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VEGOILS-Palm slips on weaker overnight soyoil prices
September 29, 2017 / 5:44 AM / 22 days ago

VEGOILS-Palm slips on weaker overnight soyoil prices

    * Sept exports will rise but at slower pace - traders
    * Palm down 1.5 pct on week, heads for 2nd weekly drop
    * ITS to release September shipment data on Saturday

    By Emily Chow
    KUALA LUMPUR, Sept 29 (Reuters) - Malaysian palm oil futures
fell slightly in early trade on Friday, tracking losses in
overnight soyoil prices on the Chicago Board of Trade (CBOT).
    Traders also booked profit ahead of the weekend and the
release of September cargo surveyor data, amid expectation that
exports growth would slow down.
    Intertek Testing Services (ITS) is scheduled to release palm
oil shipment data for the whole September after 0300 GMT on
Saturday.
    Malaysian palm oil shipments during Sept. 1-25 rose 16.1
percent from a month earlier, ITS data showed.
    Traders said exports in September would rise but at a slower
pace. 
    The benchmark palm oil contract for December delivery
 on the Bursa Malaysia Derivatives Exchange was down
0.3 percent at 2,696 ringgit ($637.96) a tonne at the midday
break. It has declined 1.5 percent so far this week, heading for
a second straight weekly drop.
    Traded volumes stood at 18,772 lots of 25 tonnes each at
Friday noon.
    "Palm saw declines on weakness in overnight oilseed
(prices)," said a trader from Kuala Lumpur. 
    Palm oil prices are affected by the performance of related
edible oils such as soy, as they compete for a share of the
global vegetable oils market.
    The December soybean oil contract on the Chicago
Board of Trade fell to a near three-month low on Thursday,
losing 1.2 percent at Thursday's close of trade. It was last up
0.1 percent on Friday.
    In other related oils, the January soybean oil contract on
the Dalian Commodity Exchange fell 0.4 percent, while
the January palm olein contract dropped 0.1 percent.
    
 Palm, soy and crude oil prices at 0501 GMT
 Contract           Month    Last  Change     Low   High  Volume
 MY PALM OIL       OCT7      2707  -19.00    2707   2731     135
 MY PALM OIL       NOV7      2693  -11.00    2685   2701     353
 MY PALM OIL       DEC7      2696   -9.00    2686   2704    7054
 CHINA PALM OLEIN  JAN8      5516   -4.00    5476   5542  262598
 CHINA SOYOIL      JAN8      6062  -22.00    6058   6112  212736
 CBOT SOY OIL      DEC7     32.85   +0.02   32.77  32.88    2282
 INDIA PALM OIL    SEP7    548.40   +0.50  548.00  548.4      27
 INDIA SOYOIL      OCT7     667.5   +0.35   666.5  667.8    2740
 NYMEX CRUDE       NOV7     51.49   -0.07   51.49  51.65   12182
 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 = 4.2260 ringgit)
($1 = 65.4300 Indian rupees)
($1 = 6.6760 Chinese yuan) 

 (Reporting by Emily Chow; Editing by Subhranshu Sahu)
  
 
 

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