Palm falls from six-month high on weaker related oils

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Malaysian palm oil futures were down at the midday break on Tuesday, easing from an over six-month high hit in the previous session, tracking weaker related oils on the U.S. Chicago Board of Trade and China's Dalian Commodity Exchange.




The benchmark palm oil contract for November delivery on the Bursa Malaysia Derivatives Exchange was last down 0.9% at 2,249 ringgit ($536.75) per tonne around noon, on pace to snap five days of gains.

The contract rose to 2,312 ringgit, its strongest levels since Feb. 8, in the previous session.

Palm oil may fall to 2,243 ringgit per tonne, as it has broken a support at 2,286 ringgit, said Wang Tao, a Reuters market analyst for commodities and energy technicals.

"The current weakness in competing for vegetable oils are dragging on prices," said a Kuala Lumpur-based trader.

U.S. soyoil futures on the Chicago Board of Trade was last down 0.3% and the September soyoil contract on the Dalian exchange fell 0.7% on Tuesday.

The Dalian September palm oil contract also fell 1.4%.

Meanwhile, India's trade ministry on Monday recommended raising the tax on refined palm oil imports from Malaysia to 50% from 45% to curb cheaper purchases of the commodity, a government document said.

India, the world's biggest edible oil importer, currently imposes a 40% import tax on crude palm oil and 50% on refined palm oils. But refined palm oil shipments from Malaysia have been taxed at 45% since January, under an agreement between the two countries.

The change in duty structure led to a jump in Malaysia's refined palm oil exports to India in the first half of 2019 from the same period a year earlier, according to data from the Malaysian Palm Oil Board.

($1 = 4.1900 ringgit)

($1 = 71.4920 Indian rupees)

($1 = 7.0928 Chinese yuan)



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