Malaysian Palm Oil Council Russia's Post

VEGOILS-Palm oil hits near 2-week low on weak Dec export view

KUALA LUMPUR, Dec 15 (Reuters) - Malaysian palm oil futures hit a near two-week low on Wednesday, dragged by weakness in rival edible oils and expectations for a drop in exports during the first half of December.

Extending losses to a third day, the benchmark palm oil contract FCPOc3 for February delivery on the Bursa Malaysia Derivatives Exchange slid 106 ringgit, or 2.26%, to 4,593 ringgit ($1,084.53) a tonne during early trade.
It fell 0.72% during overnight trade.

FUNDAMENTALS
Traders are expecting export shipments during the first half of December to decline 5.7% from the month before. Cargo surveyors are scheduled to release their estimates later in the day.

Rapeseed output in India is likely to rise as much as 29.4% this year as farmers plant more area with the winter-sown oilseed, which will help the world's biggest importer of vegetable oils to reduce expensive imports.

Dalian's most-active soyoil contract DBYcv1 fell 1.2%, while its palm oil contract DCPcv1 lost 1.6%. Soyoil prices on the Chicago Board of Trade BOcv1 were down 0.4%.

Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.

Palm oil may fall to 4,555 ringgit per tonne, driven by a wave a, Reuters technical analyst Wang Tao said.

MARKET NEWS
Asian markets stood still on Wednesday as the world waited to hear from the U.S. Federal Reserve on when it would stop buying assets and start raising interest rates, possibly piling pressure on its peers to follow.
By: via Malaysian Palm Oil Council Russia