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|
|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|
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)