MARKET DEVELOPMENT
VEGOILS-Palm Oil Recovers on Better Demand, But Sees 2nd Weekly Fall
VEGOILS-Palm Oil Recovers on Better Demand, But Sees 2nd Weekly Fall
* Palm gains for second session this week
* Market gains in late trade on short covering, forecasts of stronger exports - traders
* Palm may bounce to 2,827 rgt/T - technicals
(Updates prices, adds quotes)
27/02/2017 (Reuters) - Malaysian palm oil futures recovered in late trade on Friday on forecasts of stronger export data and short-covering ahead of the weekend.
Benchmark palm oil futures for May on the Bursa Malaysia Derivatives Exchange rose 0.9 percent to 2,806 ringgit ($632.41) a tonne at the end of the trading day.
However, the second daily gain this week could not prevent a second weekly decline, with the market down by 1.8 percent since Feb. 20, unable to shake off concerns over rising output.
Traded volumes stood at 68,348 lots of 25 tonnes each on Friday evening.
Palm oil shipments could see improvements during the Feb. 1-25 period from a month ago, traders said ahead of the release of data from cargo surveyors.
Intertek Testing Services, which reported a 0.8 percent fall in exports for the Feb. 1-20 period, is expected to release its latest data on Saturday.
Societe Generale de Surveillance, however, reported a 1.7 percent rise in shipments in the same period and is expected to release its data on Monday.
Palm oil could bounce to a resistance level of 2,827 ringgit a tonne, having found support at 2,750 ringgit, said a Reuters market analyst for commodities and energy technicals.
In related vegetable oils, soybean oil on the Chicago Board of Trade was up 0.7 percent on Friday, while the soybean oil contract on China's Dalian Commodity Exchange declined 0.4 percent.
The May contract for palm olein on the Dalian exchange fell by 0.3 percent.
Palm, soy and crude oil prices at 1046 GMT
Contract Month Last Change Low High Volume
MY PALM OIL MAR7 2977 +32.00 2940 2977 823
MY PALM OIL APR7 2860 +25.00 2818 2861 3890
MY PALM OIL MAY7 2804 +24.00 2763 2808 31520
CHINA PALM OLEIN MAY7 5826 -18.00 5730 5832 479696
CHINA SOYOIL MAY7 6588 -28.00 6518 6604 309544
CBOT SOY OIL MAY7 32.82 +0.23 32.6 32.88 9173
INDIA PALM OIL FEB7 0.00 +0.00 0.00 0 0
INDIA SOYOIL MAR7 0 +0.00 0 0 0
NYMEX CRUDE APR7 54.22 -0.23 54.04 54.51 68078
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 = 4.4370 ringgit)
($1 = 66.6000 Indian rupees)
($1 = 6.8710 Chinese yuan)
* Market gains in late trade on short covering, forecasts of stronger exports - traders
* Palm may bounce to 2,827 rgt/T - technicals
(Updates prices, adds quotes)
27/02/2017 (Reuters) - Malaysian palm oil futures recovered in late trade on Friday on forecasts of stronger export data and short-covering ahead of the weekend.
Benchmark palm oil futures for May on the Bursa Malaysia Derivatives Exchange rose 0.9 percent to 2,806 ringgit ($632.41) a tonne at the end of the trading day.
However, the second daily gain this week could not prevent a second weekly decline, with the market down by 1.8 percent since Feb. 20, unable to shake off concerns over rising output.
Traded volumes stood at 68,348 lots of 25 tonnes each on Friday evening.
Palm oil shipments could see improvements during the Feb. 1-25 period from a month ago, traders said ahead of the release of data from cargo surveyors.
Intertek Testing Services, which reported a 0.8 percent fall in exports for the Feb. 1-20 period, is expected to release its latest data on Saturday.
Societe Generale de Surveillance, however, reported a 1.7 percent rise in shipments in the same period and is expected to release its data on Monday.
Palm oil could bounce to a resistance level of 2,827 ringgit a tonne, having found support at 2,750 ringgit, said a Reuters market analyst for commodities and energy technicals.
In related vegetable oils, soybean oil on the Chicago Board of Trade was up 0.7 percent on Friday, while the soybean oil contract on China's Dalian Commodity Exchange declined 0.4 percent.
The May contract for palm olein on the Dalian exchange fell by 0.3 percent.
Palm, soy and crude oil prices at 1046 GMT
Contract Month Last Change Low High Volume
MY PALM OIL MAR7 2977 +32.00 2940 2977 823
MY PALM OIL APR7 2860 +25.00 2818 2861 3890
MY PALM OIL MAY7 2804 +24.00 2763 2808 31520
CHINA PALM OLEIN MAY7 5826 -18.00 5730 5832 479696
CHINA SOYOIL MAY7 6588 -28.00 6518 6604 309544
CBOT SOY OIL MAY7 32.82 +0.23 32.6 32.88 9173
INDIA PALM OIL FEB7 0.00 +0.00 0.00 0 0
INDIA SOYOIL MAR7 0 +0.00 0 0 0
NYMEX CRUDE APR7 54.22 -0.23 54.04 54.51 68078
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 = 4.4370 ringgit)
($1 = 66.6000 Indian rupees)
($1 = 6.8710 Chinese yuan)