By Emily Chow
KUALA LUMPUR (Reuters) - Malaysian palm oil futures slipped in early trade on Tuesday, tracking overnight losses in U.S. soyoil and on weak export data from a cargo surveyor.
The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange was down 0.5 percent at the midday break at 2,181 ringgit ($537.46) a tonne.
Palm oil has declined 6.2 percent so far this year, in what could be its sharpest monthly drop since November. [POI/]
Trading volume stood at 16,415 lots of 25 tonnes each at Tuesday noon.
"Palm opened lower mirroring the overnight drop in rival soyoil," according to a Kuala Lumpur-based futures trader, adding that the market was also cautious ahead of July export data from another cargo surveyor.
Palm oil exports in July fell 3.9 percent on a monthly basis, inspection company AmSpec Agri Malaysia reported on Tuesday. [PALM/AAM]
Cargo surveyor Societe Generale de Surveillance is scheduled to release its July export data after 0700 GMT.
In other related oils, the Chicago December soybean oil contract declined 0.6 percent on Monday, but was up 0.1 percent on Tuesday.
The September soybean oil contract on China's Dalian Commodity Exchange rose 0.4 percent and the Dalian September palm oil contract traded flat.
Palm oil prices are influenced by the performance of other edible oils as they compete for a share in the global vegetable oils market.
Palm oil is biased to drop to a support at 2,149 ringgit per tonne, as it failed to break a resistance at 2,218 ringgit, according to Reuters market analyst for commodities and energy technicals Wang Tao.
Palm, soy and crude oil prices at 0450 GMT
Contract Month Last Change Low High Volume
MY PALM OIL AUG8 2115 -14.00 2115 2122 123
MY PALM OIL SEP8 2150 -21.00 2150 2175 2274
MY PALM OIL OCT8 2181 -11.00 2181 2197 5688
CHINA PALM OLEIN JAN9 4858 +12.00 4838 4868 159304
CHINA SOYOIL JAN9 5816 +18.00 5808 5836 180828
CBOT SOY OIL DEC8 28.88 +0.03 28.86 28.95 1096
INDIA PALM OIL JUL8 617.90 -0.20 617.90 618 79
INDIA SOYOIL AUG8 742 -1.10 740.25 742.5 840
NYMEX CRUDE SEP8 69.82 -0.31 69.55 70.22 29475
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
($1 = 4.0580 ringgit)
($1 = 68.6125 Indian rupees)
($1 = 6.8204 Chinese yuan)
(Reporting by Emily Chow; Editing by Subhranshu Sahu)
Disclaimer: No Business Standard Journalist was involved in creation of this content
