MARKET DEVELOPMENT
VEGOILS-Palm Tracks Rival Oils to Post First Gains in Three Sessions
VEGOILS-Palm Tracks Rival Oils to Post First Gains in Three Sessions
* Market tracking stronger Dalian, CBOT soyoil - traders
* Palm may bounce towards 2,879 ringgit/tonne - techs
(Updates latest prices)
17/11/2016 (Reuters) - Malaysian palm oil futures rose for the first time in three sessions on Wednesday after tracking rival oils as they climbed on the Chicago Board of Trade (CBOT) and China's Dalian Commodity Exchange.
Benchmark palm oil futures for February on the Bursa Malaysia Derivatives Exchange closed 1.5 percent higher at 2,855 ringgit ($657) a tonne.
Traded volumes stood at 51,327 lots of 25 tonnes each, above the 2015 daily average of 44,600 lots.
"(CBOT) soybean oil is seeing some upside, and Dalian also moved higher," said a futures trader based in Kuala Lumpur.
The market is undergoing a correction after a few volatile sessions, traders said.
Palm climbed to a four-year high of 3,089 ringgit on Friday due to a weaker ringgit, which makes the tropical oil cheaper for foreign currency holders.
The oil then posted its sharpest decline in more than four months on Monday, tracking weaker rivals on the Dalian Commodity Exchange after news of Chinese government measures to curb speculation.
Palm prices are affected by the performance of related vegetable oils as they compete for a share in the global edible oils market.
The December soybean oil contract on the CBOT was up 0.6 percent, while the January soybean oil contract on the Dalian Commodity Exchange rose 1.4 percent.
In other vegetable oils, the January contract for palm olein on the Dalian Commodity Exchange climbed 3 percent.
Palm oil has found support at 2,814 ringgit per tonne and it may bounce towards resistance at 2,879 ringgit, according to analysis by Reuters market analyst for commodities and energy technicals Wang Tao.
Palm, soy and crude oil prices at 1106 GMT
Contract Month Last Change Low High Volume
MY PALM OIL DEC6 2868 +37.00 2853 2900 1484
MY PALM OIL JAN7 2865 +41.00 2846 2897 13327
MY PALM OIL FEB7 2855 +43.00 2832 2885 25459
CHINA PALM OLEIN JAN7 6150 +176.00 5918 6152 947962
CHINA SOYOIL JAN7 6666 +92.00 6550 6678 423476
CBOT SOY OIL DEC6 34.42 +0.21 34.21 34.68 9621
INDIA PALM OIL NOV6 524.60 +2.90 521.80 526.4 567
INDIA SOYOIL NOV6 679.8 +3.20 677.7 681 1680
NYMEX CRUDE DEC6 45.33 -0.48 45.27 46.18 99532
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 = 4.3450 ringgit)
($1 = 67.8349 Indian rupees)
($1 = 6.8730 Chinese yuan)
* Palm may bounce towards 2,879 ringgit/tonne - techs
(Updates latest prices)
17/11/2016 (Reuters) - Malaysian palm oil futures rose for the first time in three sessions on Wednesday after tracking rival oils as they climbed on the Chicago Board of Trade (CBOT) and China's Dalian Commodity Exchange.
Benchmark palm oil futures for February on the Bursa Malaysia Derivatives Exchange closed 1.5 percent higher at 2,855 ringgit ($657) a tonne.
Traded volumes stood at 51,327 lots of 25 tonnes each, above the 2015 daily average of 44,600 lots.
"(CBOT) soybean oil is seeing some upside, and Dalian also moved higher," said a futures trader based in Kuala Lumpur.
The market is undergoing a correction after a few volatile sessions, traders said.
Palm climbed to a four-year high of 3,089 ringgit on Friday due to a weaker ringgit, which makes the tropical oil cheaper for foreign currency holders.
The oil then posted its sharpest decline in more than four months on Monday, tracking weaker rivals on the Dalian Commodity Exchange after news of Chinese government measures to curb speculation.
Palm prices are affected by the performance of related vegetable oils as they compete for a share in the global edible oils market.
The December soybean oil contract on the CBOT was up 0.6 percent, while the January soybean oil contract on the Dalian Commodity Exchange rose 1.4 percent.
In other vegetable oils, the January contract for palm olein on the Dalian Commodity Exchange climbed 3 percent.
Palm oil has found support at 2,814 ringgit per tonne and it may bounce towards resistance at 2,879 ringgit, according to analysis by Reuters market analyst for commodities and energy technicals Wang Tao.
Palm, soy and crude oil prices at 1106 GMT
Contract Month Last Change Low High Volume
MY PALM OIL DEC6 2868 +37.00 2853 2900 1484
MY PALM OIL JAN7 2865 +41.00 2846 2897 13327
MY PALM OIL FEB7 2855 +43.00 2832 2885 25459
CHINA PALM OLEIN JAN7 6150 +176.00 5918 6152 947962
CHINA SOYOIL JAN7 6666 +92.00 6550 6678 423476
CBOT SOY OIL DEC6 34.42 +0.21 34.21 34.68 9621
INDIA PALM OIL NOV6 524.60 +2.90 521.80 526.4 567
INDIA SOYOIL NOV6 679.8 +3.20 677.7 681 1680
NYMEX CRUDE DEC6 45.33 -0.48 45.27 46.18 99532
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 = 4.3450 ringgit)
($1 = 67.8349 Indian rupees)
($1 = 6.8730 Chinese yuan)