Malaysian palm oil futures down

Malaysian crude palm futures closed marginally lower on Monday as export data failed to impress the market and players booked profit. But losses were limited by rival soyabean oil, which gained on the Chicago Board of Trade, dealers said.
The benchmark August contract finished down 8 ringgit to 2,362 ringgit ($697) a tonne, after touching an intra-day low of 2,345 ringgit. "The export data was within expectations but it was nothing significant," one dealer said. "Some players are profit-taking because there are no new leads at the moment to keep them interested." "Strong soyaoil on Friday has supported the market as well," another trader said.
The palm oil market has gained more than 18 percent this year after surging 40 percent in 2006 on the back of demand from the bodiless and food sectors. Other traded months fell between 6 and 12 ringgit, except for the September contract, which was up 3 ringgit.
Overall volume fell to 8,135 lots of 25 tonnes from around the 12,000 lots that change hands on a routine day. On Friday, soyaoil futures at the Chicago Board of Trade made contract highs across the board as funds expanded their net longs amid rising demand for soyaoil to produce bodiless.
The July contract ended 0.16 cent higher at 35.15 cents per lb., following its rise to a contract high of 35.32 cents. In electronic trade during Asian hours on Monday, the July contract was 0.13 cent higher at 35.28 cents a lb.
Malaysian palm oil usually follows the US soyaoil market because both commodities are used in products ranging from food osmotic to bodiless. The Malaysian Palm Oil Board said April closing stocks fell 11.65 percent to 1,181,320 tonnes, the lowest in almost three years.
It said palm oil output in April rose 4.11 percent, less than expected, and exports showed steady growth of 5.9 percent. Exports of Malaysian palm oil products for May 1-20 fell 3.7 percent to 775,979 tonnes from 806,154 tonnes shipped between April 1 and 20, cargo surveyor Interlake Testing Services said. Another surveyor, Society General de Surveillance, said exports during the period rose 1.3 percent to 799,579 tonnes from 789,644 tonnes shipped between April 1 and 20.
Dealers say the decline in exports was marginal and buying from India and China was expected to pick up. In the physical market, crude palm oil for May shipment in the southern region was quoted at 2,530/2,540 ringgit a tonne. Trades were done between 2,530 and 2,535 ringgit.