* Malaysia Aug 1-10 exports up 57.6 pct -ITS
* MPOB reports palm oil stocks up 5.29 pct in July
By Fergus Jensen
JAKARTA, Aug 10 (Reuters) – Malaysian palm oil futures
ticked lower on Monday, extending losses into a seventh week as
traders remained cautious due to trade and production data,
despite signs that shipments from the world’s second-largest
producer increased this month.
By the midday break, the benchmark palm oil contract for
October on the Bursa Malaysia Derivatives Exchange was
0.29 percent lower at 2,036 ringgit ($ 519) a tonne, erasing
early gains.
“It came lower because of the MPOB report, which is
considered to be bearish,” said a trader with a foreign
commodities brokerage, referring to regulator Malaysian Palm Oil
Board (MPOB). “Production is higher, and closing stocks were
higher.”
Malaysia’s palm oil stocks at the end of July rose 5.29
percent to 2.27 million tonnes from a revised 2.15 million at
the end of June, MPOB said on Monday, while production increased
2.93 percent.
“The market was getting ready for this report and maybe in
the afternoon it will react to the export numbers and go
higher,” the trader said.
Exports of palm oil products for Aug. 1-10 jumped 57.6
percent to 498,993 tonnes from 316,492 tonnes for July 1-10,
cargo surveyor Intertek Testing Services said.
Rival Societe Generale de Surveillance is due to release its
Aug. 1-10 export data later on Monday.
“We have seen enough of a slide, unless we see the
fundamentals (worsen) again,” the trader said.
Last week the contract fell for the sixth week in a row, its
longest weekly losing streak in seven years.
The price could drop to a low of 1,900 ringgit a tonne by
the end of September because of ample supplies and poor demand,
vegetable oil analyst Dorab Mistry said on Thursday, but it may
recover to 2,100-2,300 ringgit by the end of November.
In other vegetable oils, the U.S. September soyoil contract
was up 0.57 percent in early Asian trade, while the most
active soybean oil contract on the Dalian Commodity
Exchange gained 1.39 percent.
Crude oil futures fell in early Asian trading, touching
multi-month lows after disappointing export data from China over
the weekend.
Palm, soy and crude oil prices at 0510 GMT
Contract Month Last Change Low High Volume
MY PALM OIL AUG5 2040 +9.00 2040 2055 97
MY PALM OIL SEP5 2030 -8.00 2030 2055 785
MY PALM OIL OCT5 2036 -6.00 2035 2061 9898
CHINA PALM OLEIN JAN6 4574 +20.00 4532 4624 499122
CHINA SOYOIL JAN6 5526 +76.00 5462 5588 571002
CBOT SOY OIL DEC5 30.45 -2.30 30.43 30.80 4000
INDIA PALM OIL AUG5 398.20 -2.30 397.80 401.40 200
INDIA SOYOIL AUG5 572.40 +0.55 571.60 573.30 7385
NYMEX CRUDE SEP5 43.61 -0.26 43.35 43.73 11797
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 = 63.7800 Indian rupees)
($ 1 = 6.2086 Chinese yuan)
($ 1 = 3.9250 ringgit)
(Reporting by Fergus Jensen; Editing by Alan Raybould)
