January 4, 2018 / 5:44 AM / 3 months ago

VEGOILS-Palm falls from one-month top on correction, higher stocks outlook

    * Palm in line for first decline in three days
    * Market up 3.3 percent on-week so far
    * Malaysian industry regulator data scheduled for release on

    By Emily Chow
    KUALA LUMPUR, Jan 4 (Reuters) - Malaysian palm oil futures
fell in early trade on Thursday on the back of a technical
correction, falling from their highest in a month hit during the
previous session. 
    Expectations of rising end-stocks also weighed on the
market, according to a trader from Kuala Lumpur. 
    The benchmark palm oil contract for March delivery
on the Bursa Malaysia Derivatives Exchange fell 0.8 percent to
2,586 ringgit ($644.08) a tonne at the midday break, in line for
its first decline in three days. 
    Palm, however, is up 3.3 percent for the week so far, after
surging nearly 3 percent in the previous trading session on
expectations of improving demand.
    Trading volumes stood at 36,621 lots of 25 tonnes each.
    "The market is seeing some profit-taking... Today it is
undergoing a correction after yesterday," said a Kuala Lumpur-
based trader, referring to Wednesday's gain.
    The market also expects rising end-stocks on-month in
Malaysia for December, he added. Stockpiles had already risen to
the highest level in nearly two years in November, up 16 percent
to 2.56 million tonnes, according to data from the Malaysian
Palm Oil Board. MYPOMS-TPO
    Official data for December will be released on Jan. 10.
    In other related oils, the March soybean oil contract
 on the Chicago Board of Trade was trading flat around
0527 GMT, while the May soybean oil on the Dalian Commodity
Exchange was up 0.5 percent.
    The Dalian January palm oil contract gained 0.6
percent. Palm oil prices track the performance of other edible
oils, as they compete for a share in the global vegetable oils
    Palm, soy and crude oil prices as of 0527 GMT
 Contract          Month    Last  Change     Low   High   Volume
 MY PALM OIL       JAN8     2534  -21.00    2534   2538       99
 MY PALM OIL       FEB8     2570  -20.00    2570   2596     1353
 MY PALM OIL       MAR8     2586  -20.00    2585   2611    14649
 CHINA PALM OLEIN  MAY8     5352  +34.00    5346   5384   257420
 CHINA SOYOIL      MAY8     5804  +30.00    5784   5824   210362
 CBOT SOY OIL      MAR8     33.9   -0.06   33.82  33.96     3205
 INDIA PALM OIL    JAN8   563.50   -0.60  562.50  564.6      198
 INDIA SOYOIL      JAN8    737.2   +2.05     735  737.9     3410
 NYMEX CRUDE       FEB8    62.08   +0.45   61.76  62.14    37007
  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 = 4.0150 ringgit)
($1 = 63.4825 Indian rupees)
($1 = 6.5065 Chinese yuan)    

 (Reporting by Emily Chow; Editing by Sunil Nair)
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