MARKET DEVELOPMENT
VEGOILS-Palm Oil Rises For First Time in Six Sessions As Soyoils Surge
VEGOILS-Palm Oil Rises For First Time in Six Sessions As Soyoils Surge
* Palm oil reverses course to rise on strong rival oils
* Up 0.8 percent from near one month low of 2,637 ringgit
* Palm tracks gains in soyoil, market oversold -trader
(Updates latest prices)
14/04/2016 (Reuters) - Malaysian palm oil futures rose for the first time in six sessions on Wednesday, tracking competing vegetable oils, in particular sharp gains in soyoil.
Palm dropped 4.8 percent since the start of its downtrend in the six previous sessions on a strengthening ringgit and better-than-expected March output growth data from the Malaysian Palm Oil Board (MPOB).
The data showed a 16.9 percent jump in output in March from February, more than double the 8 percent growth forecast in a Reuters poll.
The palm oil contract for June delivery on the Bursa Malaysia Derivatives Exchange gained 0.8 percent to reach 2,659 ringgit ($687) per tonne at the close of trade. Traded volumes were 47,126 lots of 25 tonnes each, higher than a 2015 daily average of 44,600 lots.
"Palm rose because of Dalian, and it should hold due to the fact that the market is a bit oversold," said a trader at a brokerage firm in Kuala Lumpur.
The September soybean oil contract on the Dalian Commodity Exchange rose 1.1 percent on Wednesday while the May Chicago Board of Trade soyoil contract rose 1 percent.
U.S. soybean futures had climbed to an eight-month high on Wednesday due to fund buying and concerns that rains would limit Argentinian harvests, while the world's largest soybean buyer,
China, imported 6.1 million tonnes in March, the most it has ever bought in the month of March since at least 2008.
Palm oil is expected to rise to 2,716 ringgit per tonne, as it has found support around 2,629 ringgit, said Wang Tao, a Reuters market analyst for commodities and energy technicals.
The offer price for crude palm kernel oil stood at 4,943.85 ringgit per tonne (PKO-MYSTH-M1) in the evening, according to price assessments by Thomson Reuters.
Palm, soy and crude oil prices at 1101 GMT:
Contract Month Last Change Low High Volume
MY PALM OIL APR6 2625 +18.00 2625 2637 10
MY PALM OIL MAY6 2641 +18.00 2634 2665 817
MY PALM OIL JUN6 2658 +21.00 2651 2684 21523
CHINA PALM OLEIN SEP6 5516 +78.00 5430 5642 1619588
CHINA SOYOIL SEP6 6130 +66.00 6062 6268 1265764
CBOT SOY OIL MAY6 34.03 +4.80 33.71 34.25 11071
INDIA PALM OIL APR6 552.80 +4.80 550.00 553.8 1156
INDIA SOYOIL APR6 650.5 +2.50 650 652.5 750
NYMEX CRUDE MAY6 41.53 -0.64 41.24 41.91 85085
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 = 3.8700 ringgit)
($1 = 66.6300 Indian rupees)
($1 = 6.4719 Chinese yuan)
* Palm tracks gains in soyoil, market oversold -trader
(Updates latest prices)
14/04/2016 (Reuters) - Malaysian palm oil futures rose for the first time in six sessions on Wednesday, tracking competing vegetable oils, in particular sharp gains in soyoil.
Palm dropped 4.8 percent since the start of its downtrend in the six previous sessions on a strengthening ringgit and better-than-expected March output growth data from the Malaysian Palm Oil Board (MPOB).
The data showed a 16.9 percent jump in output in March from February, more than double the 8 percent growth forecast in a Reuters poll.
The palm oil contract for June delivery on the Bursa Malaysia Derivatives Exchange gained 0.8 percent to reach 2,659 ringgit ($687) per tonne at the close of trade. Traded volumes were 47,126 lots of 25 tonnes each, higher than a 2015 daily average of 44,600 lots.
"Palm rose because of Dalian, and it should hold due to the fact that the market is a bit oversold," said a trader at a brokerage firm in Kuala Lumpur.
The September soybean oil contract on the Dalian Commodity Exchange rose 1.1 percent on Wednesday while the May Chicago Board of Trade soyoil contract rose 1 percent.
U.S. soybean futures had climbed to an eight-month high on Wednesday due to fund buying and concerns that rains would limit Argentinian harvests, while the world's largest soybean buyer,
China, imported 6.1 million tonnes in March, the most it has ever bought in the month of March since at least 2008.
Palm oil is expected to rise to 2,716 ringgit per tonne, as it has found support around 2,629 ringgit, said Wang Tao, a Reuters market analyst for commodities and energy technicals.
The offer price for crude palm kernel oil stood at 4,943.85 ringgit per tonne (PKO-MYSTH-M1) in the evening, according to price assessments by Thomson Reuters.
Palm, soy and crude oil prices at 1101 GMT:
Contract Month Last Change Low High Volume
MY PALM OIL APR6 2625 +18.00 2625 2637 10
MY PALM OIL MAY6 2641 +18.00 2634 2665 817
MY PALM OIL JUN6 2658 +21.00 2651 2684 21523
CHINA PALM OLEIN SEP6 5516 +78.00 5430 5642 1619588
CHINA SOYOIL SEP6 6130 +66.00 6062 6268 1265764
CBOT SOY OIL MAY6 34.03 +4.80 33.71 34.25 11071
INDIA PALM OIL APR6 552.80 +4.80 550.00 553.8 1156
INDIA SOYOIL APR6 650.5 +2.50 650 652.5 750
NYMEX CRUDE MAY6 41.53 -0.64 41.24 41.91 85085
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 = 3.8700 ringgit)
($1 = 66.6300 Indian rupees)
($1 = 6.4719 Chinese yuan)