VEGOILS — Palm oil eases on weakness in rival oils; remains on track for weekly gain
By Dewi Kurniawati JAKARTA, Sept 18 (Reuters) — Malaysian palm oil futures fell on Friday, weighed down by weakness in rival edible oils on the Dalian and Chicago exchanges, although the benchmark contract remained on track for a weekly gain. The benchmark palm oil contract for December delivery on the Bursa Malaysia Derivatives Exchange fell 21 ringgit, or 0.43%, to 4,915 ringgit ($1,205.54) a metric ton in early trade. The contract has gained 2.12% so far this week. Fundamentals Dalian's most-active soyoil contract fell 1.52%, while its palm oil contract lost 1.59%. Soyoil prices on the Chicago Board of Trade were down 0.56%. Palm oil tracks rival edible oils, as it competes for a share of the global vegetable oils market. Palm oil output in Indonesia's major producing region, Kalimantan, could fall by 12% to 15% in the fourth quarter, with plantations hit by prolonged dry weather and widespread fires, an analyst said on Wednesday. India, the world's biggest vegetable oils importer, is considering lowering import taxes on the commodities to curb food inflation, two government and two industry sources said on Wednesday, as the peak demand festival season gets underway. The ringgit
By Dewi Kurniawati JAKARTA, Sept 18 (Reuters) — Malaysian palm oil futures fell on Friday, weighed down by weakness in rival edible oils on the Dalian and Chicago exchanges, although the benchmark contract remained on track for a weekly gain. 54) a metric ton in early trade. 12% so far this week. 59%.
56%. Palm oil tracks rival edible oils, as it competes for a share of the global vegetable oils market. Palm oil output in Indonesia's major producing region, Kalimantan, could fall by 12% to 15% in the fourth quarter, with plantations hit by prolonged dry weather and widespread fires, an analyst said on Wednesday. India, the world's biggest vegetable oils importer, is considering lowering import taxes on the commodities to curb food inflation, two government and two industry sources said on Wednesday, as the peak demand festival season gets underway.
46% against the dollar, making the commodity more expensive for buyers holding foreign currencies. Oil prices fell about 1%, extending losses for a third session, but stayed above $100 on Friday, as hopes of alternate ways for barrels from the Middle East to reach markets outweighed concerns about strikes between Saudi Arabia and Yemen's Houthis. O/R Weaker crude oil futures make palm a less attractive option for biodiesel feedstock. Palm oil FCPOc3 may test a support at 4,900 ringgit per metric ton, a break below which could open the way toward the 4,841-4,865 ringgit range, Reuters technical analyst Wang Tao said.
TECH/C Market News Asian stocks rose, and the dollar held its ground on Friday as investors contended with global policymakers ramping up efforts to rein in inflation, with a dip in oil prices improving sentiment ahead of an expected rate hike from the Bank of Japan. com)