VEGOILS-Palm edges down on firmer ringgit, weaker related oils
* Palm drops after three straight sessions of gains
* Uncertainties about U.S.-China trade talks weigh - trader
* Palm oil still targets 2,269-2,277 rgt/t range -
Technicals
(Updates with closing prices)
By Emily Chow
KUALA LUMPUR, Aug 21 (Reuters) - Malaysian palm oil futures
edged lower on Tuesday evening after three straight sessions of
gains, pressured by a stronger ringgit and weaker related edible
oils.
The benchmark palm oil contract for November delivery
on the Bursa Malaysia Derivatives Exchange was down
0.6 percent at 2,241 ringgit ($545.92) a tonne at the end of the
trading day.
Trading volumes stood at 53,047 lots of 25 tonnes each at
the close of trade. (1FCPO-TOT)
"The market is lower, tracking weaker soyoil and as the
ringgit is firmer," said a futures trader in Kuala Lumpur.
The ringgit was last up 0.1 percent at 4.0960 per
dollar. Gains in the ringgit, the currency of trade for
palm oil, typically make the vegetable oil more expensive for
foreign buyers, thus limiting demand.
Uncertainties surrounding trade talks between China and the
United States have contributed to the bearish trading sentiment
in the palm market, said another trader.
U.S. soybean and soyoil prices were down earlier after U.S.
President Donald Trump told Reuters on Monday he did not expect
much progress from trade talks with China this week in
Washington.
In other related oils, the Chicago December soybean oil
contract was last up 0.1 percent, while the January
soybean oil contract on China's Dalian Commodity Exchange
declined 0.1 percent.
Meanwhile, the Dalian January palm oil contract
edged down 0.04 percent.
Palm oil prices are impacted by movements of other edible
oils, as they compete for a share in the global vegetable oils
market.
Palm oil is still targeting a range of 2,269-2,277 ringgit
per tonne as it has cleared a resistance at 2,240 ringgit, said
Wang Tao, a Reuters market analyst for commodities and energy
technicals.
Palm, soy and crude oil prices at 1055 GMT
Contract Month Last Change Low High Volume
MY PALM OIL SEP8 2205 -10.00 2202 2215 373
MY PALM OIL OCT8 2221 -14.00 2216 2239 6174
MY PALM OIL NOV8 2240 -14.00 2236 2260 19304
CHINA PALM OLEIN JAN9 4948 +2.00 4906 4956 236304
CHINA SOYOIL JAN9 5884 -4.00 5848 5896 325684
CBOT SOY OIL DEC8 28.91 +0.04 28.61 28.94 4693
INDIA PALM OIL AUG8 601.80 -2.20 601.20 603.7 550
INDIA SOYOIL SEP8 741.05 -1.60 740 742.4 5360
NYMEX CRUDE SEP8 66.95 +0.52 66.52 66.98 1285
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 = 4.1050 ringgit)
($1 = 70.0900 Indian rupees)
($1 = 6.8740 Chinese yuan)
(Reporting by Emily Chow; Editing by Subhranshu Sahu and Mark
Potter)