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VEGOILS-Palm drops to 1-week low on weaker related edible oils
November 27, 2017 / 5:59 AM / 18 days ago

VEGOILS-Palm drops to 1-week low on weaker related edible oils

    * Palm falls to 2,952 rgt/T, weakest since Nov 21
    * Market could further decline on production outlook -
Trader
    * Palm may fall to 2,519-2,555 rgt/T range - Technicals

    By Emily Chow
    KUALA LUMPUR, Nov 27 (Reuters) - Malaysian palm oil futures
fell to their lowest in a week during early trade on Monday,
tracking softer edible oils on the Chicago Board of Trade and
China's Dalian Commodity Exchange. 
    The benchmark palm oil contract for February delivery
 on the Bursa Malaysia Derivatives Exchange was down
1.4 percent to 2,594 ringgit ($630.68) a tonne at the midday
break. It earlier fell to 2,592 ringgit, its lowest since Nov.
21.     
    Traded volumes stood at 13,839 lots of 25 tonnes each at
noon.
    "Palm is down on weaker U.S. soyoil and (other oils on) the
Dalian Commodity Exchange," said a futures trader from Kuala
Lumpur. 
    Another trader said palm prices could see further declines
on prospects of higher-than-forecast output in Malaysia, the
world's second largest producer after Indonesia. Production rose
12.9 percent at end-October, according to industry regulator
data. MYPOMP-CPOTT
    Weakening exports could also further weigh on palm prices.
Shipments from Malaysia fell 8.4 percent for the Nov. 1-25
period, according to cargo surveyor Intertek Testing Services on
Saturday.    
    In other related edible oils, the December soybean oil
contract on the Chicago Board of Trade was down 0.4
percent, while the January soybean oil contract on the Dalian
Commodity Exchange fell 1 percent. 
    Dalian's January palm olein contract dropped 1.9
percent. 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 Wang Tao, a Reuters market analyst for commodities
and energy technicals.
      
    Palm, soy and crude oil prices at 0542 GMT
 Contract          Month    Last  Change     Low   High   Volume
 MY PALM OIL       DEC7     2500  -45.00    2500   2525       61
 MY PALM OIL       JAN8     2561  -39.00    2561   2580      950
 MY PALM OIL       FEB8     2594  -36.00    2592   2612     6027
 CHINA PALM OLEIN  MAY8     5404  -92.00    5394   5514   276490
 CHINA SOYOIL      JAN8     5872  -58.00    5868   5944   182438
 CBOT SOY OIL      JAN8    33.97   -0.12   33.91   34.3     9244
 INDIA PALM OIL    NOV7   588.10   -2.10  586.40  588.8      195
 INDIA SOYOIL      DEC7   733.15   -0.40  731.95  733.7     4810
 NYMEX CRUDE       JAN8    58.70   -0.25   58.62  58.99    35627
 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 = 4.1130 ringgit)
($1 = 64.7450 Indian rupees)
($1 = 6.5998 Chinese yuan)
    

 (Reporting by Emily Chow; Editing by Sunil Nair)
  
 
 

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