June 4, 2018 / 5:40 AM / 17 days ago

Vegoils: Palm oil trades flat, eyes fresh trigger

MUMBAI (Reuters) - Malaysian palm oil futures were steady in thin volume by the midday break on Monday, after poor exports weighed on sentiment last week.

Workers stand near palm oil fruits inside a palm oil factory in Sepang, outside Kuala Lumpur, February 18, 2014. REUTERS/Samsul Said/File Photo

The palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange was down just 0.04 percent at 2,438 ringgit ($613.02) a tonne at the midday break.

Trading volume stood at 7,645 lots of 25 tonnes.

“The market has digested poor export numbers. It has been waiting for fresh cues,” said a Kuala Lumpur-based palm trader said.

Malaysia’s palm oil exports in May fell 8.8 percent from April to around 1.2 million tonnes, independent inspection company AmSpec Agri Malaysia said on Thursday.

Cargo surveyor Societe Generale de Surveillance (SGS) said the country’s May palm oil exports fell 9.9 percent from a month ago.

In Indonesia, the world’s top palm oil exporter, shipments of palm and palm kernel oils fell 13.6 percent in April, data from the Indonesia Palm Oil Association showed.

In related vegetable oils, the Chicago July soybean oil contract was down 0.03 percent, while September soybean oil on China’s Dalian Commodity Exchange rose 0.85 percent.

Palm oil is affected by movements in rival edible oils as they compete for a share in the global vegetable oils market.

Reporting by Rajendra Jadhav; editing by Richard Pullin

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