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VEGOILS-Palm hits 1-wk low but seen supported on stronger export outlook
September 19, 2017 / 5:15 AM / 3 months ago

VEGOILS-Palm hits 1-wk low but seen supported on stronger export outlook

    * Palm heads for fourth straight session of fall
    * Palm may fall into 2,760-2,787 rgt/T range - Techs

    By Emily Chow
    KUALA LUMPUR, Sept 19 (Reuters) - Malaysian palm oil futures
hit a one-week low on Tuesday and were headed for a fourth
straight session of fall, but traders said strong export outlook
is expected to support the market.
    The benchmark palm oil contract for December delivery
 on the Bursa Malaysia Derivatives Exchange was down
0.2 percent at 2,799 ringgit ($668.02) a tonne at the midday
break. It earlier fell to 2,794 ringgit, its lowest since Sept.
12.
    Traded volumes stood at 18,130 lots of 25 tonnes each at
noon.
    "The market declined due to technical reasons, but is
expected to be supported today on exports," said a futures
trader from Kuala Lumpur, referring to export data from cargo
surveyors.
    Intertek Testing Services and Societe Generale de
Surveillance are scheduled to release Malaysian palm oil
shipment data for Sept. 1-20 on Wednesday.
    The market is correcting as it is overpriced, said another
trader, adding that it would be supported by strong exports
before demand tapers off at the end of the month.    
    Palm oil exports from Malaysia surged over 20 percent in the
first half of September from a month ago, led by strong gains in
demand from China, Europe and India, cargo surveyor data showed.

    Palm oil may fall into a range of 2,760-2,787 ringgit per
tonne, as it could have temporarily peaked around a resistance
at 2,885 ringgit, said Reuters market analyst for commodities
and energy technicals Wang Tao.
    In other related oils, the October soybean oil contract
 on the Chicago Board of Trade was up 0.1 percent, while
the January soybean oil on the Dalian Commodity Exchange
 fell 0.1 percent. 
    The January palm olein contract rose 0.5 percent.
    Palm oil prices are impacted by the movements in related
edible oils including soy, as they compete for a share in the
global vegetable oils market. 
        
 Palm, soy and crude oil prices at 0448 GMT
 Contract          Month    Last  Change     Low    High  Volume
 MY PALM OIL       OCT7     2830   -4.00    2826    2852      62
 MY PALM OIL       NOV7     2807  -11.00    2802    2835    3754
 MY PALM OIL       DEC7     2799   -6.00    2794    2822    9524
 CHINA PALM OLEIN  JAN8     5770  +30.00    5692    5804  379512
 CHINA SOYOIL      JAN8     6350   -8.00    6316    6378  260154
 CBOT SOY OIL      DEC7    34.47   +0.04   34.43   34.62    3578
 INDIA PALM OIL    SEP7   546.60   -0.70  546.30   546.8      39
 INDIA SOYOIL      SEP7        0   +0.00       0       0       0
 NYMEX CRUDE       OCT7    49.86   -0.05   49.85   50.05    4636
 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 = 4.1900 ringgit)
($1 = 64.1400 Indian rupees)
($1 = 6.5889 Chinese yuan)
    

 (Reporting by Emily Chow; Editing by Subhranshu Sahu)
  
 
 

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