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VEGOILS-Palm slips on weaker China Dalian oils, profit-taking
July 4, 2017 / 5:39 AM / 3 months ago

VEGOILS-Palm slips on weaker China Dalian oils, profit-taking

    * Palm falls from a two-week top, down 0.8 pct
    * Palm oil faces a resistance at 2,503 ringgit per tonne -
Techs

    By Emily Chow
    KUALA LUMPUR, July 4 (Reuters) - Malaysian palm oil futures
fell on Tuesday from a two-week high hit in the previous
session, on profit-taking and as the market tracked a weaker
performance in related oils on China's Dalian Commodity
Exchange.     
    The benchmark palm oil contract for September delivery
 on the Bursa Malaysia Derivatives Exchange was down
0.8 percent at 2,482 ringgit ($577.68) a tonne, at the midday
break. 
    Traded volumes stood at 15,297 lots of 25 tonnes each.
    "The Dalian market is down today, coupled with the U.S.
market close," said a futures trader in Kuala Lumpur. The soyoil
market on the Chicago Board of Trade is closed for the U.S.
Independence Day holiday.
    Another Kuala Lumpur-based trader said profit-taking added
to palm's declines early in the day.    
    Palm oil prices are impacted by movements in related edible
oils, as they compete for a share in the global edible oils
market. 
    The September soybean oil on the Dalian Commodity Exchange
 slipped as much as 1.5 percent, while the September
palm olein contract declined up to 1.4 percent.
    Palm prices, which already dived 7.1 percent on-quarter in
the April-June period, are expected to decline further in the
third quarter of this year as production might rise in line with
seasonal trend. 
    Demand is seen to remain weak until the next major festive
occasion of Diwali in October. 
    There is generally an increase in the sale of palm oil a
month ahead of the Hindu religious event, as buyers stock up
ahead of festivities for cooking purposes. 
    Palm oil faces a resistance at 2,503 ringgit per tonne,
according to Reuters market analyst for commodities and energy
technicals Wang Tao.
                   
  Palm, soy and crude oil prices at 0500 GMT
 Contract          Month    Last  Change     Low   High   Volume
 MY PALM OIL       JUL7     2630  -12.00    2619   2630      223
 MY PALM OIL       AUG7     2525  -18.00    2520   2527     1882
 MY PALM OIL       SEP7     2482  -21.00    2478   2484     5857
 CHINA PALM OLEIN  SEP7     5268  -64.00    5256   5360   306368
 CHINA SOYOIL      SEP7     5928  -74.00    5912   6034   338758
 CBOT SOY OIL      AUG7    33.24   +0.18   33.04   33.8    24139
 INDIA PALM OIL    JUL7   483.20   -2.20  482.90    484      103
 INDIA SOYOIL      JUL7   643.25   -2.75  643.15  644.3     1750
 NYMEX CRUDE       AUG7    46.83   -0.24   46.78  47.13    24697
 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 = 4.2965 ringgit)
($1 = 64.8050 Indian rupees)
($1 = 6.7950 Chinese yuan)
    

 (Reporting by Emily Chow; Editing by Sherry Jacob-Phillips)
  
 
 

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