April 16, 2018 / 5:14 AM / 8 days ago

VEGOILS-Palm dips on slowing demand growth, weaker related oils

    * Palm in line for sixth consecutive losing session
    * Market is expecting reduced exports - trader
    * Palm may fall to 2,382 rgt/T - technicals

    By Emily Chow
    KUALA LUMPUR, April 16 (Reuters) - Malaysian palm oil
futures edged down in early trade on Monday, heading for a sixth
day of losses as the market weakened on expectations of slowing
demand growth and tracking losses in related edible oils.    
    The benchmark palm oil contract for July delivery
on the Bursa Malaysia Derivatives Exchange was slightly down 0.1
percent at 2,399 ringgit ($617.26) a tonne at the midday break.
    The market earlier fell to 2,393 ringgit, its lowest level
in a week and a half.
    Trading volumes stood at 16,108 lots of 25 tonnes each at
the midday break.
    "The market is expecting reducing exports for now," said a
futures trader from Kuala Lumpur, referring to Malaysian palm
oil shipment data indicating slowing demand growth. 
    Exports of Malaysian palm oil products for April 1-15 rose
6.4 percent from the corresponding period in March, inspection
company AmSpec Agri Malaysia reported on Monday.
    Demand growth slowed from a 25.6 percent rise in exports
from April 1-10. 
    Traders said palm oil was also tracking weakness in related
edible oils, such as overnight U.S. soyoil on the Chicago Board
of Trade and China's Dalian Commodity Exchange. 
    Palm oil prices are affected by movements in rival edible
oils, as they compete for a share in the global vegetable oils
    The Chicago Board of Trade's May soybean oil contract
 fell 0.5 percent in trade on Friday, but was last up
slightly 0.03 percent. 
    In other related oils, May soybean oil on China's Dalian
Commodity Exchange was down 0.3 percent, while the
Dalian May palm oil contract dropped 0.6 percent. 
    Palm oil may fall to 2,382 ringgit per tonne, as it has
broken a support at 2,401 ringgit, according to Reuters market
analyst for commodities and energy technicals Wang Tao.

    Palm, soy and crude oil prices as of 0452 GMT
 Contract          Month    Last  Change     Low    High  Volume
 MY PALM OIL       MAY8     2394   +2.00    2390    2401     191
 MY PALM OIL       JUN8     2399   +0.00    2391    2408    5107
 MY PALM OIL       JUL8     2399   -2.00    2393    2409    6521
 CHINA PALM OLEIN  SEP8     5024  -32.00    5020    5060  221402
 CHINA SOYOIL      SEP8     5820  -14.00    5812    5856  253552
 CBOT SOY OIL      MAY8    31.49   +0.01   31.44   31.58    2960
 INDIA PALM OIL    APR8   637.20   -3.10  636.60   639.8     123
 INDIA SOYOIL      APR8    766.2   -2.50   766.2     767     280
 NYMEX CRUDE       MAY8    66.82   -0.57   66.64   67.74   54351
  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 = 3.8865 ringgit)
($1 = 65.3950 Indian rupees)
($1 = 6.2827 Chinese yuan)

 (Reporting by Emily Chow; editing by Richard Pullin)
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