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Vegoils Palm oil eases after Greece rejects bailout terms

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Vegoils Palm oil eases after Greece rejects bailout terms Empty Vegoils Palm oil eases after Greece rejects bailout terms

Post by Cals Mon 06 Jul 2015, 23:24

Vegoils
Palm oil eases after Greece rejects bailout terms




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By Reuters / Reuters   | July 6, 2015 : 6:37 PM MYT 

SINGAPORE (July 6): Malaysian palm oil lost ground on Monday, falling 1.5 percent as stocks and commodities slid after Greece rejected terms of a bailout package, raising risk of a global financial crisis.

Shares fell in Europe and Asia, the euro stumbled and yields on weaker euro zone economies' bonds rose after Greece overwhelmingly voted against conditions for a rescue package, but there was no rout and contagion was limited.

The [size=14]European Central Bank is likely to maintain emergency funding for Greek banks at its current restricted level, people familiar with the matter said on Sunday, a move that will see lenders run out of cash soon.


"I think the move in palm oil is directly linked to the Greek crisis, as it is having an overwhelming influence across markets in Asia," said one Kuala Lumpur-based palm oil trader.

The September palm oil contract on the Bursa Malaysia Derivatives exchange finished down 1.5 percent or 35 ringgit at 2,235 ringgit ($588) a tonne.

Total traded volume stood at 36,835 lots of 25 tonnes each, slightly above the usual 35,000 lots. Palm oil climbed to 2,285 ringgit on Friday, highest since June 25.

The market is awaiting data on palm oil production, exports and stocks due to be released by the Malaysian Palm Oil Board later this week.

"Production might be bit lower because of the fasting month," the trader said.

Palm oil is expected to drop to 2,216 ringgit, as it has broken a support at 2,250 ringgit, according to Wang Tao,Reuters market analyst for commodities and energy technicals.

The support was provided by the 38.2 percent Fibonacci retracement on the uptrend from the April 29 low of 2,070 ringgit to the June 8 high of 2,362 ringgit. The next support will be at 2,216 ringgit, the 50 percent level.

In other vegetable oils, the U.S. soyoil slid 1.6 percent, while the most-active soybean oil contract on the Dalian Commodity Exchange fell 1.8 percent.

Last week, Informa Economics lowered its forecasts of the U.S. 2015 soybean production, after incorporating updated acreage estimates released by the U.S. Department of Agriculture.

For soybeans, Informa forecast production at 3.808 billion bushels, down from 3.871 billion previously. The firm raised its soybean yield estimate to 45.1 bushels per acre, from 45.0 in June, but the production figure fell because Informa used the USDA's harvested area figure of 84.449 million acres, compared with its own previous estimate of 86.044 million.    
    
  Palm, soy and crude oil prices at 1008 GMT
                                                                   
  Contract        Month    Last   Change     Low    High  Volume
  MY PALM OIL      JUL5    2234   -29.00    2234    2234     100
  MY PALM OIL      AUG5    2233   -34.00    2223    2250    3022
  MY PALM OIL      SEP5    2235   -35.00    2227    2251   21362
  CHINA PALM OLEIN JAN6    4990  -144.00    4930    5120  786004
  CHINA SOYOIL     JAN6    5726  -106.00    5646    5830  585762
  CBOT SOY OIL     DEC5   33.29    -5.00   33.01   33.92   12773
  INDIA PALM OIL   JUL5  442.00    -5.00  440.80  446.00     923
  INDIA SOYOIL     AUG5  579.80    -4.10  578.20  583.10   33655
  NYMEX CRUDE      AUG5   54.43    -2.50   54.34   55.34   58263
                                                                   
  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

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Cals
Cals
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