off-the-wire

VEGOILS-Palm oil drops for fourth session ahead of output data

Kitco Media
By Reuters
Published:
Updated:
Reuters
(Updates prices, adds traders' comments) By Dewi Kurniawati JAKARTA, April 10 (Reuters) - Malaysian palm oil futures dropped for a fourth session on Monday due to the absence of fresh destination buying, which hurt market sentiments, despite a tighter supply situation at origins. The benchmark palm oil contract for June delivery on the Bursa Malaysia Derivatives Exchange dropped 0.11% to 3,790 ringgit ($860.00) per tonne by the midday break, extending a 4.26% loss over the past three sessions. "BMD crude palm oil futures opened lower following weakness in Dalian palm olein and soyoil futures and in expectations of a drop in Malaysian palm oil export between April 1-10," said Anilkumar Bagani, research head of Mumbai-based vegetable oils broker Sunvin Group.


Data released during midday break showed Malaysia's palm oil inventories at the end of March fell 21.08% from the previous month to 1.67 million tonnes. Cargo surveyors are expected to release export data for April 1-10 later on Monday. Dalian's most-active soyoil contract dropped 1.21%, while its palm oil for May delivery was 0.65% lower. The Chicago Board of Trade rose 0.39%. Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market. Palm oil may test a support at 3,740 ringgit per tonne, a break below which could open the way towards a range of 3,683-3,718 ringgit, said Reuters technical analyst Wang Tao. ($1 = 4.4070 ringgit) (Reporting by Dewi Kurniawati; Editing by Janane Venkatraman)


* To view freight rates from Peninsula Malaysia/Sumatra to China, India, Pakistan and Rotterdam, please key in 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 Malaysian palm oil exports CBOT soyoil futures CBOT soybean futures Indian solvent Dalian Commodity Exchange Dalian soyoil futures Dalian refined palm oil futures Zhengzhou rapeseed oil European edible oil prices/trades ))
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