30.10.2018 (The Edge Markets MY) - JAKARTA/KUALA LUMPUR (Oct 30): Malaysian palm oil futures fell on Tuesday on weak demand and lower U.S. soybean prices, failing to sustain Monday's 1.8% gain, which had broken a run of four consecutive losses.

The benchmark palm oil contract for January delivery on the Bursa Malaysia Derivatives Exchange closed down 0.8% at 2,169 Malaysian ringgit (US$518.90) per tonne.  

Volume stood at 35,619 lots of 25 tonnes each. 

"Demand is not coming in, exports are still looking weak so it's difficult to sustain gains," a trader in Kuala Lumpur said, adding that a weak soybean market had added to the pressure.

U.S. soybean futures fell on Tuesday to a six-week low, as a USDA report putting harvesting ahead of market expectations added to pressure from abundant supplies and the U.S.-China trade dispute.

The January soybean oil contract on the Dalian Commodity Exchange rose by 0.2% on Tuesday, while the January soybean oil contract on the Dalian Commodity Exchange fell 0.6%. 

The Dalian January palm oil contract edged down 0.6%.

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

Wang Tao, a Reuters market analyst for commodities and energy technicals, said palm oil may hit resistance at 2,202 ringgit per tonne and then resume its downtrend, adding it may eventually fall to 2,099 ringgit.
    
 Palm, soy and cured oil prices at 1049 GMT

 Contract               Month    Last   Change     Low   High    Volume
 MY PALM OIL    NOV8      2060   -15.00    2039   2061       533
 MY PALM OIL    DEC8      2116   -20.00    2103   2127      4232
 MY PALM OIL    JAN9      2167   -20.00    2155   2180     16077
 CHINA PALM     JAN9      4634   -26.00    4608   4704    319214
 OLEIN                                                  
 CHINA SOYOIL   JAN9      5648   -32.00    5638   5736    346370
 CBOT SOY OIL   DEC8     27.93    +0.04   27.82     28      5257
 INDIA PALM     OCT8    575.70    +1.60  573.80  576.3       222
 OIL                                                    
 INDIA SOYOIL   NOV8     753.9    -1.50  753.55  757.8      8490
 NYMEX CRUDE    DEC8     66.54    -0.50   66.49  67.26    114748
 
 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
 
(US$1 = 4.1800 ringgit)
(US$1 = 6.9678 Chinese yuan)
(US$1 = 73.5775 Indian rupees)