March 23, 2018 / 5:12 AM / a month ago

VEGOILS-Palm prices down as Malaysia export tax policy weighs

    JAKARTA, March 23 (Reuters) - Malaysian palm oil futures slid slightly in
early trade on Friday, as disappointment lingered over the government's decision
to resume taxing exports of the edible oil.
    The benchmark palm oil contract for June delivery on the Bursa
Malaysia Derivatives Exchange fell 0.73 percent to 2,432 ringgit ($621.20) per
tonne at the midday break. Prices held relatively flat from the week before,
inching up just 0.57 percent on week.
    Trading volumes were thin at 23,143 lots of 25 tonnes each. 1FCPO-TOT
    "The market is factoring in news that the government will not extend the
suspension of export tax," said David Ng of Phillip Futures in Kuala Lumpur.
    "This means exports ahead could be softer as buyers shift over to
Indonesia," he added.
    Malaysia had suspended duties on palm oil exports for three months, and this
week announced it would once again impose a duty of 5 percent.
    Indonesia and Malaysia are the world's two biggest producers of palm oil.
    In other related oils, the May soybean oil contract on the Chicago
Board of Trade was up 0.16 percent.   
    On the Dalian Commodity Exchange, the May soybean oil contract
inched up 0.18 percent, while the May palm oil contract slid 0.39
percent.
    Palm oil prices track the performances of other edible oils, as they compete
for a share in the global vegetable oils market.
    
    Palm, soy and crude oil prices as of 0500 GMT 
 Contract          Month    Last  Change     Low    High  Volume
 MY PALM OIL       APR8     2425  -20.00    2420    2430     110
 MY PALM OIL       MAY8     2438  -15.00    2432    2449    2571
 MY PALM OIL       JUN8     2432  -18.00    2427    2446    9037
 CHINA PALM OLEIN  MAY8     5118  -20.00    5066    5132  237886
 CHINA SOYOIL      MAY8     5680  +10.00    5640    5720  349878
 CBOT SOY OIL      MAY8    31.93   +0.05   31.79   31.98    4712
 INDIA PALM OIL    MAR8   644.40   -0.70  643.20   644.5      28
 INDIA SOYOIL      APR8    782.9   -1.40   782.5  784.95    1590
 NYMEX CRUDE       MAY8    64.99   +0.69   64.11   65.42   87486
  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
 For a table on Malaysian physical palm oil prices, including refined oil,
Reuters Terminal users can double click on or type OILS/MY01.
* To view freight rates from Peninsula Malaysia/Sumatra to China, India,
Pakistan and Rotterdam, please key in OILS/ASIA2 and press enter, or double
click between the brackets. 
* Reuters Terminal users can see cash and futures edible oil prices by double
clicking on the codes in the brackets: To go to the next page in the same chain,
hit F12. To go back, hit F11.
Vegetable oils                    -- OILS/ASIA1
Malaysian palm oil exports        -- SGSPALM1  
CBOT soyoil futures               -- 0#BO:     
CBOT soybean futures              -- 0#S:      
Indian solvent                    -- SOLVENT01 
Weekly Indian vegetable oils      -- OILS/IN   
Dalian Commodity Exchange         -- DC/MENU  
Dalian soyoil futures             -- 0#DBY:  
Dalian refined palm oil futures   -- 0#DCP:  
Zhengzhou rapeseed oil            -- 0#COI:  
European edible oil prices/trades -- OILS/E       
    

($1 = 3.9150 ringgit)

 (Reporting by Kanupriya Kapoor; Editing by Sunil Nair)
  
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