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VEGOILS-Palm falls more than 1 pct, tracking soyoil declines

CommoditiesNov 08, 2018 16:30
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VEGOILS-Palm falls more than 1 pct, tracking soyoil declines

* Palm falls over 1 pct, down for 3rd straight session

* Market earlier down over high output worries - trader

* Palm oil to test support at 2,099 rgt/T - Technicals (Updates with quote, closing prices)

By Emily Chow

KUALA LUMPUR, Nov 8 (Reuters) - Malaysian palm oil futures fell more than 1 percent to a fresh three-year low on Thursday, tracking weaker soyoil on the U.S. Chicago Board of Trade and on worries that rising production would add to inventories.

The benchmark palm oil contract for January delivery 1FCPOc3 on the Bursa Malaysia Derivatives Exchange closed down 1.1 percent at 2,088 ringgit ($501.68) a tonne, declining for a third straight session.

It earlier fell as much as 1.5 percent to 2,080 ringgit, its lowest since September 2015. POI/

Trading volumes totalled 48,995 lots of 25 tonnes each. 1FCPO-TOT

A Kuala Lumpur-based trader said palm prices fell in line with soyoil prices in the United States, "squaring ahead of U.S. Department of Agriculture data tonight, as the government is expected to raise its forecast of U.S. soy stocks."

U.S. soybeans futures also edged lower on Thursday as the market nervously awaited the latest U.S. Department of Agriculture supply and demand forecast due later in the day. GRA/

Earlier in the day, palm prices were also lower on production growth, said another Kuala Lumpur-based futures trader, adding that the Malaysian Palm Oil Association reported an 8 percent growth in October output compared with a month earlier.

A Reuters poll this week showed production was expected to rise 5.7 percent to 1.96 million tonnes last month, while inventories were seen climbing 14.1 percent to 2.90 million tonnes. PALM/POLL

In other related edible oils, the Chicago December soybean oil contract BOZ8 fell 0.4 percent, while the January soybean oil contract on the Dalian Commodity Exchange DBYF9 slipped 0.8 percent.

Meanwhile, the January palm oil contract DCPF9 dropped 0.9 percent.

Palm oil prices are affected by movements of other edible oils as they compete for a share in the global vegetable oil market.

Palm oil is expected to test a support at 2,099 ringgit per tonne, a break below which could cause a loss to 2,075 ringgit, according to Wang Tao, Reuters market analyst for commodities and energy technicals. soy and crude oil prices at 1043 GMT Contract

Month

Last Change

Low

High Volume MY PALM OIL

NOV8

1980 +30.00

1950

1980

2 MY PALM OIL

DEC8

2020 -18.00

2006

2041

3754 MY PALM OIL

JAN9

2088 -23.00

2080

2119 22155 CHINA PALM OLEIN JAN9

4470 -42.00

4438

4528 295022 CHINA SOYOIL

JAN9

5472 -46.00

5460

5538 238982 CBOT SOY OIL

DEC8

28.1 -0.10

28.1 28.26

5251 INDIA PALM OIL

NOV8

0.00 +0.00

0.00

0

0 INDIA SOYOIL

NOV8 753.35 +0.20

753 754.5

1010 NYMEX CRUDE

DEC8

62.03 +0.36 61.63 62.42 105156 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 = 4.1620 ringgit) ($1 = 72.4000 Indian rupees) ($1 = 6.9309 Chinese yuan)

VEGOILS-Palm falls more than 1 pct, tracking soyoil declines
 

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