MARKET DEVELOPMENT
VEGOILS-Palm Rises After Six Sessions of Losses on Stronger Soyoil
VEGOILS-Palm Rises After Six Sessions of Losses on Stronger Soyoil
* Market sees strongest daily gain in two weeks
* Prices also supported by technical rebound -trader
(Updates with closing prices, quote)
21/04/2017 (Reuters) - Malaysian palm oil futures recorded their biggest daily gain in two weeks on Thursday, ending six sessions of losses as they tracked strength in soyoil and were helped by a technical correction.
The benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange closed up 1.6 percent at 2,504 ringgit ($569.61) a tonne.
Turnover for the day totalled 64,542 lots of 25 tonnes each.
"Exports are poor, so soyoil could have helped with a technical rebound, as the market is technically oversold," said a futures trader from Kuala Lumpur.
Palm oil prices are influenced by movements in rival edible oils as they compete for a share in the global vegetable oils market.
Soybean oil on the Chicago Board of Trade rose 0.4 percent, while the September soybean oil contract on the Dalian Commodity Exchange was up 0.03 percent.
Palm oil exports between April 1-20 had come in weaker than expected, with traders forecasting stronger gains on the month ahead of Ramadan, the Muslim holy month of fasting.
Palm oil shipments from Malaysia, the world's largest producer after Indonesia, fell 1 percent during April 1-20 compared with a month earlier, according to data from cargo surveyor Intertek Testing Services. Societe Generale de Surveillance data, however, showed a 4.7 percent gain in the same period.
Ramadan typically sees higher consumption of palm oil for cooking purposes in regions such as India and the Middle East, as day-long fasts end with communal feasting.
In other related vegetable oils, the September contract for palm olein was up 0.5 percent.
Palm, soy and crude oil prices at 1118 GMT
Contract Month Last Change Low High Volume
MY PALM OIL MAY7 2638 +55.00 2599 2641 1688
MY PALM OIL JUN7 2559 +45.00 2525 2559 8008
MY PALM OIL JUL7 2504 +39.00 2474 2505 30260
CHINA PALM OLEIN SEP7 5146 +24.00 5092 5160 577654
CHINA SOYOIL SEP7 5816 +2.00 5742 5832 689060
CBOT SOY OIL MAY7 31.7 +0.12 31.45 31.73 6424
INDIA PALM OIL APR7 514.10 +3.90 510.10 514.8 722
INDIA SOYOIL APR7 627.7 -1.20 627.6 629.4 400
NYMEX CRUDE MAY7 50.89 +0.45 50.51 50.97 2125
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 = 4.3960 ringgit)
($1 = 64.5600 Indian rupees)
($1 = 6.8828 Chinese yuan)
* Prices also supported by technical rebound -trader
(Updates with closing prices, quote)
21/04/2017 (Reuters) - Malaysian palm oil futures recorded their biggest daily gain in two weeks on Thursday, ending six sessions of losses as they tracked strength in soyoil and were helped by a technical correction.
The benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange closed up 1.6 percent at 2,504 ringgit ($569.61) a tonne.
Turnover for the day totalled 64,542 lots of 25 tonnes each.
"Exports are poor, so soyoil could have helped with a technical rebound, as the market is technically oversold," said a futures trader from Kuala Lumpur.
Palm oil prices are influenced by movements in rival edible oils as they compete for a share in the global vegetable oils market.
Soybean oil on the Chicago Board of Trade rose 0.4 percent, while the September soybean oil contract on the Dalian Commodity Exchange was up 0.03 percent.
Palm oil exports between April 1-20 had come in weaker than expected, with traders forecasting stronger gains on the month ahead of Ramadan, the Muslim holy month of fasting.
Palm oil shipments from Malaysia, the world's largest producer after Indonesia, fell 1 percent during April 1-20 compared with a month earlier, according to data from cargo surveyor Intertek Testing Services. Societe Generale de Surveillance data, however, showed a 4.7 percent gain in the same period.
Ramadan typically sees higher consumption of palm oil for cooking purposes in regions such as India and the Middle East, as day-long fasts end with communal feasting.
In other related vegetable oils, the September contract for palm olein was up 0.5 percent.
Palm, soy and crude oil prices at 1118 GMT
Contract Month Last Change Low High Volume
MY PALM OIL MAY7 2638 +55.00 2599 2641 1688
MY PALM OIL JUN7 2559 +45.00 2525 2559 8008
MY PALM OIL JUL7 2504 +39.00 2474 2505 30260
CHINA PALM OLEIN SEP7 5146 +24.00 5092 5160 577654
CHINA SOYOIL SEP7 5816 +2.00 5742 5832 689060
CBOT SOY OIL MAY7 31.7 +0.12 31.45 31.73 6424
INDIA PALM OIL APR7 514.10 +3.90 510.10 514.8 722
INDIA SOYOIL APR7 627.7 -1.20 627.6 629.4 400
NYMEX CRUDE MAY7 50.89 +0.45 50.51 50.97 2125
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 = 4.3960 ringgit)
($1 = 64.5600 Indian rupees)
($1 = 6.8828 Chinese yuan)