* Palm falls, giving up some of Monday's gains
* Malaysian ringgit advances to 3.6600 per dollar
By Anuradha Raghu
KUALA LUMPUR, March 24 (Reuters) - Malaysian palm oil
futures fell on Tuesday as a weak technical outlook, a stronger
ringgit and worries about lacklustre demand from major buyers
stopped the contract from adding to the previous session's
By the close, the benchmark June contract on the
Bursa Malaysia Derivatives had lost 1.37 percent to 2,156
ringgit ($591) a tonne.
The price climbed as high as 2,208 ringgit on Monday after
Indonesia's plan to impose levies on crude palm exports
triggered hasty buying from the top producer. However, some
traders warned those gains were unsustainable.
"The market opened marginally higher, but there was no
follow-through to what it did yesterday," said one palm trader
with a foreign commodities brokerage in Malaysia.
"Technically, the market is under pressure and it could not
go beyond 2,200 ringgit. Exports in the first 20 days did not
improve -- it's a global scenario, where people are not rushing
to buy commodities."
Total traded volume stood at 49,223 lots of 25 tonnes, above
the average 35,000 lots.
Indonesia is planning a charge of $50 on every tonne of
crude palm oil (CPO) shipped at a zero export tax rate, with the
funds going to help pay for more biodiesel subsidies. The
measure has to be approved by President Joko Widodo.
Analysts say the potential levy may weigh on CPO prices in
Indonesia in the short term, but could also stoke more domestic
biodiesel consumption if implemented properly, which would help
A stronger ringgit curbed buying interest from overseas
buyers on the Malaysian market.
Most emerging Asian currencies extended gains on Tuesday
because of uncertainty over the timing of U.S. interest rate
rises, with the ringgit rising to 3.6600 against the
U.S. dollar by 0530 GMT.
Brent crude reversed early losses to trade back towards $57
a barrel on Tuesday, as a weaker dollar overshadowed signs of
slowing growth in China and Saudi Arabian oil production close
to an all-time high.
In competing vegetable oil markets, the U.S. soyoil contract
for May fell 0.19 percent, while the most active
September soybean oil contract on the Dalian Commodity
Exchange rose 0.88 percent.
Palm, soy and crude oil prices at 1039 GMT
Contract Month Last Change Low High Volume
MY PALM OIL APR5 2166 -23.00 2150 2195 386
MY PALM OIL MAY5 2161 -30.00 2153 2196 7802
MY PALM OIL JUN5 2156 -30.00 2148 2192 27701
CHINA PALM OLEIN SEP5 4730 +28.00 4708 4788 702168
CHINA SOYOIL SEP5 5470 +34.00 5452 5518 708316
CBOT SOY OIL MAY5 31.09 -2.90 30.93 31.20 4692
INDIA PALM OIL MAR5 438.20 -2.90 436.50 440.00 262
INDIA SOYOIL APR5 585.70 -3.30 585.00 588.00 11935
NYMEX CRUDE MAY5 47.81 +0.36 46.67 48.37 47163
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 = 3.6470 ringgit)
($1 = 6.2046 Chinese yuan)
($1 = 62.2300 Indian rupees)
(Additional reporting by Charlotte Greenfield in Jakarta;
Editing by Mark Potter)