Yahoo News (16/03/2020) - KUALA LUMPUR, March 16 (Reuters) - Malaysian palm oil futures fell on Monday as fears of the rapidly spreading coronavirus outbreak stoked demand worries, though a weaker ringgit limited losses.
The benchmark palm oil contract for June delivery on the Bursa Malaysia Derivatives Exchange slid 19 ringgit, or 0.84%, to 2,251 ringgit ($524.04) during early trade.
Palm oil had fallen 7% last week to trade at October levels, as panic over the pandemic drove heavy selling across assets.
* Malaysia palm oil exports for March 1-15 fell 9.6% from the month before, according to cargo surveyor Intertek Testing Services.
* The ringgit, palm's currency of trade, was 0.43% weaker against the dollar, making the edible oil cheaper for holders of foreign currency.
* Dalian's most-active soyoil contract gained 1.5%, and its palm oil contract rose 1.17%. Soyoil prices on the Chicago Board of Trade were trading down 0.57%.
* Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
* Palm oil may fall into a range of 2,100-2,184 ringgit per tonne, as suggested by its wave pattern and a projection analysis, Reuters technical analyst Wang Tao said.
* Oil prices extended losses on Monday, slumping by more than $1 a barrel, as an emergency rate cut by the U.S. Federal Reserve failed to soothe global financial markets panicked by the rapid spread of the coronavirus and mounting economic disruptions.
* Stock markets and the dollar were roiled on Monday after the Federal Reserve slashed interest rates in an emergency move and its major peers offered cheap U.S. dollars to break a logjam in global lending markets.
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($1 = 4.2955 ringgit) (Reporting by Mei Mei Chu; Editing by Amy Caren Daniel)
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