The Edge Markets (24/04/2019) - KUALA LUMPUR (April 24): Malaysian palm oil futures recouped earlier losses to close flat at the end of the trading day on Wednesday, helped by gains in the U.S. soyoil and on prospects of improving export demand.

The benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange was at 2,170 ringgit (US$526.06) a tonne at the close of trade. 

It earlier fell as much as 1.4% to a low of 2,140 ringgit, its weakest level since April 16, on overnight weakness in the U.S. soyoil.

A Kuala Lumpur-based futures trader said the market had recovered on expectations of better export demand, gains in U.S. soyoil and technical buying.

Malaysian palm oil export data for the April 1-25 period is scheduled for release by cargo surveyors after 0400 GMT on Thursday. It is expected to show gains versus the corresponding time period in March.

Cargo surveyors Societe Generale de Surveillance and Intertek Testing Services last reported export gains of 1.5%-2.2% for the April 1-20 period, while AmSpec Agri Malaysia reported a 1.8% decline.

Chicago May soybean oil had dropped 2.2% on Tuesday on bearish fundamentals, but was last up 0.6%.

In other related oils, the May soyoil contract on the Dalian Commodity Exchange fell 1%, and the Dalian May palm oil contract also declined 1%.

Palm oil prices are affected by movements in soyoil, as they compete for a share in the global vegetable oil market. 
        
 Palm, soy and crude oil prices at 1047 GMT  

 Contract                          Month   Last  Change   Low   High  Volume
 MY PALM OIL                 MAY9   2074   +0.00    2044   2080     239
 MY PALM OIL                 JUN9     2151   +0.00    2121   2157    5087
 MY PALM OIL                 JUL9     2173   +0.00    2140   2175   18058
 CHINA PALM OLEI        MAY9  4322  -44.00    4308   4372   32812
 CHINA SOYOIL             MAY9  5276  -54.00    5254   5334   81650
 CBOT SOY OIL              MAY9  28.22  +0.16   28.08  28.23    1834
 INDIA PALM OIL            APR9   539.30  +0.50  534.00    541     334
 INDIA SOYOIL                MAY9    743   +4.15   735.7  743.5    9770
 NYMEX CRUDE              JUN9    66.04   -0.26   65.77  66.18  107250

 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 = 4.1250 ringgit)
(US$1 = 6.7174 Chinese yuan)
(US$1 = 69.8510 Indian rupees)