Palm oil falls for second session as firmer ringgit, rival oils weigh
Update with midday prices, adds analyst comment
JAKARTA, Aug 1 (Reuters) -Malaysian palm oil futures dropped for a second consecutive session on Thursday as a stronger ringgit and weakness in rival vegetable oils weighed on the contract.
The benchmark palm oil contract FCPOc3 for October delivery on the Bursa Malaysia Derivatives Exchange lost 47 ringgit, or 1.2%, to 3,861 ringgit ($852.24) a metric ton by the midday break.
The contract fell 0.18% in July, its secondconsecutive monthly drop.
"Malaysia crude palm oil futures is tracking Dalian performance closely as well as our ringgit strengthening," a Kuala Lumpur-based trader said.
TheMalaysian ringgit, the contract currency of trade, strengthened against the U.S. dollar for a sixth straight session, rising0.85% by midday.
A stronger ringgit can reduce buying interest for foreign currency holders.
Dalian's most-active soyoil contract DBYcv1 was down 0.55%, while its palm oil contract DCPcv1 dropped 0.66%. Soyoil prices on the Chicago Board of Trade BOc2 were down 0.39%.
Palm oil tracks the pricemovements of rival edible oils as they compete for a share of theglobal vegetable oils market.
Malaysian palm oil exports in July are seenrising between 22.8% and 30.91%, cargo surveyor Amspec Agri and Intertek Testing Services said.
Cargo surveyor Societe Generale de Surveillance (SGS) estimated exports stood at 1.48 million tons, according to LSEG, a 23.6% jump from June exports.
Palm oil FCPOc3 is expected to retest support at 3,881 ringgit per metric ton, a break below which couldopen the way towards 3,849 ringgit, Reuters technical analyst Wang Tao said TECH/C.
Reporting by Bernadette Christina; Editing by Sherry Jacob-Phillips and Sonia Cheema
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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