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Wednesday, 04 Jul, 2018

Palm falls to lowest in a week tracking soyoil losses

KUALA LUMPUR (July 3): Malaysian palm oil futures fell to the lowest in a week in the second half of trade on Tuesday, pulled down by overnight losses in US soyoil and lacklustre export data.  

The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange was down 0.7% at RM2,313 (US$572.38) a tonne. The palm oil contract earlier hit RM2,296, its lowest in a week.  

Trading volumes stood at 33,432 lots of 25 tonnes each at noon.

"Soyoil fell overnight, causing palm prices to come down but it is trying to hold on," said a Kuala Lumpur-based futures trader, referring to soyoil losses on the US Chicago Board of Trade (CBOT).

Palm oil prices track the performance of other edible oils as they compete for a share in the global vegetable oils market.

Malaysia's tepid exports weighed on palm prices, the trader said. "Our production in June isn't so great so the selling pressure is not there."

Malaysia's June exports of the edible oil dropped 10.3% from the previous month, independent inspection company AmSpec Agri Malaysia said, while cargo surveyor Societe Generale de Surveillance said exports plunged 11.8%.

Palm oil faces resistance at RM2,348 per tonne. It may consolidate in the range of RM2,322-2,348 or retrace to support at RM2,290, according to Wang Tao, a Reuters market analyst for commodities and energy technicals.

In other related oils, the Chicago December soybean oil contract fell 1.2% on Monday and was last down 0.2% on Tuesday.

Meanwhile, the September soybean oil contract on China's Dalian Commodity Exchange rose 0.2% and the Dalian September palm oil contract gained 0.2%.

Palm, soy and crude oil prices at 1103 GMT

Contract  Month  Last   Change  Low  High   Volume
MY PALM OIL JUL8  2290  -16.00  2282 2300 30
MY PALM OIL AUG8  2313  -16.00  2297 2330 1584
MY PALM OIL SEP8  2310  -16.00  2296 2330 13149
CHINA PALM OLEIN  SEP8  4864 +8.00  4834 4898  236734
CHINA SOYOIL SEP8  5596  +10.00  5562 5614  225980
CBOT SOY OIL DEC8 29.33 +0.04 29.28  29.48 4882
INDIA PALM OIL JUL8 633.50 -0.30 631.00  634.5  566
INDIA SOYOIL JUL8 754.4 -0.35 752.5  755.5 10600
NYMEX CRUDE AUG8 74.85 +0.91 73.92  74.93  121396

Palm oil prices in Malaysian ringgit per tonne
CBOT soy oil in US 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 US dollars per barrel

(US$1 = RM4.0410)
(US$1 = 68.5550 Indian rupees)
(US$1 = 6.6465 Chinese yuan)

Source : The Edge Markets

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