MARKET DEVELOPMENT
VEGOILS-Palm Hits Highest Since March, Lifted By Favourable Data
VEGOILS-Palm Hits Highest Since March, Lifted By Favourable Data
* Palm oil up 1.5 pct on bullish data
* MPOB and ITS released industry data
(Updates with closing prices, fresh quotes)
12/09/2017 (Reuters) - Malaysian palm oil futures jumped to their highest level since March in Monday's session driven by a fall in production and higher exports that kept inventory numbers lower than expected.
The benchmark palm oil contract for November delivery on the Bursa Malaysia Derivatives Exchange rose 1.5 percent to 2,802 ringgit ($667.94), the highest since March 23.
The futures contract scored an intra-day high of 2,815 ringgit.
Trading volumes stood at 54,664 lots of 25 tonnes each.
A Kuala Lumpur-based futures trader said the market wasbuoyed by positive industry data released on Monday.
Industry regulator, the Malaysian Palm Oil Board (MPOB) said Malaysian palm oil stocks at end-August rose 8.8 percent to 1.94 million tonnes from the previous month.
Output fell by 0.9 percent to 1.81 million tonnes.
Separately, cargo surveyor Intertek Testing Services said exports of Malaysian palm oil products for Sept. 1-10 rose 6.9 percent to 379,652 tonnes from 355,009 tonnes shipped during Aug. 1-10.
"The market is reacting well to the MPOB and ITS figures.There was a surprise in the production drop, and it looks like that and stockpiles could decline going forward," the trader said.
"Partly, data from millers suggesting negative growth in production was also supportive of palm prices," another trader said, referring to Southern Palm Oil Millers Association (SPPOMA) figures for Sept. 1-10 showing a 17.4 percent drop in production.
The ringgit was marginally up 0.1 percent on Monday, easing from its rally last week. A stronger ringgit makes palm oil less attractive to buyers holding foreign currencies.
In related oils, the Chicago Board of Trade soybean oil contract rose 0.35 percent.
January soybean oil on the Dalian Commodity Exchange was 0.5 percent higher, while January palm olein climbed 2.1 percent.
Palm, soy and crude oil prices at 1047 GMT
Contract Month Last Change Low High Volume
MY PALM OIL SEP7 2803 +32.00 2780 2807 253
MY PALM OIL OCT7 2805 +38.00 2770 2819 1552
MY PALM OIL NOV7 2804 +40.00 2758 2815 24244
CHINA PALM OLEIN JAN8 5650 +118.00 5456 5654 944312
CHINA SOYOIL JAN8 6388 +32.00 6250 6400 573664
CBOT SOY OIL DEC7 35.06 +0.01 34.81 35.21 11890
INDIA PALM OIL SEP7 535.70 +4.30 530.90 536.8 1898
INDIA SOYOIL SEP7 661.3 -0.05 659.6 661.8 6620
NYMEX CRUDE OCT7 47.78 +0.30 47.57 47.94 122790
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 = 4.1950 ringgit)
($1 = 63.89 Indian rupees)
($1 = 6.52 Chinese yuan)
* MPOB and ITS released industry data
(Updates with closing prices, fresh quotes)
12/09/2017 (Reuters) - Malaysian palm oil futures jumped to their highest level since March in Monday's session driven by a fall in production and higher exports that kept inventory numbers lower than expected.
The benchmark palm oil contract for November delivery on the Bursa Malaysia Derivatives Exchange rose 1.5 percent to 2,802 ringgit ($667.94), the highest since March 23.
The futures contract scored an intra-day high of 2,815 ringgit.
Trading volumes stood at 54,664 lots of 25 tonnes each.
A Kuala Lumpur-based futures trader said the market wasbuoyed by positive industry data released on Monday.
Industry regulator, the Malaysian Palm Oil Board (MPOB) said Malaysian palm oil stocks at end-August rose 8.8 percent to 1.94 million tonnes from the previous month.
Output fell by 0.9 percent to 1.81 million tonnes.
Separately, cargo surveyor Intertek Testing Services said exports of Malaysian palm oil products for Sept. 1-10 rose 6.9 percent to 379,652 tonnes from 355,009 tonnes shipped during Aug. 1-10.
"The market is reacting well to the MPOB and ITS figures.There was a surprise in the production drop, and it looks like that and stockpiles could decline going forward," the trader said.
"Partly, data from millers suggesting negative growth in production was also supportive of palm prices," another trader said, referring to Southern Palm Oil Millers Association (SPPOMA) figures for Sept. 1-10 showing a 17.4 percent drop in production.
The ringgit was marginally up 0.1 percent on Monday, easing from its rally last week. A stronger ringgit makes palm oil less attractive to buyers holding foreign currencies.
In related oils, the Chicago Board of Trade soybean oil contract rose 0.35 percent.
January soybean oil on the Dalian Commodity Exchange was 0.5 percent higher, while January palm olein climbed 2.1 percent.
Palm, soy and crude oil prices at 1047 GMT
Contract Month Last Change Low High Volume
MY PALM OIL SEP7 2803 +32.00 2780 2807 253
MY PALM OIL OCT7 2805 +38.00 2770 2819 1552
MY PALM OIL NOV7 2804 +40.00 2758 2815 24244
CHINA PALM OLEIN JAN8 5650 +118.00 5456 5654 944312
CHINA SOYOIL JAN8 6388 +32.00 6250 6400 573664
CBOT SOY OIL DEC7 35.06 +0.01 34.81 35.21 11890
INDIA PALM OIL SEP7 535.70 +4.30 530.90 536.8 1898
INDIA SOYOIL SEP7 661.3 -0.05 659.6 661.8 6620
NYMEX CRUDE OCT7 47.78 +0.30 47.57 47.94 122790
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 = 4.1950 ringgit)
($1 = 63.89 Indian rupees)
($1 = 6.52 Chinese yuan)