* Palm in line for second week of declines
* Palm oil may fall into 1,956-1,972 rgt/T range - techs
By Emily Chow
KUALA LUMPUR, Dec 7 (Reuters) - Malaysian palm oil futures
were down at the midday break on Friday, set to chart a second
week of losses, weighed down by weakness in related edible oils
and crude oil.
The benchmark palm oil contract for February delivery
on the Bursa Malaysia Derivatives Exchange declined
0.4 percent at 1,997 ringgit ($480.16) a tonne at the midday
It had fallen to a one-week low in its previous session, and
is down 2.1 percent for the week so far.
Trading volumes stood at 16,574 lots of 25 tonnes each at
the midday break. (1FCPO-TOT)
"Continuous weakness in competing vegetable oils and the
energy front is likely to weigh in and pressure palm prices,"
said a Kuala Lumpur based trader, referring to soyoil on the
U.S. Chicago Board of Trade and China's Dalian Commodity
Palm oil prices are impacted by movements in crude oil, as
it is used as feedstock to make biodiesel.
Oil prices fell on Friday, pulled down by OPEC's decision to
delay a final decision on output cuts, awaiting support from
non-OPEC heavyweight Russia.
Palm oil prices had been down for most of the week on
expectations of stockpiles touching 3 million tonnes and as
Indonesia officially implemented relaxed rules on its palm oil
export levies. The move was to aid its oil palm farmers and
boost exports, but would result in Malaysian palm oil being less
In other related oils, the Chicago December soybean oil
contract was down 0.1 percent, while the January soybean
oil contract on the Dalian Commodity Exchange fell 1.8
Meanwhile, the Dalian January palm oil contract
declined 1.2 percent.
Palm oil is impacted by movements of other edible oils, as
they compete for a share in the global vegetable oil market.
A bearish target range of 1,956-1,972 ringgit per tonne
remains unchanged for palm oil, said Wang Tao, a Reuters market
analyst for commodities and energy technicals.
Palm, soy and crude oil prices at 0523 GMT:
Contract Month Last Change Low High Volume
MY PALM OIL DEC8 1782 -10.00 1777 1782 36
MY PALM OIL JAN9 1917 +2.00 1902 1921 1163
MY PALM OIL FEB9 1997 -8.00 1987 2003 8117
CHINA PALM OLEIN JAN9 4164 -52.00 4162 4224 69586
CHINA SOYOIL JAN9 5270 -94.00 5260 5370 147060
CBOT SOY OIL DEC8 28.45 -0.02 28.45 28.45 2
INDIA PALM OIL DEC8 492.00 -0.50 491.50 492.8 34
INDIA SOYOIL DEC8 736.8 -0.55 736.2 737.75 430
NYMEX CRUDE JAN9 51.21 -0.28 51.09 51.77 44592
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 = 4.1590 ringgit)
($1 = 70.4800 Indian rupees)
($1 = 6.8733 Chinese yuan)
(Reporting by Emily Chow; Editing by Amrutha Gayathri)