* Palm charts third straight session of losses
* Market low of 2,592 rgt/T, weakest since Oct. 11
* Down on expectations of rising output, end-stocks
(Updates with closing prices, quote)
Related Post
By Emily Chow
KUALA LUMPUR, April 10 (Reuters) – Malaysian palm oil
futures ended the trading day on Monday at their lowest in six
months, weighed down by higher than expected production and
end-stocks data from an industry regulator.
Data from the Malaysian Palm Oil Board (MPOB) showed
end-stocks for March rose 6.5 percent from February to 1.55
million tonnes. Output surged 16.3 percent to 1.46 million
tonnes, the first monthly gain since September and the strongest
month-on-month rise in over a year. (MYPOMP-CPOTT)
Both output and inventories data outpaced market
expectations, which had been for stocks to rise 0.1 percent and
production to climb 10.4 percent, according to a Reuters poll.
The benchmark palm oil contract for June delivery
on the Bursa Malaysia Derivatives Exchange was down 2.5 percent
at 2,593 ringgit ($ 584.93) a tonne at the close of trade, its
weakest level since Oct. 11.
Traded volumes stood at 63,036 lots of 25 tonnes each in the
evening.
“Palm’s decline is mainly on MPOB, which showed much higher
end-stocks and high imports,” said a futures trader from Kuala
Lumpur.
The MPOB data also showed that exports rose 14.3 percent to
1.27 million tonnes and imports tripled.
Concerns of rising output weighed on the market despite data
indicating an improvement in demand. Palm oil shipments from
Malaysia, the world’s second-biggest producer of the tropical
oil, soared 20.9 percent during the first 10 days of April
compared with last month, showed data from cargo surveyor
Intertek Testing Services.
Another cargo surveyor, Societe Generale de Surveillance,
showed exports rose 24.8 percent in the same period.
Price movements in related edible oils, including soyoil,
have an impact on palm oil, as they compete for a share in the
global vegetable oils market. Soybean oil on the Chicago
Board of Trade dropped 1 percent.
In other related vegetable oils, the September soybean oil
contract on the Dalian Commodity Exchange fell 0.1
percent, while the September contract for palm olein on the
Dalian Commodity Exchange slid 2.7 percent.
Palm, soy and crude oil prices at 1037 GMT
Contract Month Last Change Low High Volume
MY PALM OIL APR7 2833 -53.00 2828 2871 316
MY PALM OIL MAY7 2686 -70.00 2685 2746 3480
MY PALM OIL JUN7 2592 -67.00 2592 2681 27039
CHINA PALM SEP7 5226 -142.00 5220 5448 1136852
OLEIN
CHINA SOYOIL SEP7 5968 -4.00 5940 6044 765434
CBOT SOY OIL MAY7 31.32 -0.30 31.31 31.8 8824
INDIA PALM OIL APR7 513.70 -8.00 513.20 520 1613
INDIA SOYOIL APR7 632.8 -3.10 632.1 634.75 6120
NYMEX CRUDE MAY7 52.57 +0.33 52.29 52.68 91958
Palm oil prices in Malaysian ringgit per tonne
CBOT soy oil in U.S. cents per pound
Dalian soy oil and RBD palm olein in Chinese yuan per tonne
India soy oil in Indian rupee per 10 kg
Crude in U.S. dollars per barrel
($ 1 = 4.4330 ringgit)
($ 1 = 64.5300 Indian rupees)
($ 1 = 6.9020 Chinese yuan)
(Reporting by Emily Chow; Editing by Sherry Jacob-Phillips and
Mark Potter)
