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CORRECTED-VEGOILS-Palm drops following weakness in soyoil

CommoditiesOct 25, 2017 08:29
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© Reuters. CORRECTED-VEGOILS-Palm drops following weakness in soyoil

(Corrects data in chart at bottom)

* Palm slips tracking weakness in CBOT soyoil - trader

* Expectation of lower exports also drags palm - trader

* Palm falters after three consecutive sessions of gains

By Tavleen Tarrant and Liz Lee

KUALA LUMPUR, Oct 24 (Reuters) - Malaysian palm oil futures reversed gains on Tuesday after hitting a five-week high, with sentiment dented by weakness in the Chicago Board of Trade (CBOT) soyoil and expectations of slower export growth.

The benchmark palm oil contract for January delivery 1FCPOc3 on the Bursa Malaysia Derivatives Exchange was down 0.4 percent at 2,777 ringgit ($656) a tonne by Tuesday evening after rising as much as 0.8 percent to 2,808 ringgit, their highest since Sept. 19, earlier in the session.

Traded volumes stood at 47,628 lots of 25 tonnes each at the midday break.

The drop of palm prices was due to a fall in the soyoil futures on the CBOT, said Kuala Lumpur-based futures traders.

The December soybean oil contract BOZ7 on the Chicago Board of Trade (CBOT) dropped by 0.4 percent by the end of Tuesday.

Palm prices are impacted by the movements of related oils as they compete for a share in the global vegetable oils market.

"It looks like the market may be concerned that strong exports may not come through, with some preliminary numbers showing a marginal increase in exports," said a trader.

Another trader said the market was expecting exports data to show a smaller increase for the Oct. 1-25 period.

Cargo surveyor Intertek Testing Services released data on Friday that showed exports of Malaysian palm oil products during Oct. 1-20 rose 11.6 percent to 951,339 tonnes from 852,206 tonnes shipped a month earlier. other related edible oils, the January soybean oil contract on the Dalian Commodity Exchange DBYF8 gained 0.2 percent on Tuesday, while the January palm olein contract DCPF8 rose 1.1 percent.

Palm, soy and crude oil prices at 1038 GMT

Contract

Month

Last Change

Low

High Volume MY PALM OIL NOV7

2752 -15.00

2752

2780

255 MY PALM OIL DEC7

2780 -12.00

2758

2794

3710 MY PALM OIL JAN8

2893 -10.00

2771

2808 23179 CHINA PALM JAN8

5688 +62.00

5654

5706

OLEIN

CHINA

JAN8

6074 +0.23

6054

6096

SOYOIL

CBOT SOY

DEC7

34.43 +0.09 34.30

34.65

OIL

NYMEX CRUDE DEC7

52.44 -0.06 51.55

52.62

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 = 4.2320 ringgit) ($1 = 65.0425 Indian rupees) ($1 = 6.6300 Chinese yuan renminbi) (Editing by Subhranshu Sahu and Edmund Blair)

CORRECTED-VEGOILS-Palm drops following weakness in soyoil
 

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