MARKET DEVELOPMENT
VEGOILS-Palm Comes off Low on Stronger Soy
VEGOILS-Palm Comes off Low on Stronger Soy
* Palm falls to an intraday low of 2,581 rgt/tonne
* Market uncertain but held up by stronger soyoil - trader
* Palm targets 2,541 ringgit per tonne on charts
(Updates to closing prices)
30/09/2016 (Reuters) - Malaysian palm oil futures came off near two-week lows to close marginally higher on Thursday, tracking gains in rival oilseed soy.
Benchmark palm oil futures for December on the Bursa Malaysia Derivatives Exchange closed up 0.4 percent at 2,616 ringgit ($634.64) a tonne. Earlier in the session, the contract fell to the lowest since Sept. 19 at 2,581 ringgit.
Traded volumes stood at 54,211 lots of 25 tonnes each at noon.
"The market seems uncertain after the selldown yesterday," said a trader based in Kuala Lumpur.
Palm fell 2.2 percent on Wednesday in its sharpest decline in six weeks due to weak export demand, after shedding 1.9 percent in the previous session.
"Today, it is not following through as it is supported by the external market," he said, referring to soyoil on the Chicago Board of Trade.
Exports from Malaysia, the world's No.2 producer of the tropical oil after Indonesia, are seen slowing on weaker demand from top consumers China and India, as winter in the northern hemisphere solidifies palm oil, making it less appealing to buyers.
Shipments for Sept. 1-25 fell nearly 16 percent from a month earlier, showed cargo surveyor data, and data for the full month is scheduled for release on Friday.
Palm prices are also affected by soy, which competes with palm for a share in the global vegetable oils market.
The soybean oil December contract on the Chicago Board of Trade was up 0.4 percent.
January soybean oil on the Dalian Commodity Exchange dropped 0.7 percent.
On price charts, palm is targeting 2,541 ringgit per tonne, according to Reuters' market analyst for commodities and energy technicals, Wang Tao.
Palm, soy and crude oil prices at 1114 GMT
Contract Month Last Change Low High Volume
MY PALM OIL OCT6 2760 +14.00 2720 2770 199
MY PALM OIL NOV6 2660 +11.00 2626 2670 6062
MY PALM OIL DEC6 2616 +11.00 2581 2631 25747
CHINA PALM OLEIN JAN7 5576 -102.00 5560 5678 982798
CHINA SOYOIL JAN7 6282 -44.00 6272 6356 509340
CBOT SOY OIL DEC6 33.02 +2.90 32.89 33.17 11136
INDIA PALM OIL SEP6 581.80 +2.90 578.20 581.8 483
INDIA SOYOIL OCT6 654.6 +1.25 652 657.5 25290
NYMEX CRUDE NOV6 46.94 -0.11 46.60 47.47 124568
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 = 4.1220 ringgit)
* Market uncertain but held up by stronger soyoil - trader
* Palm targets 2,541 ringgit per tonne on charts
(Updates to closing prices)
30/09/2016 (Reuters) - Malaysian palm oil futures came off near two-week lows to close marginally higher on Thursday, tracking gains in rival oilseed soy.
Benchmark palm oil futures for December on the Bursa Malaysia Derivatives Exchange closed up 0.4 percent at 2,616 ringgit ($634.64) a tonne. Earlier in the session, the contract fell to the lowest since Sept. 19 at 2,581 ringgit.
Traded volumes stood at 54,211 lots of 25 tonnes each at noon.
"The market seems uncertain after the selldown yesterday," said a trader based in Kuala Lumpur.
Palm fell 2.2 percent on Wednesday in its sharpest decline in six weeks due to weak export demand, after shedding 1.9 percent in the previous session.
"Today, it is not following through as it is supported by the external market," he said, referring to soyoil on the Chicago Board of Trade.
Exports from Malaysia, the world's No.2 producer of the tropical oil after Indonesia, are seen slowing on weaker demand from top consumers China and India, as winter in the northern hemisphere solidifies palm oil, making it less appealing to buyers.
Shipments for Sept. 1-25 fell nearly 16 percent from a month earlier, showed cargo surveyor data, and data for the full month is scheduled for release on Friday.
Palm prices are also affected by soy, which competes with palm for a share in the global vegetable oils market.
The soybean oil December contract on the Chicago Board of Trade was up 0.4 percent.
January soybean oil on the Dalian Commodity Exchange dropped 0.7 percent.
On price charts, palm is targeting 2,541 ringgit per tonne, according to Reuters' market analyst for commodities and energy technicals, Wang Tao.
Palm, soy and crude oil prices at 1114 GMT
Contract Month Last Change Low High Volume
MY PALM OIL OCT6 2760 +14.00 2720 2770 199
MY PALM OIL NOV6 2660 +11.00 2626 2670 6062
MY PALM OIL DEC6 2616 +11.00 2581 2631 25747
CHINA PALM OLEIN JAN7 5576 -102.00 5560 5678 982798
CHINA SOYOIL JAN7 6282 -44.00 6272 6356 509340
CBOT SOY OIL DEC6 33.02 +2.90 32.89 33.17 11136
INDIA PALM OIL SEP6 581.80 +2.90 578.20 581.8 483
INDIA SOYOIL OCT6 654.6 +1.25 652 657.5 25290
NYMEX CRUDE NOV6 46.94 -0.11 46.60 47.47 124568
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 = 4.1220 ringgit)