Palm flat as firmer crude counters weaker rival oils, exports
Updates midday prices
SINGAPORE, Aug 14 (Reuters) -Malaysian palm oil futures traded within a narrow range on Wednesday after touching their lowest in more than seven months, as investors weighed tighter inventories and firmer crude oil prices against weaker exports data and rival Dalian contracts.
The benchmark palm oil contract FCPOc3 for October delivery on the Bursa Malaysia Derivatives Exchange held its ground at 3,693 ringgit ($834.95) a metric ton by the midday break.
It hit an intraday low of 3,638 ringgit, its weakest level since Jan. 9 earlier in the session.
The Malaysian Palm Oil Board said on Monday inventories in the world's second-largest producer shrank to a four-month low in July. Analysts and traders expect a slowdown in demand to help stocks recover during the coming peak harvest season.
Oil prices climbed on Wednesday on estimates about shrinking inventories of U.S. crude and gasoline as the market watched for a possible widening of the Middle Eastern war, which could curtail global oil supplies. O/R
Stronger crude oil futures make palm a more attractive option for biodiesel feedstock.
Malaysian palm oil exports for Aug. 1-10 fell 13.2% from a month earlier, according to estimates by cargo surveyor Societe Generale de Surveillance on Tuesday.
Dalian's most-active soyoil contract DBYcv1 weakened 1.9%, while its palm oil contract DCPcv1 dropped 1.4%. Soyoil prices on the Chicago Board of Trade BOcv1 were up 0.9% after two days of decline.
Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
The Malaysian ringgit MYR=, palm's currency of trade, strengthened 0.47% against the dollar. A stronger ringgit makes palm oil less attractive for foreign currency holders.
A bullish target range of 3,784 ringgit to 3,819 ringgit per ton has been aborted for palm oil, as the contract is poised to break support at 3,671 ringgit, said Reuters technical analyst Wang Tao. TECH/C
($1 = 4.4230 ringgit)
Reporting by Gabrielle Ng; Editing by Subhranshu Sahu and Sherry Jacob-Phillips
For a table on Malaysian physical palm oil prices, including refined oil, Reuters Terminal users can double click on or type OILS/MY01.
* To view freight rates from Peninsula Malaysia/Sumatra to China, India, Pakistan and Rotterdam, please key in OILS/ASIA2 and press enter, or double click between the brackets.
* Reuters Terminal users can see cash and futures edible oil prices by double clicking on the codes in the brackets: To go to the next page in the same chain, hit F12. To go back, hit F11.
Vegetable oils OILS/ASIA1
Malaysian palm oil exports SGSPALM1
CBOT soyoil futures 0#BO:
CBOT soybean futures 0#S:
Indian solvent SOLVENT01
Dalian Commodity Exchange DC/MENU
Dalian soyoil futures 0#DBY:
Dalian refined palm oil futures 0#DCP:
Zhengzhou rapeseed oil 0#COI:
European edible oil prices/trades OILS/E
Aset Berkaitan
Berita Terkini
Penafian: Entiti XM Group menyediakan perkhidmatan pelaksanaan sahaja dan akses ke Kemudahan Dagangan Atas Talian, yang membolehkan sesorang melihat dan/atau menggunakan kandungan yang ada di dalam atau melalui laman web, tidak bertujuan untuk mengubah atau memperluas, juga tidak mengubah atau mengembangkannya. Akses dan penggunaan tersebut tertakluk kepada: (i) Terma dan Syarat; (ii) Amaran Risiko; dan Penafian Penuh. Oleh itu, kandungan sedemikian disediakan tidak lebih dari sekadar maklumat umum. Terutamanya, perlu diketahui bahawa kandungan Kemudahan Dagangan Atas Talian bukan permintaan, atau tawaran untuk melakukan transaksi dalam pasaran kewangan. Berdagang dalam mana-mana pasaran kewangan melibatkan tahap risiko yang besar terhadap modal anda.
Semua bahan yang diterbitkan di Kemudahan Dagangan Atas Talian kami bertujuan hanya untuk tujuan pendidikan/maklumat dan tidak mengandungi – dan tidak boleh dianggap mengandungi nasihat kewangan, cukai pelaburan atau dagangan dan cadangan, atau rekod harga dagangan kami, atau tawaran, atau permintaan untuk suatu transaksi dalam sebarang instrumen kewangan atau promosi kewangan yang tidak diminta kepada anda.
Sebarang kandungan pihak ketiga serta kandungan yang disediakan oleh XM, seperti pendapat, berita, penyelidikan, analisis, harga, maklumat lain atau pautan ke laman web pihak ketiga yang terdapat dalam laman web ini disediakan berdasarkan "seadanya" sebagai ulasan pasaran umum dan bukanlah nasihat pelaburan. Sesuai dengan apa-apa kandungan yang ditafsir sebagai penyelidikan pelaburan, anda mestilah ambil perhatian dan menerima bahawa kandungan tersebut tidak bertujuan dan tidak sediakan berdasarkan keperluan undang-undang yang direka untuk mempromosikan penyelidikan pelaburan bebas dan oleh itu, ia dianggap sebagai komunikasi pemasaran di bawah peraturan dan undang-undang yang berkaitan. SIla pastikan bahawa anda telah membaca dan memahami Notifikasi mengenai Penyelidikan Pelaburan Bukan Bebas dan Amaran Risiko mengenai maklumat di atas yang boleh diakses di sini.
