12:13, 24.08.2015 — Новости
автор: Reuters

Palm trades at nearly 6-1/2-year low on Chinese economic woes


* Chinese woes dominate markets, weigh on palm

* Further palm weakness expected in global sell-off

* Palm touches 1,904 ringgit, lowest since March 2009

JAKARTA, Aug 24 - Malaysian palm oil futures

extended earlier losses to fall more than 4 percent on Monday as

the tropical oil tracked other global markets lower on concerns

about the Chinese economy.

The benchmark palm oil contract for November on

the Bursa Malaysia Derivatives Exchange traded 3.5 percent lower

at 1,917 ringgit ($453) a tonne at 0830 GMT.

Palm oil has sunk 10 percent this month and is now trading

at its lowest level in nearly six-and-a-half years.

"It's a bloodbath all over," said a trader with a foreign

commodities brokerage in Kuala Lumpur. "Spillover weakness from

the meltdown in global equities and commodities.

Palm earlier fell to 1,904 ringgit, its lowest level since

March 19, 2009.

Traded volume stood at 39,199 lots of 25 tonnes each, well

above the roughly 35,000 lots usually traded by the close.

Alarm bells rang across world markets as a 9 percent dive in

Chinese shares and a sharp drop in the dollar and major

commodities panicked investors.

Oil prices hit 6-1/2-year lows after Chinese stock markets

suffered their biggest one-day fall since the global financial

crisis, intensifying worries over the outlook for global oil

demand.

In comparative vegetable oils, the U.S. September soyoil

contract was down 3.1 percent, while the most active

soybean oil contract on the Dalian Commodity Exchange

was 4 percent lower.

"Soy oil and crude are both down," said a second palm

trader. "Sentiment is negative - looks like nothing is positive

today."

A weak Malaysian ringgit, which makes palm cheaper

for offshore buyers, offered limited support to palm oil.

"It's a bit oversold so there could be a retracement but the

downward trend is still intact," said a third palm trader,

adding that prices are likely to now breach 1,800 ringgit.

Palm, soy and crude oil prices at 0831 GMT

Contract Month Last Change Low High Volume

MY PALM OIL SEP5 1848 -65.00 1831 1901 196

MY PALM OIL OCT5 1890 -71.00 1876 1931 5337

MY PALM OIL NOV5 1916 -70.00 1904 1958 18228

CHINA PALM OLEIN JAN6 4276 -178.00 4276 4434 934054

CHINA SOYOIL JAN6 5344 -222.00 5344 5570 1004028

CBOT SOY OIL DEC5 26.82 -14.20 26.78 27.56 11596

INDIA PALM OIL AUG5 365.80 -14.20 364.80 372.20 2406

INDIA SOYOIL OCT5 567.30 -4.65 566.20 569.40 25290

NYMEX CRUDE OCT5 39.21 -1.24 39.00 40.47 44804

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 = 4.2320 ringgit)

($1 = 66.5850 Indian rupees)

($1 = 6.3970 Chinese yuan)

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