* Palm down 0.6 percent on week so far
* Market also down tracking overnight soyoil weakness -
* Palm may fall to 2,121 rgt/T - technicals
By Emily Chow
KUALA LUMPUR, Jan 11 (Reuters) - Malaysian palm oil futures
fell to a one-week low at the midday break on Friday, heading
for a second day of decline, hurt by concerns about oversupply
and an overnight weakness in soyoil on the Chicago Board of
The benchmark palm oil contract for March delivery
on the Bursa Malaysia Derivatives Exchange fell 0.2 percent to
2,158 ringgit ($527.11) a tonne at noon.
It earlier fell to 2,146 ringgit, its lowest since Jan. 4,
and is down 0.6 percent for the week so far.
Trading volumes stood at 9,474 lots of 25 tonnes each at the
midday break. (1FCPO-TOT)
"Production is not slowing down by that much," said a Kuala
Lumpur-based trader, citing data released by industry regulator
the Malaysian Palm Oil Board (MPOB) on Thursday.
The MPOB data showed Malaysian end-stocks in December rose
6.9 percent from the previous month to 3.21 million tonnes, the
highest in at least 19 years, according to Refinitiv Eikon data.
December production fell 2 percent from the previous month
to 1.81 million tonnes while exports edged up 0.6 percent from
November to 1.38 million tonnes, according to the data.
A Reuters survey had forecast palm oil's end-December
stockpiles to edge up 4.3 percent to 3.14 million tonnes, while
production was seen falling 3.6 percent to 1.78 million tonnes.
Exports were also forecast to gain 4.7 percent to 1.44 million
Another futures trader in Kuala Lumpur said that weaker
overnight soyoil prices contributed to Friday's fall in palm
contract. Palm oil prices are impacted by changes in those of
soyoil, as they compete for a share in the global vegetable oil
The Chicago March soybean oil contract fell 1.4
percent on Thursday, but was last up 0.5 percent on Friday.
In other related oils, the March soybean oil contract on the
Dalian Commodity Exchange fell 0.5 percent, and the
Dalian January palm oil contract rose 0.4 percent.
Palm oil may break a support at 2,150 ringgit per tonne, and
fall to the next support at 2,121 ringgit, said Wang Tao, a
Reuters market analyst for commodities and energy technicals.
Palm, soy and crude oil prices at 0456 GMT:
Contract Month Last Change Low High Volume
MY PALM OIL JAN9 0 +0.00 0 0 0
MY PALM OIL FEB9 2110 -7.00 2103 2113 1200
MY PALM OIL MAR9 2158 -5.00 2146 2162 4039
CHINA PALM OLEIN JAN9 4390 +18.00 4390 4390 8
CHINA SOYOIL JAN9 5130 +30.00 5100 5200 676
CBOT SOY OIL JAN9 27.94 +0.00 0 0 0
INDIA PALM OIL JAN9 542.00 +1.60 540.70 542.6 114
INDIA SOYOIL JAN9 761.5 +0.10 760 764.5 1110
NYMEX CRUDE FEB9 52.46 -0.13 52.14 52.55 29488
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 = 4.0940 ringgit)
($1 = 70.3710 Indian rupees)
($1 = 6.7491 Chinese yuan)
(Reporting by Emily Chow; Editing by Shreejay Sinha)