The Edge Markets (16/10/2017) - KUALA LUMPUR (Oct 16): Malaysian palm oil futures extended gains on Monday evening, recording a fourth straight day of wins tracking higher crude oil prices and stronger export data from cargo surveyors.

The benchmark palm oil contract price for January delivery on the Bursa Malaysia Derivatives Exchange was up 0.2% at 2,762 ringgit (US$655.20) a tonne at the close of trade. It earlier rose to a daily high of 2,766 ringgit, the best level since Sept 27.

Traded volumes stood at 44,760 lots of 25 tonnes each at the end of the trading day.

"The market is probably up on crude oil," said a futures trader from Kuala Lumpur, adding that higher exports and expectations of slowing output growth supported the market.

Palm oil shipments from Malaysia, the world's second-largest producer after Indonesia, rose in the first-half of October, up 10.3% from the corresponding period last month, showed data from cargo surveyor Intertek Testing Services (ITS).

Another cargo surveyor, Societe Generale Surveillance (SGS), reported on Monday evening a 8.7% rise in exports.

Crude oil prices jumped as much as 1.4% during trade on Monday as factional fighting in Iraq, OPEC's second-largest producer, raised concerns over exports.

Palm oil is impacted by movements in crude oil, as the tropical oil is used as feedstock for producing biodiesel, a fuel substitute. 

In other related edible oils, the December soybean oil contract on the Chicago Board of Trade slipped 0.2%, while the January soybean oil contract on China's Dalian Commodity Exchange climbed up to 0.8%.

The January palm olein contract was up by 1.3%.

Palm's prices are impacted by movements of related oils, as they compete for a share in the global vegetable oils market.
    
 Palm, soy and crude oil prices at 1129 GMT

 Contract                      Month    Last   Change     Low   High  Volume
 MY PALM OIL             NOV7     2755    +5.00    2743   2755     582
 MY PALM OIL             DEC7     2754    +5.00    2741   2756    8105
 MY PALM OIL             JAN8     2762    +5.00    2747   2766   16930
 CHINA PALM OLEIN  JAN8     5600   +72.00    5558   5630  373826
 CHINA SOYOIL          JAN8     6104   +46.00    6070   6124  326258
 CBOT SOY OIL          DEC7    33.64    -0.05   33.58  33.81    4747
 INDIA PALM OIL        OCT7   537.70    -0.90  537.00    542     617
 INDIA SOYOIL           NOV7    669.4    +0.35   668.2  670.5   11500
 NYMEX CRUDE        NOV7    52.18    +0.73   51.35  52.24  111038

 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
 
(US$1 = 4.2155 ringgit)
(US$1 = 64.7000 Indian rupees)
(US$1 = 6.5885 Chinese yuan)