KUALA LUMPUR (Aug 9): Malaysian palm oil futures were down at the midday break on Thursday, and set to snap a four-session gaining streak, on losses in overnight soyoil on the Chicago Board of Trade (CBOT) and as traders were cautious ahead of a slew of data releases.
Official July data for Malaysia's palm oil inventories, production and exports is scheduled for release by the Malaysian Palm Oil Board (MPOB) after 0400 GMT on Friday.
The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange was down 0.3% at RM2,252 (US$553.32) a tonne at noon.
The market climbed to a one-month top in its previous trading session and is up 2.6% for the week so far, its sharpest weekly gain since mid-May.
Trading volumes stood at 17,960 lots of 25 tonnes each.
"The overnight drop in soyoil caused lower palm oil prices. The market is also cautious ahead of July supply and demand report from MPOB due tomorrow," said a futures trader in Kuala Lumpur.
Export data from cargo surveyors Societe Generale de Surveillance and AmSpec Agri Malaysia will also be reported on Friday after 0300 GMT.
A Thomson Reuters survey had forecast palm oil end-July stockpiles to rise 7% to 2.34 million tonnes, while production was seen up 15.9% to 1.54 million tonnes. Meanwhile, exports were also forecast to gain 0.9% to 1.14 million tonnes.
In other related oils, the Chicago December soybean oil contract fell 0.6% in its previous trading session, but was last up 0.2% on Thursday.
Meanwhile, the January soybean oil contract on China's Dalian Commodity Exchange was up 0.3%, and the Dalian January palm oil contract edged up 0.6%.
Palm oil prices are impacted by movements of other edible oils, as they compete for a share in the global vegetable oils market.
Palm, soy and crude oil prices at 0510 GMT
|MY PALM OIL||AUG8||0||+0.00||0||0||0|
|MY PALM OIL||SEP8||2236||-3.00||2227||2238||332|
|MY PALM OIL||OCT8||2252||-6.00||2241||2254||5278|
|CHINA PALM OLEIN||JAN9||4950||+28.00||4924||4970||187410|
|CBOT SOY OIL||DEC8||28.98||+0.00||28.9||29.06||2193|
|INDIA PALM OIL||AUG8||594.80||-0.30||593.80||595||48|
Palm oil prices in Malaysian ringgit per tonne
CBOT soy oil in US 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 US dollars per barrel
(US$1 = RM4.0700)
(US$1 = 68.6000 Indian rupees)
(US$1 = 6.8225 Chinese yuan)