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VEGOILS-Palm oil falls from one-week high on weaker demand outlook

CommoditiesNov 09, 2017 16:50
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VEGOILS-Palm oil falls from one-week high on weaker demand outlook

* Palm oil hit 2,837 rgt/T earlier in session

* Nov. 1-10 exports seen falling vs Oct. 1-10 - trader

* Stronger ringgit, weaker soyoil weigh - trader

* Cargo surveyor data due out on Friday after 0300 GMT (Updates with closing prices, quote)

By Emily Chow

KUALA LUMPUR, Nov 9 (Reuters) - Malaysian palm oil futures fell in the second half of trade on Thursday, dropping from a one-week high earlier in the session on expectations of weaker cargo surveyor export data scheduled for release on Friday.

The benchmark palm oil contract for January delivery 1FCPOc3 on the Bursa Malaysia Derivatives Exchange was down 0.4 percent at 2,809 ringgit ($668.01) a tonne at the close of trade, snapping two earlier sessions of gains.

It rose earlier in the session to 2,837 ringgit, its strongest since Nov. 2.

Traded volumes stood at 41,406 lots of 25 tonnes each in the evening.

"The market weakened on slowing exports outlook," said a futures trader from Kuala Lumpur, referring to expectations that palm oil shipments for the first 10 days of November would fall compared to the corresponding period in October.

Data from cargo surveyors Intertek Testing Services and Societe Generale (PA:SOGN) de Surveillance is scheduled for release after 0300 GMT on Friday. PALM/ITS PALM/SGS

Palm oil consumption typically falls in the last quarter of the year when the northern hemisphere enters winter, curbing demand from key markets like China and Europe as palm oil solidifies in cold temperatures.

Another trader said the palm market weakened as "soyoil also turned negative" and due to a stronger ringgit MYR= .

Gains in the ringgit, palm oil's traded currency, typically makes the edible oil more expensive for foreign buyers. The ringgit strengthened 0.5 percent to 4.2050 per dollar on Thursday afternoon, its strongest level in over a month.

Palm oil is also affected by other edible oils as they compete for a share of the global vegetable oils market. The December soybean oil contract BOZ7 on the Chicago Board of Trade dipped as much as 0.3 percent.

In other related oils, the January soybean oil contract on the Dalian Commodity Exchange DBYF8 was up 0.3 percent, while the January palm olein contract on Dalian DCPF8 rose 1.5 percent.

Palm, soy and crude oil prices at 1100 GMT Contract

Month

Last Change

Low

High Volume MY PALM OIL

NOV7

2750 -25.00

2745

2784

16 MY PALM OIL

DEC7

2786 -13.00

2784

2814

845 MY PALM OIL

JAN8

2808 -11.00

2805

2837 20634 CHINA PALM OLEIN JAN8

5710 +86.00

5632

5720 339328 CHINA SOYOIL

JAN8

6150 +18.00

6114

6168 277504 CBOT SOY OIL

DEC7

35.26 -0.11 35.18 35.44 10321 INDIA PALM OIL

NOV7 571.50 +2.50 565.00 575.9

1541 INDIA SOYOIL

NOV7

703 -2.10 699.5

707

5480 NYMEX CRUDE

DEC7

56.88 +0.07 56.69 56.98 79540 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 = 4.2050 ringgit) ($1 = 64.9650 Indian rupees) ($1 = 6.6399 Chinese yuan)

VEGOILS-Palm oil falls from one-week high on weaker demand outlook
 

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