MARKET DEVELOPMENT
VEGOILS-Palm Extends Gains Tracking Stronger Related Edible Oils
VEGOILS-Palm Extends Gains Tracking Stronger Related Edible Oils
* Market's 0.7 pct gains strongest in a week
* Palm climbs tracking CBOT and Dailan soyoil - Trader
* Market also supported by technical buying - Trader
13/10/2017 (Reuters) - Malaysian palm oil futures on Thursday extended gains for a second session, buoyed by stronger soyoil and technical buying, said traders.
The benchmark palm oil contract for December delivery on the Bursa Malaysia Derivatives Exchange was up 0.7 percent at 2,715 ringgit ($643.98) a tonne at the midday break, posting its biggest daily percentage gain since Oct. 4.
Traded volumes stood at 15,117 lots of 25 tonnes each at the midday break on Thursday.
The rise in palm prices was supported by gains in soyoil futures on the Chicago Board of Trade and China's Dalian Commodity Exchange, a Kuala Lumpur-based futures trader said.
The December soybean oil contract on the Chicago Board of Trade rose as much as 0.4 percent, while the January soybean oil contract on China's Dalian Commodity Exchange climbed up to 0.1 percent.
The trader said further movements in the palm market would depend on the United States Department of Agriculture, which will release its monthly World Agricultural Supply and Demand Estimates and Crop Production reports at 1600 GMT later in the day.
"If tonight's USDA report is bullish, we could have more upside tomorrow," she said.
Palm's prices are impacted by movements of related oils as they compete for a share in the global vegetable oils market.
In other related vegetable oils, the January palm olein contract went up by 0.6 percent.
Palm, soy and crude oil prices at 0457 GMT
Contract Month Last Change Low High Volume
MY PALM OIL OCT7 2720 +20.00 2720 2720 20
MY PALM OIL NOV7 2713 +20.00 2701 2713 218
MY PALM OIL DEC7 2715 +19.00 2703 2715 6886
CHINA PALM JAN8 5554 +34.00 5508 5564 202696
OLEIN
CHINA SOYOIL JAN8 6054 +6.00 6036 6072 139242
CBOT SOY OIL DEC7 33.29 +0.00 33.12 33.29 8139
INDIA PALM OIL OCT7 539.50 +0.00 539.50 541 53
INDIA SOYOIL OCT7 655.5 +0.55 655.05 657.5 650
NYMEX CRUDE NOV7 51.04 -0.26 50.98 51.13 12032
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 = 4.2160 ringgit)
($1 = 65.1400 Indian rupees)
($1 = 6.5871 Chinese yuan)
* Palm climbs tracking CBOT and Dailan soyoil - Trader
* Market also supported by technical buying - Trader
13/10/2017 (Reuters) - Malaysian palm oil futures on Thursday extended gains for a second session, buoyed by stronger soyoil and technical buying, said traders.
The benchmark palm oil contract for December delivery on the Bursa Malaysia Derivatives Exchange was up 0.7 percent at 2,715 ringgit ($643.98) a tonne at the midday break, posting its biggest daily percentage gain since Oct. 4.
Traded volumes stood at 15,117 lots of 25 tonnes each at the midday break on Thursday.
The rise in palm prices was supported by gains in soyoil futures on the Chicago Board of Trade and China's Dalian Commodity Exchange, a Kuala Lumpur-based futures trader said.
The December soybean oil contract on the Chicago Board of Trade rose as much as 0.4 percent, while the January soybean oil contract on China's Dalian Commodity Exchange climbed up to 0.1 percent.
The trader said further movements in the palm market would depend on the United States Department of Agriculture, which will release its monthly World Agricultural Supply and Demand Estimates and Crop Production reports at 1600 GMT later in the day.
"If tonight's USDA report is bullish, we could have more upside tomorrow," she said.
Palm's prices are impacted by movements of related oils as they compete for a share in the global vegetable oils market.
In other related vegetable oils, the January palm olein contract went up by 0.6 percent.
Palm, soy and crude oil prices at 0457 GMT
Contract Month Last Change Low High Volume
MY PALM OIL OCT7 2720 +20.00 2720 2720 20
MY PALM OIL NOV7 2713 +20.00 2701 2713 218
MY PALM OIL DEC7 2715 +19.00 2703 2715 6886
CHINA PALM JAN8 5554 +34.00 5508 5564 202696
OLEIN
CHINA SOYOIL JAN8 6054 +6.00 6036 6072 139242
CBOT SOY OIL DEC7 33.29 +0.00 33.12 33.29 8139
INDIA PALM OIL OCT7 539.50 +0.00 539.50 541 53
INDIA SOYOIL OCT7 655.5 +0.55 655.05 657.5 650
NYMEX CRUDE NOV7 51.04 -0.26 50.98 51.13 12032
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 = 4.2160 ringgit)
($1 = 65.1400 Indian rupees)
($1 = 6.5871 Chinese yuan)