07.08.2018 (The Edge Markets MY) - KUALA LUMPUR (Aug 7): Malaysian palm oil futures edged higher in early trade on Tuesday, extending gains into a third session, on a weaker ringgit and strength in related edible oils.

The ringgit was down 0.2% at 4.0830 per dollar, its weakest since Dec 27, and has declined 0.9% so far this year.

Weakness in the ringgit, palm's currency of trade, supports the vegetable oil by making it cheaper for holders of foreign currencies.

"The market is up on the weaker ringgit," said a Singapore-based futures trader.     

The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange was up 0.2% at RM2,211 (US$541.51) a tonne at noon.  

Trading volumes stood at 10,026 lots of 25 tonnes each.

Gains in related edible oils also supported the palm oil market, said another trader in Kuala Lumpur.

Palm oil prices are influenced by the performance of other edible oils, as they compete for a share in the global vegetable oils market.

The Chicago December soybean oil contract rose 0.6%, while the September soybean oil contract on China's Dalian Commodity Exchange was up 0.6%.

US soyoil rose in line with a rebound in soybean prices after the US Department of Agriculture pegged the crop condition below market expectations.

Meanwhile, the Dalian September palm oil contract edged up 0.1%.

Palm, soy and crude oil prices at 0608 GMT

Contract	Month	Last	Change	Low	High	Volume
MY PALM OIL	AUG8	0	+0.00	0	0	0
MY PALM OIL	SEP8	2195	+4.00	2188	2195	232
MY PALM OIL	OCT8	2211	+5.00	2199	2212	3823
CHINA PALM OLEIN	JAN9	4906	+10.00	4878	4920	199712
CHINA SOYOIL	JAN9	5876	+36.00	5832	5882	274632
CBOT SOY OIL	DEC8	29.01	+0.06	28.79	29.01	1476
INDIA PALM OIL	AUG8	592.50	+0.40	591.70	593.7	158
INDIA SOYOIL	AUG8	734.4	+0.55	733.5	735	1990
NYMEX CRUDE	SEP8	69.18	+0.17	68.81	69.24	28042

Palm oil prices in Malaysian ringgit per tonne
CBOT soy oil in US 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 US dollars per barrel

(US$1 = RM4.0830)
(US$1 = 68.8300 Indian rupees)
(US$1 = 6.8512 Chinese yuan)