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KUALA LUMPUR (July 24): Malaysian palm oil futures fell to their lowest in a week in early trade on Tuesday, in line for a second consecutive session of losses, on expectations that production will rise in the coming weeks.
Bursa Malaysia Derivatives Exchange was down 0.3% to 2,162 ringgit (US $ 531.86) a ton at the midday break. It was estimated that it has fallen to 2.158 ringgit, its lowest levels since July 16.
Trading volume stood at 14,694 lots of 25 tons each at noon.
"The market is down on it," said a future trader in Singapore, adding that the day of publication is scheduled for release on Wednesday.
A rise in palm oil output, which seasonally begins in the third quarter of the year, typically adds to the inventory levels and weighs on prices.
Increasing exports could help reduce stockpiles. Malaysian shipment data for cargo surveyors for the July 1-25 period is scheduled for release after 0300 GMT on Wednesday.
Weakness in other edible oils is also dampening sentiment for palm, a further trader. Palm oil prices are usually affected by the performance of other edible oils, as they compete for a share in the global vegetable oils market.
In other related oils, the Chicago December soybean oil contract fell 0.1%, while the September soybean oil China Dalian Commodity Exchange
declined 0.3%.
Meanwhile, the Dalian oil palm contract was down 0.3%.
Palm oil may break a support at 2.149 ringgit per ton and fall to the next support at 2,123 ringgit, said Reuters Wang Tao, market analyst for commodities and energy technicals
Palm, soy and crude oil at 0432 GMT
| Contract | Month | Last [19659013] Change | Low | High | Volume | |
| MY PALM OIL | AUG8 | 2111 | -19.00 | 2109 | 2126 | 156 |
| MY PALM OIL | SEP8 | 2156 | -7.00 | 2152 | 2161 [19] 659013] 1436 | |
| MY PALM OIL | OCT8 | 2162 | -7.00 | 2158 | 2167 | 5693 |
| CHINA PALM OLEIN | SEP8 | 4666 | ] -14.00 | 4622 | 4672 | 126592 |
| CHINA SOYOIL | SEP8 | 5506 | -16.00 | 5474 | 5518 | 106284 |
| CBOT SOY OIL | DEC8 | 28.28 | -0.04 | 28.22 | 28.35 | 2134 |
| INDIA PALM OIL | JUL8 | 0.00 | +0.00 | 0.00 [19659013] 0 | 0 | |
| INDIA SOYOIL | AUG8 | 744.7 | -1.75 | 744.7 | 745.3 | 220 |
| NYMEX CRUDE | SEP8 | 67.65 | -0.24 | 67.56 | 67.92 | 22690 |
Palm oil in Malaysian ringgit per ton
CBOT oil in US cents per pound
Dalian oil and RBD palm oil in Chinese yuan per ton
India soy oil in Indian rupees per 10 kg
Crude in US dollars per barrel
(US $ 1 = 4.0650 ringgit)
(US $ 1 = 68.9250 Indian rupees)
US $ 1 = 6,8088 Chinese yuan)
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