* 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
"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
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
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
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KUALA LUMPUR Malaysian palm oil futures edged down to a more than one-week low in early trade on Thursday, as high inventory levels continued to weigh on the market.
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capacity and produce more higher-margin products in a bid to cut
its exposure to volatile palm oil prices, an executive told
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