* Palm oil's rebound limited to 2,503 ringgit -technicals
* Malaysia delays decision on crude palm oil export tax
* Dalian's soybean oil falls to 4-month low after week-long
* Coming Up: Malaysia Sept stocks, output on Wednesday
By Chew Yee Kiat
SINGAPORE, Oct 8 Malaysian palm oil futures
closed down 2 percent on Monday as traders braced for rising
inventory levels, offseting bargain-hunting seen earlier in the
market after steep declines last week to a near three-year low.
A monthly report by the Malaysian Palm Oil Board (MPOB) on
Wednesday could show September stock levels hitting a record
high, setting a bearish tone for fundamentals.
"The market has no specific direction to go yet after
falling so much," said a Singapore-based trader with a global
commodities house, referring to prices that fell to near 3-year
low and posted their third straight weekly loss last week.
"We have the MPOB report for September's end-stock. The
market has been expecting the worst so if it is a bit better
than market expectations, that will help for a good rebound,"
the trader added.
The benchmark December contract on the Bursa
Malaysia Derivatives Exchange lost 2 percent to close at 2,368
ringgit ($785) per tonne, after trading in a range from 2,361 to
Total traded volumes stood at 36,000 lots of 25 tonnes each,
much higher than the usual 25,000 lots.
Technical analysis showed palm oil is expected to end its
rebound at or below 2,503 ringgit per tonne, and fall towards
2,230 thereafter, Reuters market analyst Wang Tao said.
Palm oil investors are looking out for Malaysia export data
for Oct. 1-10, also due on Wednesday, after weaker-than-expected
numbers in September failed to alleviate concerns over high
The market received a temporary boost last week from a
possible Malaysian move to slash crude palm oil export taxes to
8-10 percent from 23 percent, but an official said on Friday the
decision had been delayed.
China's soybean oil futures fell to a 4-month low on Monday,
after trade resumed following a week-long holiday and in line
with steep losses on the Malaysian palm oil market last week.
The most active January 2013 soybean oil contract
on the Dalian Commodity Exchange closed 2 percent lower at 9,088
yuan per tonne, after going as low as 9,050 yuan, a level last
seen on June 5.
In a bearish sign for palm oil, Brent crude oil fell below
$111 per barrel on Monday on concerns that slower economic
growth would curb oil demand, but supply worries stemming from
tension in the Middle East helped check losses.
In other vegetable oil markets, U.S. soyoil for December
delivery edged down 0.4 percent in late Asian trade.
Palm, soy and crude oil prices at 1014 GMT
Contract Month Last Change Low High Volume
MY PALM OIL OCT2 2225 -23.00 2225 2260 278
MY PALM OIL NOV2 2314 -20.00 2311 2363 1588
MY PALM OIL DEC2 2368 -47.00 2361 2446 18807
CHINA PALM OLEIN JAN3 6872 -334.00 6838 7020 480794
CHINA SOYOIL JAN3 9088 -190.00 9050 9204 405378
CBOT SOY OIL DEC2 50.95 -0.24 50.91 51.55 12947
NYMEX CRUDE NOV2 88.77 -1.11 88.27 89.88 22555
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
Crude in U.S. dollars per barrel
(Editing by Clarence Fernandez)