January 30, 2018 / 5:20 AM / 21 days ago

VEGOILS-Palm edges lower on weaker related oils

    * Palm in line for third session of declines in four
    * Market trades cautiously ahead of export data, national
holidays
- Trader

    By Emily Chow
    KUALA LUMPUR, Jan 30 (Reuters) - Malaysian palm oil futures
declined during early trade on Tuesday, poised for a third
session of losses in four, as they tracked losses in related
edible oils.
    Palm oil prices are affected by performances in other oils
as they compete for a share in the global vegetable oils market.
    The benchmark palm oil contract for April delivery
on the Bursa Malaysia Derivatives Exchange fell 0.8 percent at
2,500 ringgit ($642.18) a tonne at the midday break. 
    It rose 1.4 percent in the previous session, its sharpest
daily gain in nearly a month.  
    Trading volumes stood at 12,076 lots of 25 tonnes each at
noon.
    "Overseas markets are all lower, so palm is under pressure
but the fall is slow perhaps due to expectations of lower
production," said a Kuala Lumpur-based trader, referring to
related edible oils such as soyoil on the U.S. Chicago Board of
Trade and China's Dalian Commodity Exchange.
    Palm oil output is expected to see declines in the first
quarter of the year, in line with seasonal trend, reducing
market supply and lending support to prices. MYPOMP-CPOTT
    Another trader added that palm could trade cautiously ahead
of cargo surveyor data release and ahead of the national
holidays. 
    Cargo surveyor data for Malaysia's January exports from
Intertek Testing Services is scheduled for release on Wednesday
after 0300 GMT, while data from Societe Generale de Surveillance
will be released on Friday.
    Palm oil shipments from Malaysia during Jan. 1-25 fell about
7 percent versus the corresponding period last month.

    Malaysian markets will be closed on Wednesday and Thursday
for national holidays, and will resume trading on Friday. 
    In related edible oils, the March soybean oil contract
 on the Chicago Board of Trade slipped as much as 0.6
percent, while the May soybean oil on the Dalian Commodity
Exchange dropped up to 1.5 percent.
    In other related edible oils, the Dalian May palm oil
contract fell up to 0.9 percent. 
    
    Palm, soy and crude oil prices as of 0454 GMT
 Contract          Month    Last  Change     Low    High  Volume
 MY PALM OIL       FEB8     2495  -19.00    2490    2500     236
 MY PALM OIL       MAR8     2501  -16.00    2498    2512     657
 MY PALM OIL       APR8     2500  -19.00    2494    2514    5694
 CHINA PALM OLEIN  MAY8     5192  -46.00    5184    5260  261540
 CHINA SOYOIL      MAY8     5738  -74.00    5726    5822  281348
 CBOT SOY OIL      MAR8    32.71   -0.16   32.67   32.97    4782
 INDIA PALM OIL    JAN8   559.30   -1.10  559.20   559.8      33
 INDIA SOYOIL      FEB8    747.7   -2.95   747.5     750    2690
 NYMEX CRUDE       MAR8    64.89   -0.67   64.87   65.56   51229
  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 = 3.8930 ringgit)
($1 = 63.6650 Indian rupees)
($1 = 6.3323 Chinese yuan)
    

 (Reporting by Emily Chow; Editing by Sherry Jacob-Phillips)
  
 
 
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