VEGOILS-Palm flat at midday break as ringgit strengthens
* Palm down 1 percent so far on-week
* Weaker related edible oils also weigh on market - trader
* Palm may bounce to 2,274 ringgit/tonne - technicals
By Emily Chow
KUALA LUMPUR, Sept 14 (Reuters) - Malaysian palm oil futures
were flat at Friday's midday break after earlier hitting a
two-week low on the back of a stronger ringgit and weaker
related edible oils.
A stronger ringgit usually makes palm oil more expensive for
holders of foreign currencies. The ringgit, palm's currency of
trade, strengthened 0.1 percent to 4.1380 against the dollar on
Friday noon.
The benchmark palm oil contract for November delivery
on the Bursa Malaysia Derivatives Exchange was flat at
2,243 ringgit ($541.85) a tonne at noon after falling to 2,230
ringgit earlier in the session, its weakest since Aug. 30.
The market is also down 1 percent for the week so far, in
line for its sharpest weekly decline since mid-July.
Trading volumes stood at 25,194 lots of 25 tonnes each at
noon. (1FCPO-TOT)
"The market eased earlier in the session tracking overnight
weakness in soyoil on the Chicago Board of Trade and weak
Dalian, along with a firmer ringgit," said a Kuala Lumpur-based
trader, referring to palm oil and soyoil on China's Dalian
Commodity Exchange.
"Covering interest ahead of a long weekend holiday pushed
prices up to end flat."
Malaysian markets will be closed on Monday for a national
holiday, and will resume trading on Sept. 18.
In other related oils, the Chicago September soybean oil
contract fell 0.7 percent on Thursday after U.S.
President Donald Trump said the United States was under no
pressure to make a trade deal with China, the biggest buyer of
the oilseed.
Meanwhile the January soybean oil contract on China's Dalian
Commodity Exchange dropped 0.2 percent, and the Dalian
January palm oil contract was 0.5 percent lower.
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 may bounce to 2,274 ringgit, as it has stabilized
around a support at 2,227 ringgit per tonne, said Wang Tao, a
Reuters market analyst for commodities and energy technicals.
Palm, soy and crude oil prices at 0456 GMT
Contract Month Last Change Low High Volume
MY PALM OIL SEP8 2206 +1.00 2205 2219 206
MY PALM OIL OCT8 2227 +1.00 2217 2233 1642
MY PALM OIL NOV8 2243 +0.00 2230 2243 10877
CHINA PALM OLEIN JAN9 4868 -24.00 4864 4890 161264
CHINA SOYOIL JAN9 5846 -10.00 5832 5866 219554
CBOT SOY OIL SEP8 27.44 +0.00 0 0 5
INDIA PALM OIL SEP8 595.70 +0.00 594.90 596 42
INDIA SOYOIL SEP8 734.55 -2.35 734.45 736.55 820
NYMEX CRUDE OCT8 68.80 +0.21 68.70 68.91 16085
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 = 4.1395 ringgit)
($1 = 71.7950 Indian rupees)
($1 = 6.8528 Chinese yuan)
(Reporting by Emily Chow; Editing by Sunil Nair)