Palm prices pause on expectations of poor export data

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KUALA LUMPUR (June 18): Malaysian palm oil futures closed lower on Tuesday, erasing earlier gains which were driven by Chicago Board of Trade (CBOT) soyoil prices and a softer ringgit, as traders responded to speculation of weaker export data.

The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange closed 0.6% lower at 2,022 ringgit (US$483.73) per tonne.

"The market seems to expect weaker exports numbers, ahead of the data release later this week," a Kuala Lumpur-based futures trader said of the price move.

In other related oils, the Chicago July soybean oil contract edged up 0.2%. The September soyoil contract on the Dalian Commodity Exchange rose 0.3% and the Dalian September palm oil contract was also up 0.1%.

Palm oil prices are affected by movements in related edible oils, with which it competes for global market share.
 Palm, soy and crude oil prices at 1047 GMT

MY PALM OIL JUL9 2005 -18.00 1996 2039 978
MY PALM OIL AUG9 2017 -14.00 2009 2054 13553
MY PALM OIL SEP9 2024 -12.00 2016 2059 28840
CHINA PALM OLEIN SEP9 4376 +6.00 4368 4390 293648
CHINA SOYOIL SEP9 5506 +18.00 5488 5530 274416
CBOT SOY OIL JUL9 28.23 +0.09 28.08 28.36 10077
INDIA PALM OIL JUN9 514.60 +1.80 513.10 517.9 974
INDIA SOYOIL JUN9 759.75 +0.85 759.25 761 2450
NYMEX CRUDE JUL9 51.60 -0.33 51.50 52.02 31307

  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
(US$1 = 4.1800 ringgit)
(US$1 = 69.7850 Indian rupees)
(US$1 = 6.9278 Chinese yuan)