* Slowing exports may lead to another record high for stocks
* Lenders to meet again on Monday to discuss Greece bailout
* Palm oil to drop to 2,321 ringgit -technicals
By Chew Yee Kiat
SINGAPORE, Nov 22 Malaysian palm oil futures
fell on Thursday, slipping for a third straight day, as slowing
exports continued to weigh and investors stayed cautious ahead
of a bailout deal for Greece that could boost sentiment.
International lenders will meet again next Monday after they
failed for the second week to reach a deal to release emergency
aid for Greece, but major lender Germany signalled that
significant divisions remain.
Cargo surveyor data showed Malaysian exports of palm
products for the first 20 days of November inched lower from a
month ago, and while the fall was not significant, it
nonetheless fuelled concern at a time when stocks had climbed to
a record 2.51 million tonnes in October.
"The price outlook for crude palm oil has deteriorated. With
the cargo surveyors' export data for the first 20 days of
November showing a decline of about 3 percent, we see a higher
possibility now of November's inventory level to register
another record high," Alan Lim Seong Chun, research analyst with
Malaysia's Kenanga Investment Bank, said in a note on Thursday.
The benchmark February contract on the Bursa
Malaysia Derivatives Exchange slid 1.3 percent to close at 2,411
ringgit ($788) per tonne. Prices traded in a range of 2,399 to
Total traded volumes stood at 36,386 lots of 25 tonnes each,
higher than the usual 25,000 lots.
Technicals showed palm oil is expected to drop to 2,321
ringgit as it did not break a resistance at 2,464 ringgit, said
Reuters market analyst Wang Tao.
Traders will be looking for clues from the meeting next
Monday after European demand for palm oil showed signs of
slowing. It could take a further hit if international lenders
fail again to agree on how to get Greece's debt down to a
In related markets, Brent crude was steady near $111 per
barrel on Thursday as the Chinese economy showed further signs
of recovery, boosting the outlook for oil demand, although the
upside was limited as a ceasefire in the Gaza Strip eased
concerns over supply.
In other vegetable oil markets, the most active May 2013
soybean oil contract on the Dalian Commodity Exchange
closed 0.2 percent higher. The U.S. financial markets were
closed for the Thanksgiving holiday.
Palm, soy and crude oil prices at 1002 GMT
Contract Month Last Change Low High Volume
MY PALM OIL DEC2 2300 -40.00 2285 2340 377
MY PALM OIL JAN3 2373 -29.00 2362 2411 5968
MY PALM OIL FEB3 2411 -32.00 2399 2449 16451
CHINA PALM OLEIN MAY3 6770 +12.00 6744 6798 398160
CHINA SOYOIL MAY3 8534 +18.00 8510 8562 452160
CBOT SOY OIL DEC2 48.53 +0.00 0.00 0.00 0
NYMEX CRUDE JAN3 87.34 -0.04 87.28 87.77 7686
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 and Robert Birsel)