* Radical bailout plan prompts fresh euro zone fears
* Palm oil to revisit low of 2,360 ringgit -technicals
* Malaysia's March 1-15 exports up 4.6 pct m/m -SGS
By Chew Yee Kiat
SINGAPORE, March 18 Malaysian palm oil futures
edged lower on Monday, as traders turned cautious after a
radical bailout proposal for Cyprus rattled investors and
triggered a broad-based decline in commodities and financial
Euro zone finance ministers asked Cyprus savers to forfeit a
portion of their deposits in return for a 10 billion euro ($13
billion) bailout for the island, sparking fears of fresh turmoil
in the euro zone and worries about global demand.
"It seems like Europe is back to the headlines for the wrong
reasons," said Ker Chung Yang, investment analyst with Phillip
Futures in Singapore. "We have probably seen the last of the
rally last week, and this week could be the beginning of a
downturn or corrections in the commodities market."
The benchmark June contract on the Bursa Malaysia
Derivatives Exchange fell 1.4 percent to close at 2,383 ringgit
($761) per tonne, also its low for the day. Prices traded in a
tight range between 2,383 to 2,415 ringgit.
Total traded volume stood at 27,137 lots of 25 tonnes each,
slightly higher than the usual 25,000 lots.
Technical analysis indicates Malaysian palm oil is expected
to revisit its March 14 low of 2,360 ringgit per tonne, as a
rebound from this level has completed, said Reuters market
analyst Wang Tao.
Palm oil futures also continued to come under pressure from
a weak soy market, which is suffering from poor U.S. demand and
higher South American supply, losing 1.4 percent last week.
But seasonally lower output in Malaysia may help ease palm
oil stocks and support prices, especially after cargo surveyor
data on Friday showed firm export demand.
Malaysian palm oil shipments for the first half of the month
were slightly better compared to the same period last month,
with cargo surveyors Intertek Testing Services and Societe
Generale de Surveillance reporting a 0.2 and 4.6 percent
In other markets, crude oil dropped to below $109 a barrel
on Monday as stock markets tumbled and the dollar strengthened
on the bank bailout proposal for Cyprus.
In other vegetable oil markets, U.S. soyoil for May delivery
lost 0.8 percent in late Asian trade. The most-active
September soybean oil contract on the Dalian Commodities
Exchange also dropped 0.4 percent.
Palm, soy and crude oil prices at 1005 GMT
Contract Month Last Change Low High Volume
MY PALM OIL APR3 2386 -20.00 2382 2402 350
MY PALM OIL MAY3 2386 -28.00 2383 2415 6620
MY PALM OIL JUN3 2383 -34.00 2383 2415 12142
CHINA PALM OLEIN SEP3 6276 -44.00 6220 6346 542104
CHINA SOYOIL SEP3 8050 -30.00 8006 8084 599994
CBOT SOY OIL MAY3 49.51 -0.40 49.30 49.94 6584
NYMEX CRUDE APR3 92.64 -0.83 92.14 93.26 24748
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 Richard Pullin and Tom Hogue)