Palm falls on weak export data, Dalian oils
JAKARTA, June 18 (Reuters) – Malaysian palm oil futures slipped on Tuesday after the Eid holiday, weighed by weak export data and overnight weakness in Dalian vegetable oils. The benchmark palm oil contract FCPOc3 for September delivery on the Bursa Malaysia Derivatives Exchange lost 21 ringgit (0.53%) to 3,907 ringgit ($828.98) per metric ton. Exports of Malaysian palm oil products for June 1-15 fell by 19.8%-21.6%.
JAKARTA, June 18 (Reuters) -Malaysian palm oil futures slipped on Tuesday when market resumed activity after the Eid holiday, weighed down by weak export data and overnight weakness in Dalian vegetable oils.
The benchmark palm oil contract FCPOc3 for September delivery on the Bursa Malaysia Derivatives Exchange lost 21 ringgit, or 0.53%, to 3,907 ringgit ($828.98) a metric ton by midday break.
“Bursa Malaysia crude palm oil futures open lower based on spread adjustment against the competing vegetable oils. Persistent concerns over weak palm oil export demand may slow down the upward momentum,” a Kuala Lumpur-based trader said.
Exports of Malaysian palm oil products for June 1-15 was estimated to have fallen between 19.8% and 21.6%, according to cargo surveyor Intertek Testing Services and independent inspection company AmSpec Agri Malaysia.
Dalian’s most-active soyoil contract DBYcv1 was up 0.51%, while its palm oil contract DCPcv1 gained 0.63%. Soyoil prices on the Chicago Board of Trade BOc2 was up 0.5%.
Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
Palm oil FCPOc3 may break support at 3,889 ringgit per metric ton, and fall into the 3,811-3,843 ringgit range, said Reuters technicals analysts Wang Tao. TECH/C
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