April 23, 2018 / 5:48 AM / 3 months ago

VEGOILS-Palm oil dips on weaker demand, losses in overnight U.S. soyoil

    * Market also seen range trading -trader
    * Palm may retest resistance at 2,434 rgt/T -techs 

    By Emily Chow
    KUALA LUMPUR, April 23 (Reuters) - Malaysian palm oil
futures declined in early trade on Monday, set for a second
session of decline in three, as the market was pulled down by
weaker demand and overnight losses in U.S. soyoil. 
    The benchmark palm oil contract for July delivery
on the Bursa Malaysia Derivatives Exchange fell 0.3 percent to
2,406 ringgit ($617.48) a tonne at the midday break. 
    Trading volumes stood at 7,293 lots of 25 tonnes each at the
midday break. 
    "The market is reacting towards a weaker exports pace," said
a futures trader in Kuala Lumpur, referring to Malaysia palm oil
shipment data released last week. 
    Malaysia's palm oil exports rose 2 percent over April 1-20
versus the corresponding period last month, according to
inspection company AmSpec Agri Malaysia. 
    Also, cargo surveyor Societe Generale de Surveillance had it
as a 1.8 percent decline in exports over the period. 
    The export figures showed overall slowing demand growth from
a month ago, when shipments for the full month of March were up
19.4 percent and 21.6 percent, according to SGS and AmSpec data,
    Another futures trader said palm oil was still trading in a
tight range, although overnight losses in soyoil on the Chicago
Board of Trade weighed on the market on Monday. 
    Palm oil is affected by movements in rival edible oils,
which compete for a share in the global vegetable oils market. 
    Chicago's July soybean oil contract was down 0.3
percent on Friday, but was last up 0.1 percent on Monday. 
    In other oils, the September soybean oil on China's Dalian
Commodity Exchange was up 0.1 percent, while the Dalian
September palm oil contract edged up 0.04 percent. 
    Palm oil may retest a resistance at 2,434 ringgit per tonne,
a break above which could lead to a gain to the next resistance
at 2,476 ringgit, said Wang Tao, a Reuters market analyst for
commodities and energy technicals. 
    Palm, soy and crude oil prices as of 0509 GMT
 Contract          Month    Last  Change     Low    High  Volume
 MY PALM OIL       MAY8     2397  -13.00    2397    2404     132
 MY PALM OIL       JUN8     2405  -10.00    2403    2415     895
 MY PALM OIL       JUL8     2406   -8.00    2402    2415    3461
 CHINA PALM OLEIN  SEP8     5024   +2.00    5008    5038  178642
 CHINA SOYOIL      SEP8     5834   +8.00    5806    5848  274418
 CBOT SOY OIL      JUL8    31.58   +0.03   31.45   31.63    3382
 INDIA PALM OIL    APR8   644.70   -0.70  643.20     645      80
 INDIA SOYOIL      MAY8      776   -0.65   774.5     776     630
 NYMEX CRUDE       JUN8    68.35   -0.05   68.10   68.45   38262
  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 = 3.8965 ringgit)
    ($1 = 66.1800 Indian rupees)
    ($1 = 6.2929 Chinese yuan)

 (Reporting by Emily Chow; Editing by Tom Hogue)
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