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Wednesday, August 10, 2022

VEGOILS-Palm oil falls after two sessions of gains

* Lower output data, short-covering lend support – trader

* Palm posts weekly gain of 1.4 pct after last week’s 3.6

pct fall

(Updates latest prices, quote)

By Emily Chow

KUALA LUMPUR, May 6 (Reuters) – Malaysian palm oil futures

closed marginally lower on Friday, posting their first drop in

three sessions as falls in competing vegetable oils weighed, but

found some support from industry data showing lower production

and short-covering by traders.

The palm oil contract for July delivery on the

Bursa Malaysia Derivatives Exchange closed 0.04 percent lower at

2,628 ringgit ($ 656) per tonne.

It gained 1.3 percent this week after last week’s 3.6

percent fall, its steepest weekly drop since early October.

Palm oil rose in the previous two sessions, posting its

sharpest jump in nearly five months on Wednesday as traders

covered short positions after four sessions of losses and as the

ringgit sunk to a five-week low.

Traded volumes were 55,038 lots of 25 tonnes each, higher

than the 2015 daily average of 44,600.

“There’s some short covering towards the weekend, and

production figures from the Southern Palm Oil Millers

Association (SPPOMA) are 18 percent lower,” said a trader from

Kuala Lumpur, referring to data from a Malaysian millers

association for the first five days of May.

In competing vegetable oils, the September soybean oil

contract on the Dalian Commodity Exchange fell 1.3

percent, while the Chicago Board of Trade soyoil contract for

July rose 0.5 percent.

Palm, soy and crude oil prices at 1022 GMT:

Contract Month Last Change Low High Volume

MY PALM OIL MAY6 2635 +20.00 2569 2641 371

MY PALM OIL JUN6 2638 +5.00 2589 2638 5841

MY PALM OIL JUL6 2632 +3.00 2582 2632 29995

CHINA PALM SEP6 5352 -122.00 5276 5502 1042572

OLEIN

CHINA SOYOIL SEP6 6104 -82.00 6044 6234 744504

CBOT SOY OIL JUL6 32.42 -0.50 32.01 32.5 7818

INDIA PALM OIL MAY6 551.60 -0.50 547.50 552.9 1406

INDIA SOYOIL MAY6 641.5 -1.00 637.5 642.5 12150

NYMEX CRUDE JUN6 44.03 -0.29 43.66 44.59 89880

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 = 4.0060 ringgit)

($ 1 = 66.5750 Indian rupees)

($ 1 = 6.4980 Chinese yuan)

(Reporting by Emily Chow; Editing by Subhranshu Sahu)

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