Edition:
India

Emily Chow

VEGOILS-Palm hits one-week low as high stocks worries persist

4:35pm IST

* Market charts second day of losses * April output expected to see monthly gains - trader * Palm oil biased to fall towards 2,110 rgt/T - techs (Updates with closing prices) By Emily Chow KUALA LUMPUR, April 23 Malaysian palm oil futures fell to their lowest in a week on Tuesday, their second straight day of losses as concerns persisted over high inventory levels in the world's second largest producer. The benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange closed down 0.1 percent at 2,170 ringgit ($526.06) a tonne, after earlier hitting 2,152 ringgit, its lowest since April 16. Palm oil is biased towards breaking support at 2,155 ringgit per tonne and falling towards next support at 2,110 ringgit, following its failure to break a resistance at 2,227 ringgit, said Wang Tao, a Reuters market analyst for commodities and energy technicals. "Production is not coming down, and demand has not been so great. There is a worry that end-stocks are not reducing," said a futures trader in Kuala Lumpur. He added that palm oil production throughout Malaysia so far this month was showing a monthly gain of 2-5 percent. Higher output levels would contribute towards a rise in stockpiles, which last year hit their highest in at least 18 years. Inventories last declined 4.6 percent to 2.92 million tonnes at the end of March, while production rose to 1.67 million tonnes, up 8.3 percent from February. Data from cargo surveyors Societe Generale de Surveillance and Intertek Testing Services showed export gains of 1.5-2.2 percent for April 1-20. Independent inspection company AmSpec Agri Malaysia, however, reported a 1.8 percent drop for the same period. In other related oils, the Chicago May soybean oil contract fell 0.1 percent, and the May soyoil contract on the Dalian Commodity Exchange was down 0.2 percent. Meanwhile, the Dalian May palm oil contract declined 1.1 percent. Palm oil prices are affected by movements in soyoil, as they compete for a share in the global vegetable oil market. Palm, soy and crude oil prices at 1052 GMT Contract Month Last Change Low High Volume MY PALM OIL MAY9 2075 -11.00 2066 2080 183 MY PALM OIL JUN9 2152 -2.00 2133 2154 5466 MY PALM OIL JUL9 2170 -2.00 2152 2174 14952 CHINA PALM OLEIN MAY9 4358 -50.00 4338 4396 39986 CHINA SOYOIL MAY9 5330 -12.00 5304 5354 40922 CBOT SOY OIL MAY9 28.67 -0.03 28.54 28.75 4803 INDIA PALM OIL APR9 539.70 -2.40 536.50 541 521 INDIA SOYOIL MAY9 739 +2.70 734.15 739.8 16070 NYMEX CRUDE JUN9 65.99 +0.44 65.71 66.19 124304 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 = 4.1250 ringgit) ($1 = 6.7126 Chinese yuan) ($1 = 69.7050 Indian rupees) (Reporting by Emily Chow; Editing by Uttaresh.V and Mark Potter)

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