Palm oil closes at seven-month low on weak exports and rival oils
Updates with closing prices
SINGAPORE, Aug 13 (Reuters) -Malaysian palm oil futures closed at their weakest level in more than seven months on Tuesday, hurt by weak exports so far in August and softer rival oils, although lower inventories put a floor on declines.
The benchmark palm oil contract FCPOc3 for July delivery on the Bursa Malaysia Derivatives Exchange fell 0.51% to 3,689 ringgit ($829.73) a metric ton, ending at its lowest since Jan. 5.
Cargo surveyor Societe Generale de Surveillance (SGS) estimates exports from Malaysia for Aug. 1-10 at 489,898 metric tons, 13.2% lower from a month earlier, according to LSEG.
August exports seem to be lower, which may help inventories for the month to rise, said Mitesh Saiya, trading manager at Mumbai-based trading firm Kantilal Laxmichand & Co.
A shrinking price spread between soyoil and palm oil is pressuring demand for palm oil, he added.
Malaysia's palm oil stocks in July fell 5.35% from the previous month to 1.73 million metric as growth in exports outpaced improved production, the Malaysian Palm Oil Board said on Monday.
Dalian's most-active soyoil contract DBYcv1 slid 2.44%, while its palm oil contract DCPcv1 lost 1.71%. Soyoil prices on the Chicago Board of Trade BOcv1 dropped 1.53%.
Palm oil tracks price movements in related oils as they compete for a share of the global vegetable oils market.
Oil prices steadied after rising for five consecutive sessions, as markets refocused on concerns about demand after OPEC on Monday cut its forecast for demand growth in 2024 due to softer expectations in China. O/R
The Malaysian ringgit MYR=, palm's currency of trade, added 0.2% against the U.S. dollar. A stronger ringgit makes palm oil less attractive for foreign currency holders.
($1 = 4.4460 ringgit)
Reporting by Gabrielle Ng; Editing by Sherry Jacob-Phillips, Eileen Soreng 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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