Palm edges lower on weak export data, Chicago soyoil
Update with closing prices, analyst comments
JAKARTA, Aug 20 (Reuters) -Malaysian palm oil futures slipped on Tuesday, weighed down by weak export data and weakness inChicago soyoil contract, while stronger Dalian vegetable oils limited losses.
The benchmark palm oil contract FCPOc3 for November delivery on the Bursa Malaysia Derivatives Exchange lost 6 ringgit, or 0.16%, to 3,715 ringgit ($849.14) a metric ton at close.
"Crude palm oil futures traded lower in the afternoon session because of export data. After digesting the information, the market fall back to its trading range of 3,700-3,750 ringgit waiting for further lead," a Kuala Lumpur-based trader said.
Exports of Malaysian palm oil products in Aug. 1-20 dropped between 16.7% and 18.4% from the same period last month, data from cargo surveyor Intertek Testing Services and AmSpec Agri showed.
Dalian's most-active soyoil contract DBYcv1 rose 0.9%,while its palm oil contract DCPcv1 gained 1.43%. Soyoil prices on the Chicago Board of Trade BOc2 edged 0.58%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 0.07%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 = 4.3750 ringgit)
Reporting by Bernadette Christina; Editing by Savio D'Souza, Varun H K and Shreya Biswas
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
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.