April 11, 2018 / 5:05 AM / 12 days ago

VEGOILS-Palm declines on weaker related edible oils  

    * Palm in line for third straight day of losses
    * Market seen trading between 2,400-2,450 rgt/T - Trader
    * Palm oil may fall more to 2,392 rgt/T - trader

    By Emily Chow
    KUALA LUMPUR, April 11 (Reuters) - Malaysian palm oil
futures fell in early trade on Wednesday, in line for a third
straight day of losses, on the back of weaker related edible
oils on the U.S. Chicago Board of Trade and China's Dalian
Commodity Exchange.
    The benchmark palm oil contract for June delivery
on the Bursa Malaysia Derivatives Exchange fell 0.4 percent to
2,423 ringgit ($626.10) a tonne at the midday break.
    Trading volumes stood at 21,562 lots of 25 tonnes each.
    "The market is still under correction and following weaker
related oils," said a Kuala Lumpur-based futures trader.
    Another trader said the market is taking a break from recent
movements and would trade in the 2,400-2,450 ringgit range.
    Palm oil rose to a five-week high last week after Malaysia
said it would extend tax exemptions on crude palm oil (CPO)
exports to a fourth straight month in April, a move aimed at
cutting inventories and propping up prices.
    It fell over 1 percent in the previous session on bearish
data from industry regulator, the Malaysian Palm Oil Board.
    Palm oil production rose 17.2 percent to 1.57 million tonnes
in March from the previous month, while exports climbed 19.2
percent to 1.57 million tonnes, the data showed. 
    While stockpiles fell 6.2 percent to 2.32 million tonnes,
the decline was smaller than market expectations. A Reuters poll
had forecast March end-stocks in Malaysia to decline 8.6 percent
from February to 2.27 million tonnes.
    In related oils, the Chicago Board of Trade's May soybean
oil contract dropped 0.4 percent. 
    Meanwhile, the May soybean oil on China's Dalian Commodity
Exchange fell 0.5 percent, while the Dalian May palm oil
contract was down 0.7 percent. 
    Palm oil prices are impacted by movements in rival edible
oils as they compete for a share in the global vegetable oils
market. 
    Palm oil may break a support at 2,419 ringgit per tonne and
fall more towards the next support at 2,392 ringgit, said Wang
Tao, a Reuters market analyst for commodities and energy
technicals.
    
    Palm, soy and crude oil prices as of 0451 GMT
 Contract                     Month      Last    Change         Low       High       Volume
 MY PALM OIL               APR8             0     +0.00           0          0            0
 MY PALM OIL               MAY8          2420    -13.00        2420       2437          255
 MY PALM OIL               JUN8          2423    -10.00        2422       2440         7795
 CHINA PALM OLEIN          SEP8          5126    -34.00        5104       5146       215214
 CHINA SOYOIL              SEP8          5920    -40.00        5908       5986       325776
 CBOT SOY OIL              MAY8         31.73     -0.12       31.73      31.92         2670
 INDIA PALM OIL            APR8        644.50     -1.60      642.00      645.4           42
 INDIA SOYOIL              APR8         770.5     -0.50       770.1        775          930
 NYMEX CRUDE               MAY8         65.35     -0.16       65.30      65.78        43822
 
  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 = 3.8700 ringgit)
($1 = 65.0850 Indian rupees)
($1 = 6.2864 Chinese yuan)

 (Reporting by Emily Chow; Editing by Sunil Nair)
  
 
 
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