February 19, 2018 / 5:23 AM / 6 months ago

VEGOILS-Palm hits over one-week low on overnight soyoil fall

    * Palm falls to 2,485 rgt/T in early trade
    * Stronger ringgit could further weigh on the market -
    * Palm remains neutral in 2,486-2,518 rgt/T range -

    By Emily Chow
    KUALA LUMPUR, Feb 19 (Reuters) - Malaysian palm oil futures
fell to a one-week low in early trade on Monday, in line for a
third session of declines in four, tracking overnight losses in
U.S. soyoil on the Chicago Board of Trade (CBOT). 
    A stronger ringgit, palm's traded currency, could
also further weigh on the market, said traders. Appreciation in
the ringgit usually makes palm oil more expensive for holders of
foreign currencies.
    The ringgit edged up 0.1 percent to 3.8860 against the
dollar around noon. 
    The benchmark palm oil contract for May delivery
on the Bursa Malaysia Derivatives Exchange was down 0.4 percent
at 2,496 ringgit ($642.31) a tonne at noon. It earlier fell to
2,485 ringgit, its lowest level since Feb. 9.
    Palm had hit a near one-month high last Monday, but was down
0.2 percent on a weekly basis last week. 
    Trading volumes stood at 10,139 lots of 25 tonnes each.
    "Palm oil fell on Friday's weakness in rival oilseed," said
a Kuala Lumpur-based trader, referring to losses on U.S. soyoil
last Friday. 
    "Lingering strength in the ringgit may further drag on
    Palm oil prices are impacted by other rival edible oils as
they compete for a share in the global vegetable oils market.
The March soybean oil contract on the Chicago Board of
Trade fell 0.5 percent on Friday, but is closed on Monday for a
national holiday. 
    China's Dalian Commodity Exchange also remains closed for
the Lunar New Year celebrations before resuming trading on
    Palm oil looks neutral in a narrow range of 2,486-2,518
ringgit per tonne, said Wang Tao, a Reuters market analyst for
commodities and energy technicals.
    Palm, soy and crude oil prices as of 0508 GMT
 Contract          Month    Last  Change     Low    High  Volume
 MY PALM OIL       MAR8     2506  -12.00    2496    2506     380
 MY PALM OIL       APR8     2500   -8.00    2485    2500    3219
 MY PALM OIL       MAY8     2496  -10.00    2485    2500    4881
 CHINA PALM OLEIN  MAY8        0   +0.00       0       0       0
 CHINA SOYOIL      MAY8        0   +0.00       0       0       0
 CBOT SOY OIL      MAY8    31.73   +0.00       0       0       0
 INDIA PALM OIL    FEB8   577.80   +1.20  577.00     580      92
 INDIA SOYOIL      FEB8      736   +0.00     736     736      50
 NYMEX CRUDE       MAR8    62.45   +0.77   61.63   62.54    3494
  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 = 3.8860 ringgit)
($1 = 64.2400 Indian rupees)
($1 = 6.3438 Chinese yuan)    

 (Reporting by Emily Chow; Editing by Sunil Nair)
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