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VEGOILS-Palm declines on profit-taking after previous session's gains
December 18, 2017 / 6:41 AM / a month ago

VEGOILS-Palm declines on profit-taking after previous session's gains

    * Palm at 2,541 rgt/T at midday break on first day of March
contract
    * Market could hold strong as Dec. output seen falling -
trader

    By Emily Chow
    KUALA LUMPUR, Dec 18 (Reuters) - Malaysian palm oil futures
fell in early trade on Monday on profit-taking, after recording
its biggest daily gains in nearly five months in the previous
trading session. 
    The benchmark palm oil contract for March delivery
on the Bursa Malaysia Derivatives Exchange fell 0.4 percent at
2,541 ringgit ($622.03) at the midday break. 
    Palm had seen a downward trend in recent weeks, sliding on
bearish sentiment over weak demand and high stockpiles, before
jumping nearly 3 percent to reach its highest levels in a week
in its previous trading session.
    Trading volumes stood at 12,201 lots of 25 tonnes each at
the midday break on Monday.
    A trader said the market fell on profit taking, as it "lacks
catalysts to drive short-term gains." However, further declines
look unlikely, he added.
    "Production may decline for another month," he said,
referring to the full-month output for December. 
    Palm oil output sees seasonal decline at year end before
rising around the second quarter of the year. Output in November
was last down 3.3 percent on-month to 1.94 million tonnes,
according to the most recent official data from industry
regulator the Malaysian Palm Oil Board. MYPOMP-CPOTT
    In other related oils, the January soybean oil contract
 on the Chicago Board of Trade rose 0.6 percent, while the
January soybean oil contract on the Dalian Commodity Exchange
 was up 0.1 percent.
    The Dalian January palm olein contract gained 0.7
percent.
    Palm oil prices are affected by other edible oils as they
compete for a share in the global vegetable oils market.

    Palm, soy and crude oil prices at 0627 GMT
 Contract          Month    Last  Change     Low    High  Volume
 MY PALM OIL       JAN8     2470   -9.00    2458    2479     343
 MY PALM OIL       FEB8     2512   -6.00    2500    2525    2322
 MY PALM OIL       MAR8     2541  -10.00    2533    2557    5841
 CHINA PALM OLEIN  MAY8     5286  +48.00    5266    5304  255578
 CHINA SOYOIL      MAY8     5824  +14.00    5814    5848  222710
 CBOT SOY OIL      JAN8    33.35   +0.19   33.14   33.38    2996
 INDIA PALM OIL    DEC7   566.20   -1.00  564.30     576     166
 INDIA SOYOIL      DEC7    715.7   -0.45   715.7   715.7      10
 NYMEX CRUDE       JAN8    57.62   +0.32   57.31   57.66    5699
  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 = 4.0850 ringgit)
($1 = 64.1200 Indian rupees)
($1 = 6.6113 Chinese yuan)
    

 (Reporting by Emily Chow; Editing by Vyas Mohan)
  
 
 

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