Reuters logo
VEGOILS-Palm hits near 1-wk low as rival oils weaken
September 18, 2017 / 5:38 AM / 3 months ago

VEGOILS-Palm hits near 1-wk low as rival oils weaken

    * Palm in line for 3rd session of losses
    * Market also down on stronger ringgit - trader
    * Palm oil may retest a resistance at 2,885 rgt/T - techs

    By Emily Chow
    KUALA LUMPUR, Sept 18 (Reuters) - Malaysian palm oil futures
fell to their lowest in nearly one week on Monday, in line for a
third straight session of losses, tracking losses in related
edible oils and as a stronger ringgit weighed.
    The benchmark palm oil contract for December delivery
 on the Bursa Malaysia Derivatives Exchange fell 0.7
percent to 2,816 ringgit ($673.20) a tonne at the midday break,
the first day of a new trading contract. It earlier hit a low of
2,815 ringgit, its weakest since Sept. 12.
    Traded volumes stood at 17,478 lots of 25 tonnes each at
noon.
    "We're seeing some declines as soyoil was down on Friday and
Dalian is also down," said a Kuala Lumpur-based futures trader,
referring to soyoil on the Chicago Board of Trade and China's
Dalian Commodity Exchange. 
    "The market has already priced in the bullish factors," he
said, referring to the recent gains in palm oil shipments.
    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.

    The October soybean oil contract on the Chicago Board
of Trade saw its sharpest fall in a week on Friday, and was down
0.1 percent on Monday. 
    The January soybean oil on the Dalian Commodity Exchange
 fell 1 percent, while the January palm olein contract
 declined 0.7 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. 
    The market was also down on a stronger ringgit, and on a
correction as it was "technically overbought", said another
trader.
    The ringgit, the currency palm oil is traded in,
strengthened against the dollar in early trade on Monday, making
the tropical oil more expensive for foreign currency holders. 
    The ringgit was up 0.1 percent at 4.1835 per dollar, its
strongest level since November.
    Palm oil may retest a resistance at 2,885 ringgit per tonne,
a break above which could lead to a gain to the next resistance
at 2,908 ringgit, according to Wang Tao, a Reuters market
analyst for commodities and energy technicals.
    
 Palm, soy and crude oil prices at 0517 GMT
 Contract          Month    Last  Change     Low    High  Volume
 MY PALM OIL       OCT7     2858  -23.00    2858    2885     405
 MY PALM OIL       NOV7     2834  -27.00    2834    2854    5127
 MY PALM OIL       DEC7     2816  -19.00    2815    2832    7529
 CHINA PALM OLEIN  JAN8     5732  -38.00    5708    5776  369798
 CHINA SOYOIL      JAN8     6338  -64.00    6322    6410  335774
 CBOT SOY OIL      DEC7    34.75   -0.05   34.71   34.96    3645
 INDIA PALM OIL    SEP7   548.50   +1.20  546.00   549.8     744
 INDIA SOYOIL      SEP7    665.5   +0.15   665.5   665.5      30
 NYMEX CRUDE       OCT7    49.97   +0.08   49.71   49.98    7470
 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 = 4.1830 ringgit)
($1 = 64.0100 Indian rupees)
($1 = 6.5471 Chinese yuan)
    

 (Reporting by Emily Chow; Editing by Biju Dwarakanath)
  
 
 

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below