January 8, 2018 / 5:55 AM / 15 days ago

VEGOILS-Palm drops from over 1-mth top on stronger ringgit, weaker Dalian

    * Ringgit rises to 16-month high in early trade
    * Market also down ahead of official data - trader
    * Industry regulator data due Jan. 10 after 0430 GMT

    By Emily Chow
    KUALA LUMPUR, Jan 8 (Reuters) - Malaysian palm oil futures
fell from a more than one-month high in early trade on Monday,
as it tracked losses on weaker related edible oils on China's
Dalian Commodity Exchange and on a stronger ringgit. 
    The benchmark palm oil contract for March delivery
on the Bursa Malaysia Derivatives Exchange dropped 0.7 percent
to 2,577 ringgit ($646.68) a tonne at the midday break. 
    Trading volumes stood at 15,359 lots of 25 tonnes each.
    Palm touched 2,615 ringgit a tonne on Friday, its highest
since Dec. 4, after Malaysia said it would exempt crude palm oil
export taxes for three months starting Jan. 8 to boost demand
and lift prices.
    "The market is down following Dalian and the stronger
ringgit," said a Kuala Lumpur based trader, referring to soyoil
on China's Dalian Commodity Exchange. 
    A stronger ringgit, the currency palm oil is traded in,
typically makes the tropical oil more expensive for foreign
buyers and weighs on demand. The ringgit strengthened to a
16-month high on Monday, and was last at 3.9880 per dollar
around noon. 
    The market was also down ahead of the release of official
data by the Malaysian Palm Oil Board, traders said. A Reuters
poll showed that December end-stocks are forecast to have risen
5.1 percent to 2.69 million tonnes, its highest level in over
two years.
    Data for December will be released on Jan. 10 after 0430
GMT.
    In other related edible oils, the March soybean oil contract
 on the Chicago Board of Trade fell 0.4 percent, while
the May soybean oil on the Dalian Commodity Exchange was
down 1.2 percent.
    The Dalian January palm oil contract declined 1.2
percent. 
    Palm oil prices track the performance of other edible oils,
as they compete for a share in the global vegetable oils market.
    
    Palm, soy and crude oil prices as of 0550 GMT
 Contract          Month    Last  Change     Low    High  Volume
 MY PALM OIL       JAN8     2540  -30.00    2538    2541      70
 MY PALM OIL       FEB8     2571  -34.00    2571    2589    1181
 MY PALM OIL       MAR8     2577  -17.00    2568    2587    6573
 CHINA PALM OLEIN  MAY8     5298  -64.00    5294    5354  183428
 CHINA SOYOIL      MAY8     5752  -66.00    5748    5822  258668
 CBOT SOY OIL      MAR8    33.63   +0.00   33.61   33.85    3198
 INDIA PALM OIL    JAN8   559.10   -1.60  558.50   561.9     311
 INDIA SOYOIL      JAN8      739   +0.80   737.3   740.3    1750
 NYMEX CRUDE       FEB8    61.55   +0.11   61.53   61.74   20491
  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 = 3.9850 ringgit)
($1 = 63.3250 Indian rupees)
($1 = 6.4886 Chinese yuan)
    

 (Reporting by Emily Chow; Editing by Biju Dwarakanath)
  
 
 
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