MARKET DEVELOPMENT
VEGOILS-Palm Retreats, But Strong Export Data Supports
VEGOILS-Palm Retreats, But Strong Export Data Supports
* Malaysia May 1-15 palm exports up 54.5 pct m/m -ITS
* Palm to test resistance at 2,235 -technicals
15/05/2015 (Reuters) - Malaysian palm oil futures on Friday eased further from 5-week highs hit earlier in the week, but strong export data from the world's No.2 producer of the edible oil provided support.
"This is a correction after the sudden rally," said a trader with a local commodities brokerage in Kuala Lumpur.
By the midday break, the benchmark July contract on the Bursa Malaysia Derivatives exchange had inched down 0.41 percent to 2,197 ringgit ($616.10) a tonne. The market was headed for a second week of gains, up 1.62 percent.
Total traded volume stood at 13,301 lots of 25 tonnes each, higher than the average 12,500 lots.
"Above 2,200 (ringgit) the resistance levels are just too strong. Better than expected exports in May limited the decline temporarily," the trader said.
Exports of Malaysian palm oil products for May 1-15 rose 54.5 percent to 737,308 tonnes compared to the same period in April, cargo surveyor Intertek Testing Services said on Friday.
Benchmark Malaysian palm futures climbed to their highest since April 6 on Wednesday on worries an El Nino weather pattern would curb yields.
In other markets, oil prices were little changed on Friday but set to end the week slightly higher, buoyed by a weaker dollar, forecasts of lower U.S. crude output and a pick-up in global demand.
The U.S. July soyoil contract gained 0.39 percent in early Asian trade, while the most active September soybean oil contract on the Dalian Commodity Exchange edged down 0.03 percent.
Palm, soy and crude oil prices at 0549 GMT
Contract Month Last Change Low High Volume
MY PALM OIL MAY5 0 +0.00 0 0 0
MY PALM OIL JUN5 2200 -10.00 2200 2217 340
MY PALM OIL JUL5 2197 -9.00 2196 2218 5714
CHINA PALM OLEIN SEP5 5116 +22.00 5102 5164 804642
CHINA SOYOIL SEP5 5858 -4.00 5850 5918 919772
CBOT SOY OIL JUL5 33.46 +0.30 33.35 33.72 6727
INDIA PALM OIL MAY5 454.10 +0.30 453.10 455.60 318
INDIA SOYOIL JUN5 607.55 +2.70 604.40 608.00 7200
NYMEX CRUDE JUN5 59.72 -0.16 59.61 59.83 6205
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 = 3.5660 ringgit)
($1 = 6.2035 Chinese yuan)
($1 = 63.5275 Indian rupees)
* Palm to test resistance at 2,235 -technicals
15/05/2015 (Reuters) - Malaysian palm oil futures on Friday eased further from 5-week highs hit earlier in the week, but strong export data from the world's No.2 producer of the edible oil provided support.
"This is a correction after the sudden rally," said a trader with a local commodities brokerage in Kuala Lumpur.
By the midday break, the benchmark July contract on the Bursa Malaysia Derivatives exchange had inched down 0.41 percent to 2,197 ringgit ($616.10) a tonne. The market was headed for a second week of gains, up 1.62 percent.
Total traded volume stood at 13,301 lots of 25 tonnes each, higher than the average 12,500 lots.
"Above 2,200 (ringgit) the resistance levels are just too strong. Better than expected exports in May limited the decline temporarily," the trader said.
Exports of Malaysian palm oil products for May 1-15 rose 54.5 percent to 737,308 tonnes compared to the same period in April, cargo surveyor Intertek Testing Services said on Friday.
Benchmark Malaysian palm futures climbed to their highest since April 6 on Wednesday on worries an El Nino weather pattern would curb yields.
In other markets, oil prices were little changed on Friday but set to end the week slightly higher, buoyed by a weaker dollar, forecasts of lower U.S. crude output and a pick-up in global demand.
The U.S. July soyoil contract gained 0.39 percent in early Asian trade, while the most active September soybean oil contract on the Dalian Commodity Exchange edged down 0.03 percent.
Palm, soy and crude oil prices at 0549 GMT
Contract Month Last Change Low High Volume
MY PALM OIL MAY5 0 +0.00 0 0 0
MY PALM OIL JUN5 2200 -10.00 2200 2217 340
MY PALM OIL JUL5 2197 -9.00 2196 2218 5714
CHINA PALM OLEIN SEP5 5116 +22.00 5102 5164 804642
CHINA SOYOIL SEP5 5858 -4.00 5850 5918 919772
CBOT SOY OIL JUL5 33.46 +0.30 33.35 33.72 6727
INDIA PALM OIL MAY5 454.10 +0.30 453.10 455.60 318
INDIA SOYOIL JUN5 607.55 +2.70 604.40 608.00 7200
NYMEX CRUDE JUN5 59.72 -0.16 59.61 59.83 6205
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 = 3.5660 ringgit)
($1 = 6.2035 Chinese yuan)
($1 = 63.5275 Indian rupees)