Palm inches lower; traders await new leads from export data
Update prices, add analyst comments
JAKARTA, Aug 20 (Reuters) -Malaysian palm oil futures slipped on Tuesday, as market participants waited for new leads from the August export data, while a weak Chicago soyoil contract and a stronger ringgit weighed.
The benchmark palm oil contract FCPOc3 for November delivery on the Bursa Malaysia Derivatives Exchange lost 4 ringgit or 0.11% at 3,717 ringgit ($850.18) a metric ton by the midday break.
Crude palm oil is likely to trade in a range of 3,700 to 3,7500 ringgit, while export and production data are awaited, a Kuala Lumpur-based trader said.
The contract traded in a range of 3,702 to 3,737 ringgit early in the session. Cargo surveyors are expected to publish export data for Aug. 1-20 later in the day.
Cargo surveyors estimated exports of Malaysian palm oil products during Aug. 1-15 fell between 15.8% to 22.3% compared to the same period last month.
Dalian's most-active soyoil contract DBYcv1 rose 0.68%, while its palm oil contract DCPcv1 gained 0.98%. Soyoil prices on the Chicago Board of Trade BOc2 edged 0.05% lower.
Palm oil tracks price movements of related oils as it competes with them for a share of the global vegetable oils market.
The ringgit, the contract's currency of trade, strengthened 0.18% against the U.S. dollar to its highest since mid-February 2023, making the contract less attractive for foreign currency holders.
Palm oil may test resistance at 3,764 ringgit per metric ton, a break above which could confirm both a target of 3,809 ringgit and an inverted head-and-shoulders, Reuters technical analyst Wang Tao said. TECH/C
($1 = 4.3720 ringgit)
Reporting by Bernadette Christina; Editing by Savio D'Souza and Varun H K
For a table on Malaysian physical palm oil prices, including refined oil, Reuters Terminal users can double click on or type OILS/MY01.
* To view freight rates from Peninsula Malaysia/Sumatra to China, India, Pakistan and Rotterdam, please key in OILS/ASIA2 and press enter, or double click between the brackets.
* Reuters Terminal users can see cash and futures edible oil prices by double clicking on the codes in the brackets: To go to the next page in the same chain, hit F12. To go back, hit F11.
Vegetable oils OILS/ASIA1
Malaysian palm oil exports SGSPALM1
CBOT soyoil futures 0#BO:
CBOT soybean futures 0#S:
Indian solvent SOLVENT01
Dalian Commodity Exchange DC/MENU
Dalian soyoil futures 0#DBY:
Dalian refined palm oil futures 0#DCP:
Zhengzhou rapeseed oil 0#COI:
European edible oil prices/trades OILS/E
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