01.11.2018 (The Edge Markets MY) - KUALA LUMPUR (Oct 31): Malaysian palm oil futures edged down on Wednesday evening in a second day of falls, tracking weaker related edible oils and on the back of weaker export data from cargo surveyors.

The benchmark palm oil contract for January delivery on the Bursa Malaysia Derivatives Exchange was down 0.9% at 2,150 ringgit a tonne at the end of the trading day.

The market is currently trading at three-week lows, and shed 1.1% in October. 

Trading volumes stood at 28,597 lots of 25 tonnes each at Wednesday's close of trade.

"The market is down on lower export figures," said a Singapore-based futures trader, referring to shipment data from three cargo surveyors released on Wednesday.

Malaysia's palm oil exports in October fell 14.1% versus the previous month, Intertek Testing Services reported.

Meanwhile, Societe Generale de Surveillance and independent inspection company AmSpec Agri Malaysia announced a 12.4% and 12.9% decline for the same time period respectively.

Palm oil exports typically slow towards the end of the year as key markets such as China have lower temperatures, in which palm oil solidifies, leading to higher purchases of alternative oils that do not freeze as easily.

Earlier in the day, another Kuala Lumpur-based trader said weakness in soyoil on the U.S. Chicago Board of Trade and palm olein on China's Dalian Commodity Exchange may weigh on palm.

"Market players may stay sidelined ahead of any announcements or outlook from the GAPKI conference," he added.

The Indonesian Palm Oil Association or GAPKI is scheduled to hold its industry conference on Thursday and Friday.

In other related oils, the Chicago December soybean oil contract edged down 0.1%, while the January soybean oil contract on the Dalian Commodity Exchange

fell 0.6%.

Meanwhile, the Dalian January palm oil contract dropped 0.2%.

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

Palm oil may fall to 2,138 ringgit per tonne, as suggested by its wave pattern and a projection analysis, said Wang Tao, a Reuters market analyst for commodities and energy technicals.

 Palm, soy and crude oil prices at 1034 GMT

 Contract                          Month    Last       Change     Low       High     Volume

 MY PALM OIL                 NOV8     1988      -69.00      1988      2046          709

 MY PALM OIL                 DEC8     2088      -30.00      2088       2117        5856

 MY PALM OIL                  JAN9     2150      -19.00      2147      2171       13896

 CHINA PALM OLEIN       JAN9     4650        -8.00      4610      4652      203392

 CHINA SOYOIL              JAN9     5652       -32.00      5626      5668      190738

 CBOT SOY OIL              DEC8    27.96        -0.04     27.95      28.06         4184

 INDIA PALM OIL            OCT8   575.60       -0.20     575.50     576.4          300

 INDIA SOYOIL               NOV8      752         -1.35       751.5     755.8        5020

 NYMEX CRUDE            DEC8    66.64        +0.46      66.27      67.00    104608

 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