VEGOILS-Palm extends losses, hits over 1-month low on weaker soyoil
* Palm hits intraday and one-month low of 2,475 rgt/T
* Slow demand once Ramadan fasting begins also weighing on
market
* Palm may stabilise in 2,496-2,506 rgt/T support zone -
charts
(Updates with closing prices)
By Emily Chow
KUALA LUMPUR, May 30 (Reuters) - Malaysian palm oil futures
on Tuesday dipped to their lowest in a month, tracking weaker
performing soyoil on the Chicago Board of Trade.
The benchmark palm oil contract for August delivery
on the Bursa Malaysia Derivatives Exchange was down
0.5 percent at 2,504 ringgit ($584.91) a tonne at the close of
trade. It earlier touched 2,475 ringgit, its lowest since April
25, charting a third straight session of declines.
Traded volumes stood at 48,965 lots of 25 tonnes each on
Tuesday evening.
"Soybean oil came off on Friday and also on overnight
trade," said a Kuala Lumpur-based futures trader. He said a
fading demand for palm oil once Ramadan fasting begins was also
leading to market to decline.
Ramadan, which began on Saturday, sees Muslims in regions
such as India, Pakistan and the Middle East, break day-long
fasts with communal feasting. This incurs a higher usage of palm
oil for cooking.
Buyers usually stock up on the tropical oil a month ahead of
Ramadan, hence demand slows once the fasting begins.
Palm oil also takes direction from related edible oil soy as
they compete for a share of the global vegetable oils market.
Soybean oil on the Chicago Board of Trade was down
0.3 percent, while China's Dalian Commodity Exchange is closed
for a public holiday.
The August palm oil contract may try to stabilize in a
support zone of 2,496-2,506 ringgit per tonne, and then bounce
towards a resistance 2,539 ringgit, according to Reuters analyst
for commodities and energy technicals Wang Tao.
Palm, soy and crude oil prices at 1055 GMT
Contract Month Last Change Low High Volume
MY PALM OIL JUN7 2752 -30.00 2736 2798 1127
MY PALM OIL JUL7 2610 -16.00 2584 2643 4263
MY PALM OIL AUG7 2502 -12.00 2475 2532 21997
CHINA PALM OLEIN SEP7 0 +0.00 0 0 0
CHINA SOYOIL SEP7 0 +0.00 0 0 0
CBOT SOY OIL JUL7 31.5 -0.10 31.4 31.64 7843
INDIA PALM OIL MAY7 512.20 -0.30 511.60 512.5 412
INDIA SOYOIL JUN7 617.25 -0.05 614.2 617.65 13670
NYMEX CRUDE JUL7 49.57 -0.23 49.44 50.28 243250
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 = 4.2810 ringgit)
($1 = 64.6350 Indian rupees)
($1 = 6.8525 Chinese yuan)
(Reporting by Emily Chow; Editing by Sherry Jacob-Phillips and
David Evans)
