Palm oil declines, weighed down by weaker Dalian rivals and firm ringgit
Updates prices, adds analyst comments
JAKARTA, July 29 (Reuters) -Malaysian palm oil futures fell on Monday, weighed down by weakness in rival vegetable oils on the Dalian Commodity Exchange and a firm ringgit.
However, a recovery in Chicago soyoil prices limited the losses.
The benchmark palm oil contract FCPOc3 for October delivery on the Bursa Malaysia Derivatives Exchange lost 24 ringgit or 0.61% to 3,918 ringgit ($845.85) a metric ton by midday. The contract lost 0.48% last week, a second consecutive weekly drop.
"Bursa Malaysia palm oil started lower because of tracking spillover weakness from Dalian Commodity Exchange market and firm ringgit. Chicago soyoil recovering is capping the losses," a Kuala Lumpur-based trader said.
Dalian's most-active soyoil contract DBYcv1 dropped 0.93%, while its palm oil contract DCPcv1 was barely changed, down 0.03%. Soyoil prices on the Chicago Board of Trade BOc2 were up 0.58%.
Palm oil tracks price movements of rival edible oils, as they compete for a share of the global vegetable oils market.
Malaysian ringgit, the contract currency of trade strengthened 0.54% against the U.S. dollar, making palm oil less attractive for foreign currency holders.
Indonesia's Trade Ministry is planning to revise the domestic market obligation rules for palm oil to potentially change the prices for the portion and types of product sold to the local market, an official said on Monday. However, market participants are waiting for further details of the revision.
"Indonesia plans to revise palm oil domestic market rules offer little cues as market been talking about it for months. Hence, need further details before can assess the impact of it," the trader said.
Malaysian palm oil exports for July 1-25 period are estimated to have risen compared to the same period last month, with Cargo surveyor Societe Generale de Surveillance estimates exports of Malaysian palm oil products at 1,193,049 metric tons for July 1-25, from 908,517 tons during June 1-25, according to LSEG, while cargo surveyors Intertek Testing Services and Amspec Agri said exports of Malaysian palm oil products for July 1-25 rose 31% year-on-year.
Palm oil may retrace to 3,913 ringgit, as it failed to break resistance at 3,953 ringgit per metric ton, Reuters technical analyst Wang Tao said. TECH/C
($1 = 4.6320 ringgit)
Reporting by Bernadette Christina; Editing by Varun H K and Mrigank Dhaniwala
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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