MARKET DEVELOPMENT
VEGOILS-Palm Dragged From Two-week High By Profit-taking
VEGOILS-Palm Dragged From Two-week High By Profit-taking
* Palm registers second decline in three sessions
* Price drops after market tocuched two-week top of 2,545 rgt/T
(Updates with closing prices, quote)
28/04/2017 (Reuters) - Malaysian palm oil futures reversed gains on Thursday evening as the market took profit after hitting a two-week high.
The benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange was down 0.3 percent at 2,506 ringgit ($576.75) a tonne by the close, having touched its strongest since April 14 at 2,545 ringgit.
Traded volumes reached 51,302 lots of 25 tonnes each.
"There is some profit-taking in the market, which is doing some range-bound trading," said one futures trader from Kuala Lumpur.
Palm has also been weighed down recently by bearish sentiments over weak exports and on forecasts of rising production. It is on track for a third straight week of declines, down 0.9 percent on week so far.
Shipments from Malaysia, the world's second-largest palm producer, fell month on month by in the April 1-25 period, with data from two cargo surveyors putting the decline at 1.2 percent and 3.4 percent respectively.
However, production is seen rising in the coming months in line with seasonal trends and as the lingering effects of a crop-damaging El Nino wear off.
In related vegetable oils, soybean oil on the Chicago Board of Trade slipped 0.2 percent, while the September soybean oil contract on the Dalian Commodity Exchange gained up to 0.2 percent.
The September contract for palm olein jumped as much as 1.3 percent.
Palm oil prices are affected by movements in related edible oils that compete for a share in the global vegetable oils market.
Palm, soy and crude oil prices at 1059 GMT
Contract Month Last Change Low High Volume
MY PALM OIL MAY7 2660 -4.00 2653 2726 1762
MY PALM OIL JUN7 2581 -2.00 2567 2619 3820
MY PALM OIL JUL7 2505 -8.00 2496 2545 21970
CHINA PALM OLEIN SEP7 5172 +64.00 5134 5216 549684
CHINA SOYOIL SEP7 5846 +12.00 5838 5898 541650
CBOT SOY OIL JUL7 32.11 +0.01 32.09 32.34 6579
INDIA PALM OIL APR7 517.20 -1.00 517.00 519 244
INDIA SOYOIL MAY7 610.55 -4.00 609.1 615.2 12630
NYMEX CRUDE JUN7 49.14 -0.48 48.95 49.43 96851
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 = 4.3450 ringgit)
($1 = 64.1500 Indian rupees)
($1 = 6.8920 Chinese yuan)
* Price drops after market tocuched two-week top of 2,545 rgt/T
(Updates with closing prices, quote)
28/04/2017 (Reuters) - Malaysian palm oil futures reversed gains on Thursday evening as the market took profit after hitting a two-week high.
The benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange was down 0.3 percent at 2,506 ringgit ($576.75) a tonne by the close, having touched its strongest since April 14 at 2,545 ringgit.
Traded volumes reached 51,302 lots of 25 tonnes each.
"There is some profit-taking in the market, which is doing some range-bound trading," said one futures trader from Kuala Lumpur.
Palm has also been weighed down recently by bearish sentiments over weak exports and on forecasts of rising production. It is on track for a third straight week of declines, down 0.9 percent on week so far.
Shipments from Malaysia, the world's second-largest palm producer, fell month on month by in the April 1-25 period, with data from two cargo surveyors putting the decline at 1.2 percent and 3.4 percent respectively.
However, production is seen rising in the coming months in line with seasonal trends and as the lingering effects of a crop-damaging El Nino wear off.
In related vegetable oils, soybean oil on the Chicago Board of Trade slipped 0.2 percent, while the September soybean oil contract on the Dalian Commodity Exchange gained up to 0.2 percent.
The September contract for palm olein jumped as much as 1.3 percent.
Palm oil prices are affected by movements in related edible oils that compete for a share in the global vegetable oils market.
Palm, soy and crude oil prices at 1059 GMT
Contract Month Last Change Low High Volume
MY PALM OIL MAY7 2660 -4.00 2653 2726 1762
MY PALM OIL JUN7 2581 -2.00 2567 2619 3820
MY PALM OIL JUL7 2505 -8.00 2496 2545 21970
CHINA PALM OLEIN SEP7 5172 +64.00 5134 5216 549684
CHINA SOYOIL SEP7 5846 +12.00 5838 5898 541650
CBOT SOY OIL JUL7 32.11 +0.01 32.09 32.34 6579
INDIA PALM OIL APR7 517.20 -1.00 517.00 519 244
INDIA SOYOIL MAY7 610.55 -4.00 609.1 615.2 12630
NYMEX CRUDE JUN7 49.14 -0.48 48.95 49.43 96851
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 = 4.3450 ringgit)
($1 = 64.1500 Indian rupees)
($1 = 6.8920 Chinese yuan)