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VEGOILS-Palm hits near 4-wk low on weaker related oils
November 14, 2017 / 6:05 AM / a month ago

VEGOILS-Palm hits near 4-wk low on weaker related oils

    * Palm heads for fourth straight session of declines
    * Cargo surveyor data due after 0300 GMT on Wednesday

    By Emily Chow
    KUALA LUMPUR, Nov 14 (Reuters) - Malaysian palm oil futures
hit their lowest in nearly four weeks on Tuesday, weighed down
by overnight losses in the Chicago Board of Trade (CBOT) soyoil
and weakness in related oils on China's Dalian Commodity
Exchange.
    The benchmark palm oil contract for January delivery
 on the Bursa Malaysia Derivatives Exchange was down
0.5 percent at 2,748 ringgit ($656.16) a tonne at the midday
break, heading for a fourth straight session of declines.
    Earlier in the session, it fell as much as 0.8 percent to
2,738 ringgit, its lowest since Oct. 20. 
    Traded volumes stood at 12,864 lots of 25 tonnes each at
noon.
    Palm oil is impacted by movements in other edible oils as
they compete for a share of the global vegetable oils market.
    The December soybean oil contract on the CBOT was up
0.2 percent after posting its biggest single-day drop in nearly
two months in the previous session. 
    The January soybean oil contract on the Dalian Commodity
Exchange was down 0.8 percent, while the January palm
olein contract fell 1.3 percent.
    A likely slowdown in exports in the first half of November
could dampen the market further, said a futures trader from
Kuala Lumpur.
    Appetite for palm oil usually slows towards the end of the
year in markets with winter seasons such as China and Europe, as
the tropical oil solidifies in cold temperatures.  
    Cargo surveyors Intertek Testing Services and Societe
Generale de Surveillance are scheduled to release Nov. 1-15
exports data after 0300 GMT on Wednesday.    
   
    Palm, soy and crude oil prices at 0534 GMT
 Contract          Month    Last  Change     Low    High  Volume
 MY PALM OIL       NOV7        0   +0.00       0       0       0
 MY PALM OIL       DEC7     2725  -16.00    2718    2726     255
 MY PALM OIL       JAN8     2748  -13.00    2738    2750    5959
 CHINA PALM OLEIN  JAN8     5552  -72.00    5528    5608  238900
 CHINA SOYOIL      JAN8     6030  -50.00    6020    6064  180636
 CBOT SOY OIL      DEC7    34.39   +0.06   34.29    34.4    4498
 INDIA PALM OIL    NOV7   565.70   -0.80  564.50   567.4     122
 INDIA SOYOIL      NOV7      693   -1.75     693     694     620
 NYMEX CRUDE       DEC7    56.63   -0.13   56.59   56.77   13213
 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 = 4.1880 ringgit)
($1 = 65.4700 Indian rupees)
($1 = 6.6396 Chinese yuan)

 (Reporting by Emily Chow; Editing by Subhranshu Sahu)
  
 
 

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