MARKET DEVELOPMENT
VEGOILS-Palm Sees Strongest Daily Gain in 5 Months on Rival Oils, Higher Exports
VEGOILS-Palm Sees Strongest Daily Gain in 5 Months on Rival Oils, Higher Exports
* Palm climbs to one-week and intraday high of 2,717 rgt/T
* Market also up on technical buying -Trader
(Updates with closing prices)
06/04/2017 (Reuters) - Malaysian palm oil futures clocked up their biggest daily gains in over five months in late trade on Wednesday, tracking rival edible oils and on a bullish export outlook for April due to Ramadan demand.
The month-long festival sees Muslims in regions such as India and the Middle East consume more palm oil, as they break day-long fasts with meals and feasting.
The benchmark palm oil contract for June delivery on the Bursa Malaysia Derivatives Exchange was up 3.2 percent at 2,714 ringgit ($612.71) a tonne at the end of the trading day, its biggest daily rise since Oct. 24.
It earlier hit 2,717 ringgit, an intraday high and its strongest since March 29.
Traded volumes stood at 63,117 lots of 25 tonnes each in the evening.
"The market's rise is tied to stronger overseas performances, as well as continued buying on good April exports," said a futures trader in Kuala Lumpur, referring to rival oils on the Chicago Board of Trade and China's Dalian Commodity Exchange.
"There is some technical buying as well, as the market was oversold."
Upcoming data from the Malaysian Palm Oil Board (MPOB) is expected to show strong export figures for the month of March. A
Reuters poll of seven planters, traders and analysts forecast exports to rise 7 percent to 1.18 million tonnes, while output is seen gaining 10.4 percent to 1.39 million tonnes.
End-stocks are likely to rise slightly by 0.1 percent to 1.46 million tonnes, according to the survey.
Data from official industry regulator MPOB is scheduled for release on April 10.
Palm oil is also impacted by the price movements of related edible oils, including soyoil, as they compete for a share in the global vegetable oils market.
Soybean oil on the Chicago Board of Trade rose 1.3 percent, while the September soybean oil contract on the Dalian Commodity Exchange fell 0.7 percent.
In other related vegetable oils, the September contract for palm olein on the Dalian Commodity Exchange was up 0.7 percent.
Palm, soy and crude oil prices at 1052 GMT
Contract Month Last Change Low High Volume
MY PALM OIL APR7 2930 +69.00 2892 2936 390
MY PALM OIL MAY7 2834 +104.00 2739 2835 2107
MY PALM OIL JUN7 2715 +83.00 2636 2717 27082
CHINA PALM OLEIN SEP7 5396 +38.00 5252 5408 435628
CHINA SOYOIL SEP7 6040 -44.00 5956 6068 443066
CBOT SOY OIL MAY7 31.85 +0.42 31.37 32.01 11922
INDIA PALM OIL APR7 526.30 +6.60 524.00 527.4 1555
INDIA SOYOIL APR7 642.5 +4.15 639.9 643.6 9290
NYMEX CRUDE MAY7 51.49 +0.46 51.11 51.71 102317
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 = 4.4295 ringgit)
($1 = 64.9850 Indian rupees)
($1 = 6.8947 Chinese yuan)
* Market also up on technical buying -Trader
(Updates with closing prices)
06/04/2017 (Reuters) - Malaysian palm oil futures clocked up their biggest daily gains in over five months in late trade on Wednesday, tracking rival edible oils and on a bullish export outlook for April due to Ramadan demand.
The month-long festival sees Muslims in regions such as India and the Middle East consume more palm oil, as they break day-long fasts with meals and feasting.
The benchmark palm oil contract for June delivery on the Bursa Malaysia Derivatives Exchange was up 3.2 percent at 2,714 ringgit ($612.71) a tonne at the end of the trading day, its biggest daily rise since Oct. 24.
It earlier hit 2,717 ringgit, an intraday high and its strongest since March 29.
Traded volumes stood at 63,117 lots of 25 tonnes each in the evening.
"The market's rise is tied to stronger overseas performances, as well as continued buying on good April exports," said a futures trader in Kuala Lumpur, referring to rival oils on the Chicago Board of Trade and China's Dalian Commodity Exchange.
"There is some technical buying as well, as the market was oversold."
Upcoming data from the Malaysian Palm Oil Board (MPOB) is expected to show strong export figures for the month of March. A
Reuters poll of seven planters, traders and analysts forecast exports to rise 7 percent to 1.18 million tonnes, while output is seen gaining 10.4 percent to 1.39 million tonnes.
End-stocks are likely to rise slightly by 0.1 percent to 1.46 million tonnes, according to the survey.
Data from official industry regulator MPOB is scheduled for release on April 10.
Palm oil is also impacted by the price movements of related edible oils, including soyoil, as they compete for a share in the global vegetable oils market.
Soybean oil on the Chicago Board of Trade rose 1.3 percent, while the September soybean oil contract on the Dalian Commodity Exchange fell 0.7 percent.
In other related vegetable oils, the September contract for palm olein on the Dalian Commodity Exchange was up 0.7 percent.
Palm, soy and crude oil prices at 1052 GMT
Contract Month Last Change Low High Volume
MY PALM OIL APR7 2930 +69.00 2892 2936 390
MY PALM OIL MAY7 2834 +104.00 2739 2835 2107
MY PALM OIL JUN7 2715 +83.00 2636 2717 27082
CHINA PALM OLEIN SEP7 5396 +38.00 5252 5408 435628
CHINA SOYOIL SEP7 6040 -44.00 5956 6068 443066
CBOT SOY OIL MAY7 31.85 +0.42 31.37 32.01 11922
INDIA PALM OIL APR7 526.30 +6.60 524.00 527.4 1555
INDIA SOYOIL APR7 642.5 +4.15 639.9 643.6 9290
NYMEX CRUDE MAY7 51.49 +0.46 51.11 51.71 102317
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 = 4.4295 ringgit)
($1 = 64.9850 Indian rupees)
($1 = 6.8947 Chinese yuan)