November 29, 2017 / 5:21 AM / 4 months ago

VEGOILS-Palm dips on weaker related edible oils, lower export outlook

    * Palm in line for third straight day of losses
    * Market lacking positive catalysts - trader
    * Palm oil may fall into 2,519-2,555 rgt/t range -

    By Emily Chow
    KUALA LUMPUR, Nov 29 (Reuters) - Malaysian palm oil futures
eased slightly in early trade on Wednesday and were set for a
third session of losses tracking weaker related oils and on
expectations of falling export demand. 
    The benchmark palm oil contract for February delivery
 on the Bursa Malaysia Derivatives Exchange fell 0.04
percent to 2,586 ringgit ($630.04) a tonne at the midday break.
    Traded volumes stood at 13,576 lots of 25 tonnes each at
    Palm is weighed down by related edible oils, such as soyoil
on the Chicago Board of Trade and China's Dalian Commodity
Exchange, said a trader, along with expectations of weaker
demand as indicated by data from cargo surveyors.
    "The market is lacking any positive catalysts," he said,
adding that the market was also awaiting end-November production
    "Any sign of positive production could put pressure on
    Malaysian palm oil output rose 12.9 percent on-month to 2
million tonnes at end-October. Further gains in production could
add to stockpiles and weigh on prices. 
    Palm oil exports from Malaysia fell 8.4-8.6 percent during
Nov. 1-25 versus the corresponding period last month, according
to cargo surveyors Intertek Testing Services and Societe
Generale de Surveillance. 
    Data for the full month of November is scheduled for release
after 0300 GMT on Thursday.
    In other related edible oils, the December soybean oil
contract on the Chicago Board of Trade fell 0.4 percent,
while the January soybean oil contract on the Dalian Commodity
Exchange was down 1 percent. 
    Dalian's January palm olein contract dropped 0.3
    Palm oil is impacted by movements in other edible oils as
they compete for a share of the global vegetable oils market.
    Palm oil may fall into a range of 2,519-2,555 ringgit per
tonne, said Reuters' market analyst for commodities and energy
technicals Wang Tao.
    Palm, soy and crude oil prices at 0508 GMT
 Contract          Month    Last  Change     Low    High  Volume
 MY PALM OIL       DEC7     2465   -5.00    2460    2467      93
 MY PALM OIL       JAN8     2552   +0.00    2536    2552     501
 MY PALM OIL       FEB8     2586   -1.00    2571    2588    8077
 CHINA PALM OLEIN  MAY8     5406  -16.00    5384    5446  188518
 CHINA SOYOIL      JAN8     5824  -58.00    5816    5884  155524
 CBOT SOY OIL      JAN8    33.99   -0.15    33.9   34.07    9141
 INDIA PALM OIL    NOV7   591.10   -0.50  590.70   591.7      10
 INDIA SOYOIL      DEC7    732.3   -0.50   732.3   733.7    1100
 NYMEX CRUDE       JAN8    57.69   -0.30   57.64   57.76   13958
 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 = 4.1045 ringgit)
($1 = 64.4250 Indian rupees)
($1 = 6.5990 Chinese yuan)   

 (Reporting by Emily Chow; Editing by Sunil Nair)
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