MARKET DEVELOPMENT
VEGOILS-Palm Charts 2nd Session of Gains, Tracking Stronger Soyoil
VEGOILS-Palm Charts 2nd Session of Gains, Tracking Stronger Soyoil
* Palm hits its highest level since Nov 11
* Palm to test resistance at 2,963 rgt/T - Techs
(Updates latest prices)
23/11/2016 (Reuters) - Malaysian palm oil futures extended gains into a second session on Tuesday evening, reaching a more than one-week high, supported by gains in rival soyoil on the Chicago Board of Trade (CBOT) and China's Dalian Commodity Exchange.
Benchmark palm oil futures for February delivery on the Bursa Malaysia Derivatives Exchange were up 0.1 percent at 2,922 ringgit ($662) a tonne at the close of trade. They earlier climbed to an intraday high of 2,944 ringgit, their strongest since Nov. 11.
Traded volumes stood at 26,483 lots of 25 tonnes each, below the 2015 average of 44,600 lots traded in a day.
Gains mainly tracked external markets in thin volume, though a slightly stronger ringgit weighed on investor sentiment, said a trader from Kuala Lumpur.
"It looks like the market is trying to cover the gap at 2,963 ringgit in the absence of bearish news."
Weakness in the ringgit, the currency that palm oil is traded in, usually makes the tropical oil cheaper for foreign buyers. It hit a 13-month low on Tuesday evening before ending the day flat at 4.4170 per dollar.
The Malaysian currency has lost nearly 5 percent since Nov. 9 following the U.S. elections and after the central bank clamped down on offshore ringgit trading.
The Malaysian central bank said it would implement "prompt supervisory intervention" against individuals or banks who traded ringgit in the offshore non-deliverable forward (NDF) market or adopted its prices.
Palm oil is expected to test a resistance at 2,963 ringgit per tonne, a break above which could lead to a gain to the next resistance at 3,002 ringgit, Wang Tao, a Reuters market analyst for commodities and energy technicals, said.
In related vegetable oils, the December soybean oil contract on the CBOT rose 0.2 percent, while the January soybean oil contract on the Dalian Commodity Exchange gained 0.6 percent.
In related vegetable oils, the January contract for palm olein on the Dalian Commodity Exchange was slightly up 0.03 percent.
Palm, soy and crude oil prices at 1032 GMT
Contract Month Last Change Low High Volume
MY PALM OIL DEC6 2935 +12.00 2925 2943 514
MY PALM OIL JAN7 2932 +7.00 2923 2945 2231
MY PALM OIL FEB7 2922 +3.00 2919 2944 14325
CHINA PALM OLEIN JAN7 6206 +2.00 6184 6316 830824
CHINA SOYOIL JAN7 6734 +38.00 6708 6782 372892
CBOT SOY OIL DEC6 34.65 +0.01 34.45 34.83 6836
INDIA PALM OIL NOV6 537.50 -0.30 536.50 542.7 756
INDIA SOYOIL DEC6 689.3 -0.25 688.8 694.3 14950
NYMEX CRUDE JAN7 48.91 +0.67 48.27 49.20 136409
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 = 4.4170 ringgit)
($1 = 68.1799 Indian rupees)
($1 = 6.8840 Chinese yuan)
* Palm to test resistance at 2,963 rgt/T - Techs
(Updates latest prices)
23/11/2016 (Reuters) - Malaysian palm oil futures extended gains into a second session on Tuesday evening, reaching a more than one-week high, supported by gains in rival soyoil on the Chicago Board of Trade (CBOT) and China's Dalian Commodity Exchange.
Benchmark palm oil futures for February delivery on the Bursa Malaysia Derivatives Exchange were up 0.1 percent at 2,922 ringgit ($662) a tonne at the close of trade. They earlier climbed to an intraday high of 2,944 ringgit, their strongest since Nov. 11.
Traded volumes stood at 26,483 lots of 25 tonnes each, below the 2015 average of 44,600 lots traded in a day.
Gains mainly tracked external markets in thin volume, though a slightly stronger ringgit weighed on investor sentiment, said a trader from Kuala Lumpur.
"It looks like the market is trying to cover the gap at 2,963 ringgit in the absence of bearish news."
Weakness in the ringgit, the currency that palm oil is traded in, usually makes the tropical oil cheaper for foreign buyers. It hit a 13-month low on Tuesday evening before ending the day flat at 4.4170 per dollar.
The Malaysian currency has lost nearly 5 percent since Nov. 9 following the U.S. elections and after the central bank clamped down on offshore ringgit trading.
The Malaysian central bank said it would implement "prompt supervisory intervention" against individuals or banks who traded ringgit in the offshore non-deliverable forward (NDF) market or adopted its prices.
Palm oil is expected to test a resistance at 2,963 ringgit per tonne, a break above which could lead to a gain to the next resistance at 3,002 ringgit, Wang Tao, a Reuters market analyst for commodities and energy technicals, said.
In related vegetable oils, the December soybean oil contract on the CBOT rose 0.2 percent, while the January soybean oil contract on the Dalian Commodity Exchange gained 0.6 percent.
In related vegetable oils, the January contract for palm olein on the Dalian Commodity Exchange was slightly up 0.03 percent.
Palm, soy and crude oil prices at 1032 GMT
Contract Month Last Change Low High Volume
MY PALM OIL DEC6 2935 +12.00 2925 2943 514
MY PALM OIL JAN7 2932 +7.00 2923 2945 2231
MY PALM OIL FEB7 2922 +3.00 2919 2944 14325
CHINA PALM OLEIN JAN7 6206 +2.00 6184 6316 830824
CHINA SOYOIL JAN7 6734 +38.00 6708 6782 372892
CBOT SOY OIL DEC6 34.65 +0.01 34.45 34.83 6836
INDIA PALM OIL NOV6 537.50 -0.30 536.50 542.7 756
INDIA SOYOIL DEC6 689.3 -0.25 688.8 694.3 14950
NYMEX CRUDE JAN7 48.91 +0.67 48.27 49.20 136409
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 = 4.4170 ringgit)
($1 = 68.1799 Indian rupees)
($1 = 6.8840 Chinese yuan)