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VEGOILS-Palm in line for 3rd session of declines on weaker edible oils
August 29, 2017 / 4:58 AM / 3 months ago

VEGOILS-Palm in line for 3rd session of declines on weaker edible oils

    * Market falls to one-week low of 2,713 rgt/T
    * Profit taking ahead of long weekend - trader
    * Palm may drop to 2,687 rgt/T - technicals

    By Emily Chow
    KUALA LUMPUR, Aug 29 (Reuters) - Malaysian palm oil futures
fell to their lowest levels in a week in early trade on Tuesday,
pressured by weaker performances in related edible oils with
traders taking profits ahead of a long public holiday weekend.
    The benchmark palm oil contract for November delivery
 on the Bursa Malaysia Derivatives Exchange fell 0.7
percent at 2,718 ringgit ($637.06) at the midday break. 
    Earlier in the session it fell to 2,713 ringgit, its lowest
levels since Aug. 21. The market is in line for a third straight
day of declines after climbing to a five-month high last week.

    Traded volumes were comparatively thin at 13,264 lots of 25
tonnes each at noon. 
    "As the long holidays are coming, we're seeing some
profit-taking, especially as Dalian and soybean oil are also
down," said a futures trader from Kuala Lumpur, referring to
soyoil on the Chicago Board of Trade and China's Dalian
Commodity Exchange. 
    The Bursa Malaysia Derivatives Exchange market will be
closed for public holidays on Thursday and Friday. 
    The October soybean oil contract on the Chicago Board
of Trade fell 0.4 percent, while January soybean oil on the
Dalian Commodity Exchange dropped as much as 0.9
    In related vegetable oils, the January palm olein contract
 on Dalian declined 1 percent.
    Palm oil may drop to 2,687 ringgit per tonne, as it failed
to break a resistance at 2,759 ringgit, according to Reuters
market analyst for commodities and energy technicals Wang Tao.

 Palm, soy and crude oil prices at 0437 GMT
 Contract          Month    Last  Change     Low    High  Volume
 MY PALM OIL       SEP7     2700  -23.00    2700    2711      30
 MY PALM OIL       OCT7     2710  -23.00    2705    2726     645
 MY PALM OIL       NOV7     2718  -20.00    2713    2735    7273
 CHINA PALM OLEIN  JAN8     5496  -54.00    5490    5540  344754
 CHINA SOYOIL      JAN8     6322  -58.00    6316    6374  256006
 CBOT SOY OIL      DEC7    34.81   -0.17    34.8   35.03    1781
 INDIA PALM OIL    AUG7   519.00   -0.90  519.00   519.1       4
 INDIA SOYOIL      SEP7        0   +0.00       0       0       0
 NYMEX CRUDE       OCT7    46.78   +0.21   46.68   46.88   22906
 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 = 4.2665 ringgit)
($1 = 63.9550 Indian rupees)
($1 = 6.6080 Chinese yuan)

 (Reporting by Emily Chow; Editing by Kenneth Maxwell)

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