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VEGOILS-Palm falls, following weakness in soybean oil
November 2, 2017 / 10:55 AM / a month ago

VEGOILS-Palm falls, following weakness in soybean oil

    * Market awaits end to Bali industry conference on Nov 2-3
    * Palm following weakness in soybean oil on CBOT - trader

 (Updates with prices and quotes)
    By Tavleen Tarrant
    KUALA LUMPUR, Nov 2 (Reuters) - Malaysian palm oil futures
dropped on Thursday, tracking weak soyoil prices and as traders
awaited price forecasts from an industry conference. 
    The benchmark palm oil contract for January delivery
 on the Bursa Malaysia Derivatives Exchange was down
0.6 percent at 2,821 ringgit ($667.06) a tonne at the closing
session. It gained 0.8 percent on Wednesday.
    Traded volumes stood at 30,455 lots of 25 tonnes each at the
close on Thursday.
    Soybean oil on the Chicago Board of Trade (CBOT) had fallen 
since the mid-day break, which contributed to palm's drop, said
a Kuala Lumpur-based futures trader. 
    The December soybean oil contract on the CBOT fell
0.5 percent on Thursday.
    In other related edible oils, the January soybean oil
contract on the Dalian Commodity Exchange rose 0.3
percent, while the January palm olein contract was down
0.07 percent. 
    Prices of palm oil are impacted by movements in related oils
as they compete for a share in the global vegetable oils market.
    "There is some bargain buying in crude palm oil on lower
levels ahead of the conference in Bali, as analysts will be
delivering their speeches in the afternoon tomorrow," said the
trader, referring to the Indonesian Palm Oil Conference which
wraps up in Bali on Friday.
    Top industry analysts James Fry, Thomas Mielke and Dorab
Mistry are scheduled to speak at the conference and provide
their price outlooks. 
    
    Palm, soy and crude oil prices at 1034 GMT
 Contract      Month    Last  Change     Low    High   Volume
 MY PALM OIL   NOV7     2799   -6.00    2797    2811       63
 MY PALM OIL   DEC7     2803  -14.00    2799    2825      654
 MY PALM OIL   JAN8     2820  -16.00    2817    2845    18426
 CHINA PALM    JAN8     5698   -4.00    5662    5710   260312
 OLEIN                                                
 CHINA SOYOIL  JAN8     6134  +18.00    6088    6150   244714
 CBOT SOY OIL  DEC7    34.72   -0.18   34.67    35.1    13534
 INDIA PALM    NOV7   556.00   +6.20  547.10   558.8     2218
 OIL                                                  
 INDIA SOYOIL  NOV7      697  +11.05     686  699.95    18620
 NYMEX CRUDE   DEC7    54.35   +0.05   53.99   54.47   103037
 

 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 = 4.2290 ringgit)
($1 = 64.6300 Indian rupees)
($1 = 6.6080 Chinese yuan renminbi)

 (Reporting by Tavleen Tarrant; Editing by Bill Tarrant)
  
 
 

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