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Vegoils Palm oil futures drop on Chinese market slowdown
by Cals Wed 06 Jan 2016, 22:26
- Vegoils
[size=28]Palm oil futures drop on Chinese market slowdown
By Reuters / Reuters | January 6, 2016 : 8:30 PM MYTKUALA LUMPUR (Jan 6): Malaysian palm oil futures fell on Wednesday, largely because of weak demand from major importer China.
The benchmark palm oil contract for March on the Bursa Malaysia Derivatives Exchange rose slightly before ending the day 0.2% lower at RM2,448 (US$557.76) per tonne.
Palm has been falling since the new year and dropped to RM2,418, its lowest point since Dec 21, in early trading on Wednesday.
One Kuala Lumpur broker blamed the dip on concern over China's slowing economy. Chinese stock markets tumbled 7% in their opening session on Monday, driven by weak factory activity surveys and a depreciating yuan.
December's palm exports from Malaysia, the world's second-biggest producer of palm oil by volume, fell 5%–6% compared to the month before.
But another trader said market sentiment remained uncertain as traders weighed slowing Chinese demand against an expected fall in palm production and the ringgit weakening 1.1% to 4.3890 against the dollar on Wednesday.
Palm oil's traded volume stood at 35,812 lots of 25 tonnes each at the market's close.
Palm oil is expected to fall to RM2,392 per tonne, as it has cleared a support at RM2,434, said Reuters market analyst for commodities Wang Tao.
In competing vegetable oil markets, the US March soyoil contract fell 0.2% while the May soybean oil contract on theDalian Commodity Exchange lost 0.9%.
Palm, soy and crude oil prices at 1049 GMT
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| Contract | Month | Last | Change | Low | High | Volume |
| MY PALM OIL | JAN6 | 2284 | -7.00 | 2248 | 2284 | 56 |
| MY PALM OIL | FEB6 | 2372 | -7.00 | 2338 | 2385 | 2525 |
| MY PALM OIL | MAR6 | 2454 | -6.00 | 2418 | 2466 | 21596 |
| CHINA PALM OLEIN | MAY6 | 4724 | -86.00 | 4722 | 4842 | 1517222 |
| CHINA SOYOIL | MAY6 | 5620 | -52.00 | 5616 | 5706 | 681138 |
| CBOT SOY OIL | MAR6 | 29.75 | +1.70 | 29.60 | 29.80 | 5698 |
| INDIA PALM OIL | JAN6 | 410.30 | +1.70 | 406.50 | 411.70 | 1884 |
| INDIA SOYOIL | JAN6 | 605.30 | -4.55 | 605.00 | 609.00 | 23030 |
| NYMEX CRUDE | FEB6 | 35.06 | -0.91 | 34.80 | 36.39 | 70314 |
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 = RM4.3890)
(US$1 = 66.7750 Indian rupees)
(US$1 = 6.5548 Chinese yuan)
[/size]
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