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apple developer:VEGOILS-Palm drops to five-week low on weak rival oils, sluggish demand

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(Updates with closing prices)

By Fransiska Nangoy

JAKARTA, March 30 (Reuters) - Malaysian palm oil futuresdropped to a five-week low on Tuesday, tracking rival oils, assentiment was weighed by weak demand from top buyers India andChina ahead of March output and export data.

The benchmark palm oil contract for June deliveryon the Bursa Malaysia Derivatives Exchange dropped 4.6% to 3,574ringgit ($861.41) a tonne at closing time, the lowest closinglevel since Feb. 22.

It was the biggest percentage drop since March 16.

Palm oil tracked rival soyoil down as soy was pressured byan upbeat planting outlook in the U.S, a palm oil trader inKuala Lumpur said.

The USDA is scheduled to release its annual U.S. plantingintentions and quarterly grain stocks reports on March 31 andexpectations of higher plantings this year are already weighingon the grain markets.

Dalian's most-active soyoil contract fell 1.79% andits palm oil contract lost 1.44% in the afternoontrading. Soyoil prices on the Chicago Board of Tradeslipped 0.64%.

Palm oil is affected by price movements in related oils asthey compete for a share in the global vegetable oils market.

Demand from top destinations of palm oil was also muted.

"China was again quiet as margins were in negative zone,while cash market participants were on the sidelines," saidAnilkumar Bagani, research head of Mumbai-based vegetable oilbroker Sunvin Group, adding that importers from India also didnot buy any fresh crude palm oil shipments.

Market participants were now waiting for Malaysian Palm OilBoard data on March production and exports, likely to bereleased later this week. REUTERS


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