vegetable oils, the September contract for palm olein declined 1.3 percent.
Palm oil is expected to test a support at 2,484 ringgit, a break below which could cause a further loss into 2,437-2,464 ringgit range, a Reuters market analyst for commodities and energy technicals said.
Palm, soy and crude oil prices at 1041 GMT
Contract Month Last Change Low High Volume
MY PALM OIL MAY7 2595 -39.00 2595 2654 2363
MY PALM OIL JUN7 2517 -28.00 2517 2568 11270
MY PALM OIL JUL7 2473 -25.00 2468 2517 27717
CHINA PALM OLEIN SEP7 5176 -68.00 5164 5260 489398
CHINA SOYOIL SEP7 5902 -84.00 5896 6010 623694
CBOT SOY OIL MAY7 31.55 -0.25 31.5 31.84 11499
INDIA PALM OIL APR7 509.30 -5.00 508.40 512 931
INDIA SOYOIL APR7 631.5 -3.40 630.6 635.5 2960
NYMEX CRUDE MAY7 52.25 -0.40 52.14 52.76 36883
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 = 4.4090 ringgit)
($1 = 64.5850 Indian rupees)
($1 = 6.8844 Chinese yuan)
* Market falls to intraday low of 2,468 rgt/T
* Palm oil to test support at 2,484 rgt/T - technicals
(Updates with closing prices)
19/04/2017 (Reuters) - Malaysian palm oil futures fell on Tuesday, recording a fifth consecutive session of losses, weighed down by forecasts of rising output and tracking weaker performing rival oils.
The benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange edged down 1 percent to 2,473 ringgit ($560.90) a tonne at the end of the trading day.
It earlier fell to an intraday low of 2,468 ringgit, its lowest levels since Aug. 11.
Traded volumes stood at 59,760 lots of 25 tonnes each on Tuesday evening.
"The market is down on weaker soyoil, and also on continued concerns of higher supplies both in Malaysia and Indonesia," a Kuala Lumpur-based futures trader said.
Production growth in the world's top producers of the tropical oil is forecast to recover between now and the third quarter of the year, as the lingering effects of a crop damaging El Nino wear off.
Malaysian production rose for the full month of March, up 16.3 percent from February, its first monthly gain since September, in line with seasonal trends. MYPOMP-CPOTT
Palm oil prices are also affected by movements in rival edible oils as they compete for a share in the global vegetable oils market.
Soybean oil on the Chicago Board of Trade was down 0.8 percent, while the September soybean oil contract on the Dalian Commodity Exchange fell 1.4 percent.
In other related vegetable oils, the September contract for palm olein declined 1.3 percent.
Palm oil is expected to test a support at 2,484 ringgit, a break below which could cause a further loss into 2,437-2,464 ringgit range, a Reuters market analyst for commodities and energy technicals said.
Palm, soy and crude oil prices at 1041 GMT
Contract Month Last Change Low High Volume
MY PALM OIL MAY7 2595 -39.00 2595 2654 2363
MY PALM OIL JUN7 2517 -28.00 2517 2568 11270
MY PALM OIL JUL7 2473 -25.00 2468 2517 27717
CHINA PALM OLEIN SEP7 5176 -68.00 5164 5260 489398
CHINA SOYOIL SEP7 5902 -84.00 5896 6010 623694
CBOT SOY OIL MAY7 31.55 -0.25 31.5 31.84 11499
INDIA PALM OIL APR7 509.30 -5.00 508.40 512 931
INDIA SOYOIL APR7 631.5 -3.40 630.6 635.5 2960
NYMEX CRUDE MAY7 52.25 -0.40 52.14 52.76 36883
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 = 4.4090 ringgit)
($1 = 64.5850 Indian rupees)
($1 = 6.8844 Chinese yuan)