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1524hr
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KUALA LUMPUR: Malaysian palm oil futures slipped for a second consecutive session on Tuesday, tracking weaker rival soyoil and as investors adjust positions following Indonesia's decision to start a new lower export levy structure next month.

The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange slid 32 ringgit, or 0.91%, to 3,474 ringgit ($837.71) a tonne by the midday break.

Traders are awaiting June 1-30 export data from cargo surveyors due on Wednesday. Prices eased on some adjustments in Malaysia's crude palm oil futures to Indonesia's prices after confirmation of a reduction in export levy from July, a Kuala Lumpur-based trader said.

Indonesia will impose new palm oil export levies starting on July 2, the Estate Crop Fund Agency said on Tuesday.

The world's top palm oil exporter last week said it will change its levy structure for palm oil exports, cutting the ceiling rate for crude palm oil levies from $255 per tonne to $175 per tonne.

"The downward revision should not raise any concerns on the Indonesia government's ability to continue supporting the biodiesel mandate," analysts from UOB Kay Hian said in a note.

Upstream players will get some relief from the lower export levy and see higher net realised selling prices, hence, better earnings for the second half of 2021, analysts said.

Dalian's most-active soyoil contract fell 0.4%, while its palm oil contract gained 0.4%. Soyoil prices on the Chicago Board of Trade were down 1.4%.

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 test a resistance at 3,602 ringgit per tonne, a break above could lead to a gain at 3,691 ringgit, Reuters technical analyst Wang Tao said.

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