08.08.2018 (The Edge Markets MY) - KUALA LUMPUR (Aug 8): Malaysian palm oil futures fell at the midday break on Wednesday, in line to snap three previous days of gains, on the back of a firmer ringgit and weaker soyoil.

The ringgit, palm's currency of trade, had declined against the dollar to an over-seven-month low on Tuesday, lending support to palm, but was slightly up 0.02% at 4.0730 at noon.

A stronger ringgit usually weighs on palm by making it more expensive for buyers holding foreign currencies.

The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange fell 0.6% at RM2,222 (US$545.54) a tonne at noon.  

Trading volumes stood at 18,846 lots of 25 tonnes each.

"The ringgit is stronger today, and palm is also down on a correction after it was unable to break yesterday's high," said a futures trader in Kuala Lumpur.

Palm was also down on "current weakness in rival oilseed," another trader added, referring to US soyoil on the Chicago Board of Trade.

Chicago soybeans edged lower on Wednesday, giving up some of the last session's strong gains, but losses were limited by concerns over US crop condition and expectations of China's return to the market.

Palm oil prices are impacted by movements of other edible oils, as they compete for a share in the global vegetable oils market.

The Chicago December soybean oil contract fell 0.2%, while the January soybean oil contract on China's Dalian Commodity Exchange was up 0.3%.

In other related edible oils, the Dalian January palm oil contract edged up 0.7%.

Palm, soy and crude oil prices at 0513 GMT

Contract	Month	Last	Change	Low	High	Volume
MY PALM OIL	AUG8	0	+0.00	0	0	91
MY PALM OIL	SEP8	2202	-12.00	2200	2216	930
MY PALM OIL	OCT8	2222	-13.00	2219	2237	6137
CHINA PALM OLEIN	JAN9	4930	+32.00	4910	4942	169246
CHINA SOYOIL	JAN9	5878	+18.00	5858	5910	196690
CBOT SOY OIL	DEC8	29.03	+0.00	29	29.08	973
INDIA PALM OIL	AUG8	592.80	-0.80	591.60	593	42
INDIA SOYOIL	AUG8	736.9	-0.70	736.5	739.5	900
NYMEX CRUDE	SEP8	69.26	+0.09	69.07	69.32	18755

 

Palm oil prices in Malaysian ringgit per tonne
CBOT soy oil in US 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 US dollars per barrel

(US$1 = RM4.0730)
(US$1 = 68.6400 Indian rupees)
(US$1 = 6.8216 Chinese yuan)