MARKET DEVELOPMENT
VEGOILS-Malaysian Palm Oil Sees 3 Pct Gain on Short Covering, China Buying Talk
VEGOILS-Malaysian Palm Oil Sees 3 Pct Gain on Short Covering, China Buying Talk
* Palm oil up by nearly 3 pct in late trade
* Sudden hike due to traders' short covering
15/10/2015 (Reuters) - Malaysian palm oil futures saw a sharp rise in late trade on Tuesday, due to traders short covering and speculation of buying from China.
The benchmark December palm oil contract on the Bursa Malaysia Derivatives Exchange closed up 2.9 percent at 2,320 ringgit ($555.42) a tonne.
"The market went up on rumours that China is going to replenish their edible oil stocks," said a trader based in Kuala Lumpur. "That news, added with massive short covering, was the reason behind the sudden spurt."
Traded volume stood at 53,675 lots of 25 tonnes each, well above the average 35,000 lots usually traded in a day.
Palm prices saw a sharp dip last week on a stronger ringgit, going from near 15-month highs of 2,444 ringgit to two-and-a-half week lows of 2,216 ringgit.
A bullish target at 2,349 ringgit per tonne has been aborted for palm oil, as it failed to break a resistance at 2,283 ringgit, said Reuters market analyst for commodities and energy technicals Wang Tao.
In other vegetable oil markets, both the U.S. December soyoil contract and the January soybean oil contract on the Dalian Commodity Exchange rose 1.2 percent.
Palm, soy and crude oil prices at 1057 GMT
Contract Month Last Change Low High Volume
MY PALM OIL OCT5 0 +60.00 0 0 0
MY PALM OIL NOV5 2285 +60.00 2206 2294 1243
MY PALM OIL DEC5 2323 +63.00 2240 2334 32943
CHINA PALM OLEIN JAN6 4666 +98.00 4536 4674 1559070
CHINA SOYOIL JAN6 5648 +66.00 5554 5666 910656
CBOT SOY OIL DEC5 28.53 +5.80 28.12 28.71 10349
INDIA PALM OIL OCT5 429.40 +5.80 422.80 430.60 1973
INDIA SOYOIL OCT5 632.85 +6.20 624.60 636.00 9930
NYMEX CRUDE NOV5 47.08 -0.02 46.60 47.84 48981
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 = 4.1770 ringgit)
($1 = 65.1100 Indian rupees)
($1 = 6.3417 Chinese yuan)
* Sudden hike due to traders' short covering
15/10/2015 (Reuters) - Malaysian palm oil futures saw a sharp rise in late trade on Tuesday, due to traders short covering and speculation of buying from China.
The benchmark December palm oil contract on the Bursa Malaysia Derivatives Exchange closed up 2.9 percent at 2,320 ringgit ($555.42) a tonne.
"The market went up on rumours that China is going to replenish their edible oil stocks," said a trader based in Kuala Lumpur. "That news, added with massive short covering, was the reason behind the sudden spurt."
Traded volume stood at 53,675 lots of 25 tonnes each, well above the average 35,000 lots usually traded in a day.
Palm prices saw a sharp dip last week on a stronger ringgit, going from near 15-month highs of 2,444 ringgit to two-and-a-half week lows of 2,216 ringgit.
A bullish target at 2,349 ringgit per tonne has been aborted for palm oil, as it failed to break a resistance at 2,283 ringgit, said Reuters market analyst for commodities and energy technicals Wang Tao.
In other vegetable oil markets, both the U.S. December soyoil contract and the January soybean oil contract on the Dalian Commodity Exchange rose 1.2 percent.
Palm, soy and crude oil prices at 1057 GMT
Contract Month Last Change Low High Volume
MY PALM OIL OCT5 0 +60.00 0 0 0
MY PALM OIL NOV5 2285 +60.00 2206 2294 1243
MY PALM OIL DEC5 2323 +63.00 2240 2334 32943
CHINA PALM OLEIN JAN6 4666 +98.00 4536 4674 1559070
CHINA SOYOIL JAN6 5648 +66.00 5554 5666 910656
CBOT SOY OIL DEC5 28.53 +5.80 28.12 28.71 10349
INDIA PALM OIL OCT5 429.40 +5.80 422.80 430.60 1973
INDIA SOYOIL OCT5 632.85 +6.20 624.60 636.00 9930
NYMEX CRUDE NOV5 47.08 -0.02 46.60 47.84 48981
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 = 4.1770 ringgit)
($1 = 65.1100 Indian rupees)
($1 = 6.3417 Chinese yuan)