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Vegoils: Malaysian palm oil extends losses, hits one-month low

Reuters  |  JAKARTA 

By Kanupriya Kapoor

JAKARTA (Reuters) - Malaysian futures extended a downward trend, closing 0.3 percent lower on Monday as weak demand weighed on prices.

The contract for August delivery on the Bursa Derivatives Exchange hit a low of 2,345 ringgit ($588) before recovering to close at 2,358 ringgit ($592) by the end of trade, the lowest since May 7.

Trading volumes were thin at 25,645 lots of 25 tonnes each.

David Ng, a at Phillip Futures, said "lacklustre demand" was primarily to blame. "The imposition of export tax at 5 percent could dampen some demand going forward," he added.

The reinstated export tax last month after a three-month hiatus.

Demand for showed further signs of weakness on Monday, as Malaysia's exports between June 1 and 10 stood at 324,947 tonnes, down 20 percent from the same period a month earlier.

In other related oils, the July on the dropped 0.3 percent, while the September on the Commodity Exchange fell 0.6 percent.

Palm track the performances of other edible oils, as they compete for a share in the global vegetable oils market.

Palm, soy, and as of 1054 GMT

Contract Month Last Change Low High Volume

MY PALM OIL JUN8 2359 -19.00 2349 2371 158

MY PALM OIL JUL8 2362 -7.00 2347 2367 2307

MY PALM OIL AUG8 2358 -8.00 2345 2367 10622

PALM OLEIN SEP8 4964 -34.00 4960 4998 186830

SOYOIL SEP8 5738 -36.00 5708 5760 288084

CBOT JUL8 30.45 -4.90 30.41 30.52 4211

PALM OIL JUN8 640.60 -4.90 638.30 645.50 1199

SOYOIL JUN8 739.60 -8.70 739.50 749.60 6930

NYMEX CRUDE JUL8 64.98 -0.76 64.89 65.74 123004

* Palm in Malaysian ringgit per tonne

* CBOT in U.S. cents per pound

* and RBD palm olein in Chinese yuan per tonne

* soy oil in Indian rupee per 10 kg

* Crude in U.S. dollars per barrel

For a table on Malaysian physical palm oil prices, including refined oil, Terminal users can double click on or type OILS/MY01.

* To view freight rates from to China, India, and Rotterdam, please key in OILS/ASIA2 and press enter, or double click between the brackets.

* Terminal users can see cash and 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 -- SGSPALM1

CBOT soyoil futures -- 0#BO:

CBOT soybean futures -- 0#S:

Indian solvent -- SOLVENT01

Weekly Indian vegetable oils -- OILS/IN

Commodity Exchange -- DC/MENU

Dalian soyoil futures -- 0#DBY:

Dalian refined -- 0#DCP:

-- 0#COI:

European -- OILS/E

($1 = 3.9860 ringgit)

($1 = 67.3700 Indian rupees)

($1 = 6.4047 Chinese yuan)

(Editing by Amrutha Gayathri and Edmund Blair)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Mon, June 11 2018. 16:39 IST