MARKET DEVELOPMENT
VEGOILS-Palm Rebounds on Stronger Soyoil, Weaker Output Forecasts
VEGOILS-Palm Rebounds on Stronger Soyoil, Weaker Output Forecasts
* Palm rebounds to post strongest daily gain in a week
* Weaker output, higher rival oils, buoy prices - trader
* Palm neutral in 2,767-2,810 rgt/T range - technicals
(Updates with closing prices, quote)
22/03/2017 (Reuters) - Malaysian palm oil futures rebounded on Tuesday from a three-day low to chart their strongest daily gain in a week, tracking stronger soyoil prices and supported by forecasts of weaker output.
Benchmark palm oil futures for June delivery on the Bursa Malaysia Derivatives Exchange rose 1 percent to 2,809 ringgit ($635) a tonne at the end of the trading day, the biggest daily gain since March 15.
The contract earlier fell to an intraday low of 2,754 ringgit, its lowest in three days.
Traded volumes stood at 49,508 lots of 25 tonnes each on Tuesday evening.
The market rose due to forecasts of weaker output and supportive soyoil on the Chicago Board of Trade, said a futures trader from Kuala Lumpur.
Malaysian output fell 1.4 percent in February from January, while end-stocks declined 5.3 percent to 1.46 million tonnes. (MYPOMP-CPOTT) (MYPOMS-TPO)
Palm was earlier trading in a range and was down at the midday break as related edible oils weakened and demand slowed.
Palm oil exports from Malaysia, the world's second largest producer of the tropical oil, fell between March 1-20 compared with the same period a month ago.
Cargo surveyor Intertek Testing Services reported a 3 percent drop, while Societe Generale de Surveillance saw a 7.9 percent decline.
Palm also tracks the movement of other related vegetable oils, as they compete for a share in the global edible oils market.
Soybean oil on the Chicago Board of Trade was up 0.5 percent, while the September soybean oil contract on the Dalian Commodity Exchange fell 0.2 percent.
The September contract for palm olein on the Dalian Commodity Exchange was up 0.1 percent.
Palm oil remained within a range of 2,767-2,810 ringgit per tonne, said Wang Tao, a Reuters market analyst for commodities and energy technicals.
Palm, soy and crude oil prices at 1034 GMT
Contract Month Last Change Low High Volume
MY PALM OIL APR7 2970 +29.00 2924 2970 434
MY PALM OIL MAY7 2879 +34.00 2818 2879 4425
MY PALM OIL JUN7 2811 +29.00 2754 2811 26603
CHINA PALM OLEIN SEP7 5626 +4.00 5570 5668 421094
CHINA SOYOIL SEP7 6498 -14.00 6460 6550 368332
CBOT SOY OIL MAY7 32.91 +0.17 32.59 32.99 12670
INDIA PALM OIL MAR7 534.20 +0.90 532.00 535.5 1077
INDIA SOYOIL APR7 646.35 -2.10 643.9 648.4 19150
NYMEX CRUDE APR7 48.60 +0.38 47.93 48.73 2016
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 = 4.4230 ringgit)
($1 = 65.2975 Indian rupees)
($1 = 6.8865 Chinese yuan)
* Weaker output, higher rival oils, buoy prices - trader
* Palm neutral in 2,767-2,810 rgt/T range - technicals
(Updates with closing prices, quote)
22/03/2017 (Reuters) - Malaysian palm oil futures rebounded on Tuesday from a three-day low to chart their strongest daily gain in a week, tracking stronger soyoil prices and supported by forecasts of weaker output.
Benchmark palm oil futures for June delivery on the Bursa Malaysia Derivatives Exchange rose 1 percent to 2,809 ringgit ($635) a tonne at the end of the trading day, the biggest daily gain since March 15.
The contract earlier fell to an intraday low of 2,754 ringgit, its lowest in three days.
Traded volumes stood at 49,508 lots of 25 tonnes each on Tuesday evening.
The market rose due to forecasts of weaker output and supportive soyoil on the Chicago Board of Trade, said a futures trader from Kuala Lumpur.
Malaysian output fell 1.4 percent in February from January, while end-stocks declined 5.3 percent to 1.46 million tonnes. (MYPOMP-CPOTT) (MYPOMS-TPO)
Palm was earlier trading in a range and was down at the midday break as related edible oils weakened and demand slowed.
Palm oil exports from Malaysia, the world's second largest producer of the tropical oil, fell between March 1-20 compared with the same period a month ago.
Cargo surveyor Intertek Testing Services reported a 3 percent drop, while Societe Generale de Surveillance saw a 7.9 percent decline.
Palm also tracks the movement of other related vegetable oils, as they compete for a share in the global edible oils market.
Soybean oil on the Chicago Board of Trade was up 0.5 percent, while the September soybean oil contract on the Dalian Commodity Exchange fell 0.2 percent.
The September contract for palm olein on the Dalian Commodity Exchange was up 0.1 percent.
Palm oil remained within a range of 2,767-2,810 ringgit per tonne, said Wang Tao, a Reuters market analyst for commodities and energy technicals.
Palm, soy and crude oil prices at 1034 GMT
Contract Month Last Change Low High Volume
MY PALM OIL APR7 2970 +29.00 2924 2970 434
MY PALM OIL MAY7 2879 +34.00 2818 2879 4425
MY PALM OIL JUN7 2811 +29.00 2754 2811 26603
CHINA PALM OLEIN SEP7 5626 +4.00 5570 5668 421094
CHINA SOYOIL SEP7 6498 -14.00 6460 6550 368332
CBOT SOY OIL MAY7 32.91 +0.17 32.59 32.99 12670
INDIA PALM OIL MAR7 534.20 +0.90 532.00 535.5 1077
INDIA SOYOIL APR7 646.35 -2.10 643.9 648.4 19150
NYMEX CRUDE APR7 48.60 +0.38 47.93 48.73 2016
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 = 4.4230 ringgit)
($1 = 65.2975 Indian rupees)
($1 = 6.8865 Chinese yuan)