VEGOILS-Palm prices down as Malaysia export tax policy weighs
JAKARTA, March 23 (Reuters) - Malaysian palm oil futures slid slightly in early trade on Friday, as disappointment lingered over the government's decision to resume taxing exports of the edible oil. The benchmark palm oil contract for June delivery on the Bursa Malaysia Derivatives Exchange fell 0.73 percent to 2,432 ringgit ($621.20) per tonne at the midday break. Prices held relatively flat from the week before, inching up just 0.57 percent on week. Trading volumes were thin at 23,143 lots of 25 tonnes each. <1FCPO-TOT> "The market is factoring in news that the government will not extend the suspension of export tax," said David Ng of Phillip Futures in Kuala Lumpur. "This means exports ahead could be softer as buyers shift over to Indonesia," he added. Malaysia had suspended duties on palm oil exports for three months, and this week announced it would once again impose a duty of 5 percent. Indonesia and Malaysia are the world's two biggest producers of palm oil. In other related oils, the May soybean oil contract on the Chicago Board of Trade was up 0.16 percent. On the Dalian Commodity Exchange, the May soybean oil contract inched up 0.18 percent, while the May palm oil contract slid 0.39 percent. Palm oil prices track the performances of other edible oils, as they compete for a share in the global vegetable oils market. Palm, soy and crude oil prices as of 0500 GMT Contract Month Last Change Low High Volume MY PALM OIL APR8 2425 -20.00 2420 2430 110 MY PALM OIL MAY8 2438 -15.00 2432 2449 2571 MY PALM OIL JUN8 2432 -18.00 2427 2446 9037 CHINA PALM OLEIN MAY8 5118 -20.00 5066 5132 237886 CHINA SOYOIL MAY8 5680 +10.00 5640 5720 349878 CBOT SOY OIL MAY8 31.93 +0.05 31.79 31.98 4712 INDIA PALM OIL MAR8 644.40 -0.70 643.20 644.5 28 INDIA SOYOIL APR8 782.9 -1.40 782.5 784.95 1590 NYMEX CRUDE MAY8 64.99 +0.69 64.11 65.42 87486 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 For a table on Malaysian physical palm oil prices, including refined oil, Reuters Terminal users can double click on or type OILS/MY01. * To view freight rates from Peninsula Malaysia/Sumatra to China, India, Pakistan and Rotterdam, please key in OILS/ASIA2 and press enter, or double click between the brackets. * Reuters Terminal users can see cash and futures edible oil prices by double clicking on the codes in the brackets: To go to the next page in the same chain, hit F12. To go back, hit F11. Vegetable oils -- OILS/ASIA1 Malaysian palm oil exports -- SGSPALM1 CBOT soyoil futures -- 0#BO: CBOT soybean futures -- 0#S: Indian solvent -- SOLVENT01 Weekly Indian vegetable oils -- OILS/IN Dalian Commodity Exchange -- DC/MENU Dalian soyoil futures -- 0#DBY: Dalian refined palm oil futures -- 0#DCP: Zhengzhou rapeseed oil -- 0#COI: European edible oil prices/trades -- OILS/E ($1 = 3.9150 ringgit) (Reporting by Kanupriya Kapoor; Editing by Sunil Nair)
