MARKET DEVELOPMENT
VEGOILS-Palm Pulls Back From One-Week High
VEGOILS-Palm Pulls Back From One-Week High
* Palm oil flat at the midday break
* Market earlier rose tracking gains in rival edible oils - Trader
* Palm may extend gains to 2,706 rgt/T - Techs
21/08/2017 (Reuters) - Malaysian palm oil futures were flat during the midday break on Monday, paring gains after climbing to a one-week high due to weaker export data from a cargo surveyor.
The benchmark palm oil contract for November delivery on the Bursa Malaysia Derivatives Exchange was flat at 2,681 ringgit ($625.38) at the midday break. It earlier rose to 2,692 ringgit, its strongest levels since August 14.
Traded volumes stood at 20,370 lots of 25 tonnes each atnoon.
"Palm was earlier up on overnight soyoil strength," said a Kuala Lumpur-based futures trader, adding that the market later pared its gains after the release of cargo surveyor data from Intertek Testing Services (ITS).
Malaysian palm oil shipments between 1-20 August fell 14.7 percent versus the same time period last month, according to ITS data, as demand from Europe and India fell.
"The market may still trade cautiously," the trader said.
Palm oil may rise further to 2,706 ringgit per tonne, said Reuters market analyst for commodities and energy technicals Wang Tao.
The October soybean oil contract on the Chicago Board of Trade rose as much as 1.2 percent in its trade on Friday, its strongest daily gains in nearly a month and lending support to palm. Soyoil was last up 0.1 percent on Monday.
In other related oils, the January soybean oil on the Dalian Commodity Exchange rose 0.9 percent, while the January palm olein contract was also up 1.3 percent.
Palm oil prices are impacted by the movements in related edible oils, as they compete for a share in the global vegetable oils market.
Palm, soy and crude oil prices at 0442 GMT
Contract Month Last Change Low High Volume
MY PALM OIL SEP7 2673 -2.00 2665 2682 351
MY PALM OIL OCT7 2670 -3.00 2664 2680 1720
MY PALM OIL NOV7 2681 +0.00 2672 2692 10971
CHINA PALM OLEIN JAN8 5434 +72.00 5406 5464 513036
CHINA SOYOIL JAN8 6294 +56.00 6266 6320 363868
CBOT SOY OIL DEC7 34.01 +0.04 33.81 34.07 3885
INDIA PALM OIL AUG7 508.90 -0.80 507.90 509.6 31
INDIA SOYOIL SEP7 655 -1.85 654.3 655.7 280
NYMEX CRUDE SEP7 48.52 +0.01 48.44 48.75 4141
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 = 4.2870 ringgit)
($1 = 64.0650 Indian rupees)
($1 = 6.6701 Chinese yuan)
* Market earlier rose tracking gains in rival edible oils - Trader
* Palm may extend gains to 2,706 rgt/T - Techs
21/08/2017 (Reuters) - Malaysian palm oil futures were flat during the midday break on Monday, paring gains after climbing to a one-week high due to weaker export data from a cargo surveyor.
The benchmark palm oil contract for November delivery on the Bursa Malaysia Derivatives Exchange was flat at 2,681 ringgit ($625.38) at the midday break. It earlier rose to 2,692 ringgit, its strongest levels since August 14.
Traded volumes stood at 20,370 lots of 25 tonnes each atnoon.
"Palm was earlier up on overnight soyoil strength," said a Kuala Lumpur-based futures trader, adding that the market later pared its gains after the release of cargo surveyor data from Intertek Testing Services (ITS).
Malaysian palm oil shipments between 1-20 August fell 14.7 percent versus the same time period last month, according to ITS data, as demand from Europe and India fell.
"The market may still trade cautiously," the trader said.
Palm oil may rise further to 2,706 ringgit per tonne, said Reuters market analyst for commodities and energy technicals Wang Tao.
The October soybean oil contract on the Chicago Board of Trade rose as much as 1.2 percent in its trade on Friday, its strongest daily gains in nearly a month and lending support to palm. Soyoil was last up 0.1 percent on Monday.
In other related oils, the January soybean oil on the Dalian Commodity Exchange rose 0.9 percent, while the January palm olein contract was also up 1.3 percent.
Palm oil prices are impacted by the movements in related edible oils, as they compete for a share in the global vegetable oils market.
Palm, soy and crude oil prices at 0442 GMT
Contract Month Last Change Low High Volume
MY PALM OIL SEP7 2673 -2.00 2665 2682 351
MY PALM OIL OCT7 2670 -3.00 2664 2680 1720
MY PALM OIL NOV7 2681 +0.00 2672 2692 10971
CHINA PALM OLEIN JAN8 5434 +72.00 5406 5464 513036
CHINA SOYOIL JAN8 6294 +56.00 6266 6320 363868
CBOT SOY OIL DEC7 34.01 +0.04 33.81 34.07 3885
INDIA PALM OIL AUG7 508.90 -0.80 507.90 509.6 31
INDIA SOYOIL SEP7 655 -1.85 654.3 655.7 280
NYMEX CRUDE SEP7 48.52 +0.01 48.44 48.75 4141
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 = 4.2870 ringgit)
($1 = 64.0650 Indian rupees)
($1 = 6.6701 Chinese yuan)