MARKET DEVELOPMENT
VEGOILS-Palm Snaps Three Losing Sessions to Gain on Rising Demand, Stronger Soyoil
VEGOILS-Palm Snaps Three Losing Sessions to Gain on Rising Demand, Stronger Soyoil
* Palm sees first gain in four sessions
* Palm rebounded from six-month low of 2,580 rgt/T
* Market up in late trade tracking stronger soy, rising demand - Trader
(Updates with closing prices, quotes)
12/04/2017 (Reuters) - Malaysian palm oil futures rebounded from a six-month low in late trade on Tuesday, snapping three earlier sessions of losses to gain on rising demand and tracking stronger-performing related oils.
The benchmark palm oil contract for June delivery on the Bursa Malaysia Derivatives Exchange rose 0.7 percent to 2,612 ringgit ($589.48) a tonne at the end of the trading day.
Earlier in the session, it hit a six-month low of 2,580 ringgit, its weakest level since Oct. 11.
Traded volumes stood at 57,881 lots of 25 tonnes each in the evening.
"(China's) Dalian and Chicago Board of Trade soyoil look supportive... The outlook is not so bearish today," said a trader from Kuala Lumpur.
Another trader added that incoming demand ahead of Ramadan, the Muslim fasting festival, could lend support to the market as well.
"People are expecting Ramadan demand to come in, so export numbers should be better in the coming days," he said.
Ramadan incurs higher palm oil usage for cooking purposes in Muslim majority regions such as India, Pakistan and the Middle East, as Muslims break day-long fasts with communal feasting.
Palm oil shipments from Malaysia rose 20-25 percent between April 1-10 from the corresponding period last month, according to cargo surveyor data on Monday.
Palm oil prices on Monday closed at their lowest since Oct. 11 after a Malaysian industry regulator released production data, which revealed end-stocks outpaced expectations.
Data from the Malaysian Palm Oil Board (MPOB) showed that output surged 16.3 percent to 1.46 million tonnes in March, its first monthly gain since September, and its strongest on-month rise in over a year. (MYPOMP-CPOTT)
The data also stated that end-stocks rose 6.5 percent on-month to 1.55 million tonnes, while exports climbed 14.3 percent to 1.27 million tonnes.
In related edible oils, soybean oil on the Chicago Board of Trade gained as much as 0.6 percent, while the September soybean oil contract on the Dalian Commodity Exchange was up 0.2 percent.
The September contract for palm olein on the Dalian Commodity Exchange slid 2 percent.
Palm, soy and crude oil prices at 1042 GMT
Contract Month Last Change Low High Volume
MY PALM OIL APR7 2809 +6.00 2800 2845 171
MY PALM OIL MAY7 2712 +24.00 2676 2770 3007
MY PALM OIL JUN7 2614 +19.00 2580 2630 27158
CHINA PALM OLEIN SEP7 5234 -104.00 5178 5244 585982
CHINA SOYOIL SEP7 6004 +14.00 5950 6034 547510
CBOT SOY OIL MAY7 31.53 +0.18 31.31 31.66 7974
INDIA PALM OIL APR7 513.90 +1.30 511.50 517.2 974
INDIA SOYOIL APR7 634.3 +1.45 633.9 636.3 4700
NYMEX CRUDE MAY7 52.98 -0.10 52.83 53.23 83559
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 = 4.4310 ringgit)
($1 = 64.5000 Indian rupees)
($1 = 6.8995 Chinese yuan)
* Palm rebounded from six-month low of 2,580 rgt/T
* Market up in late trade tracking stronger soy, rising demand - Trader
(Updates with closing prices, quotes)
12/04/2017 (Reuters) - Malaysian palm oil futures rebounded from a six-month low in late trade on Tuesday, snapping three earlier sessions of losses to gain on rising demand and tracking stronger-performing related oils.
The benchmark palm oil contract for June delivery on the Bursa Malaysia Derivatives Exchange rose 0.7 percent to 2,612 ringgit ($589.48) a tonne at the end of the trading day.
Earlier in the session, it hit a six-month low of 2,580 ringgit, its weakest level since Oct. 11.
Traded volumes stood at 57,881 lots of 25 tonnes each in the evening.
"(China's) Dalian and Chicago Board of Trade soyoil look supportive... The outlook is not so bearish today," said a trader from Kuala Lumpur.
Another trader added that incoming demand ahead of Ramadan, the Muslim fasting festival, could lend support to the market as well.
"People are expecting Ramadan demand to come in, so export numbers should be better in the coming days," he said.
Ramadan incurs higher palm oil usage for cooking purposes in Muslim majority regions such as India, Pakistan and the Middle East, as Muslims break day-long fasts with communal feasting.
Palm oil shipments from Malaysia rose 20-25 percent between April 1-10 from the corresponding period last month, according to cargo surveyor data on Monday.
Palm oil prices on Monday closed at their lowest since Oct. 11 after a Malaysian industry regulator released production data, which revealed end-stocks outpaced expectations.
Data from the Malaysian Palm Oil Board (MPOB) showed that output surged 16.3 percent to 1.46 million tonnes in March, its first monthly gain since September, and its strongest on-month rise in over a year. (MYPOMP-CPOTT)
The data also stated that end-stocks rose 6.5 percent on-month to 1.55 million tonnes, while exports climbed 14.3 percent to 1.27 million tonnes.
In related edible oils, soybean oil on the Chicago Board of Trade gained as much as 0.6 percent, while the September soybean oil contract on the Dalian Commodity Exchange was up 0.2 percent.
The September contract for palm olein on the Dalian Commodity Exchange slid 2 percent.
Palm, soy and crude oil prices at 1042 GMT
Contract Month Last Change Low High Volume
MY PALM OIL APR7 2809 +6.00 2800 2845 171
MY PALM OIL MAY7 2712 +24.00 2676 2770 3007
MY PALM OIL JUN7 2614 +19.00 2580 2630 27158
CHINA PALM OLEIN SEP7 5234 -104.00 5178 5244 585982
CHINA SOYOIL SEP7 6004 +14.00 5950 6034 547510
CBOT SOY OIL MAY7 31.53 +0.18 31.31 31.66 7974
INDIA PALM OIL APR7 513.90 +1.30 511.50 517.2 974
INDIA SOYOIL APR7 634.3 +1.45 633.9 636.3 4700
NYMEX CRUDE MAY7 52.98 -0.10 52.83 53.23 83559
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 = 4.4310 ringgit)
($1 = 64.5000 Indian rupees)
($1 = 6.8995 Chinese yuan)