MARKET DEVELOPMENT
VEGOILS-Palm Erases Previous Session's Gains on Stronger Ringgit,Weaker U.S. Soy
VEGOILS-Palm Erases Previous Session's Gains on Stronger Ringgit,Weaker U.S. Soy
* Palm down for second session in three
* Market weighed down by gaining ringgit, weak CBOT soy - trader
(Updates latest prices)
13/01/2017 (Reuters) - Malaysian palm oil futures fell on Thursday evening, weighed down by a stronger ringgit and a weaker performance by rival oilseed soy.
Palm posted its biggest gain in a week in its previous trading session, surging nearly 2 percent at the close of trade on Wednesday.
Benchmark palm oil futures for March delivery on the Bursa Malaysia Derivatives Exchange fell 0.5 percent to 3,116 ringgit ($699) a tonne at the close of trade.
Traded volumes stood at 50,931 lots of 25 tonnes each at the end of the trading day.
A futures trader from Kuala Lumpur said palm weakened on a stronger ringgit, referring to the currency of trade for the tropical oil.
A stronger ringgit usually makes palm oil more expensive for holders of foreign currencies. It gained 0.3 percent against the dollar to 4.4560, its strongest level in a month.
The trader added that weaker U.S. soy also put some pressure on palm.
Palm oil prices are affected by the movement of related vegetable oils, as they compete for a share in the global edible oils market. The March soybean oil contract on the CBOT was down 0.5 percent.
In other related vegetable oils, the May soybean oil contract on the Dalian Commodity Exchange rose 0.4 percent, while the May contract for Dalian palm olein was up 0.9 percent.
Palm, soy and crude oil prices at 1035 GMT
Contract Month Last Change Low High Volume
MY PALM OIL JAN7 3255 -6.00 3250 3258 321
MY PALM OIL FEB7 3178 -15.00 3161 3187 2376
MY PALM OIL MAR7 3115 -17.00 3103 3133 25175
CHINA PALM OLEIN MAY7 6270 +58.00 6230 6300 588388
CHINA SOYOIL MAY7 6932 +24.00 6902 6964 330464
CBOT SOY OIL MAR7 35.87 -0.18 35.71 36 4901
INDIA PALM OIL JAN7 587.90 -0.90 587.00 590 486
INDIA SOYOIL JAN7 728.5 +2.25 725.5 729.25 6000
NYMEX CRUDE FEB7 52.67 +0.42 52.12 52.67 66653
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 = 4.4560 ringgit)
($1 = 68.0700 Indian rupees)
($1 = 6.8950 Chinese yuan)
* Market weighed down by gaining ringgit, weak CBOT soy - trader
(Updates latest prices)
13/01/2017 (Reuters) - Malaysian palm oil futures fell on Thursday evening, weighed down by a stronger ringgit and a weaker performance by rival oilseed soy.
Palm posted its biggest gain in a week in its previous trading session, surging nearly 2 percent at the close of trade on Wednesday.
Benchmark palm oil futures for March delivery on the Bursa Malaysia Derivatives Exchange fell 0.5 percent to 3,116 ringgit ($699) a tonne at the close of trade.
Traded volumes stood at 50,931 lots of 25 tonnes each at the end of the trading day.
A futures trader from Kuala Lumpur said palm weakened on a stronger ringgit, referring to the currency of trade for the tropical oil.
A stronger ringgit usually makes palm oil more expensive for holders of foreign currencies. It gained 0.3 percent against the dollar to 4.4560, its strongest level in a month.
The trader added that weaker U.S. soy also put some pressure on palm.
Palm oil prices are affected by the movement of related vegetable oils, as they compete for a share in the global edible oils market. The March soybean oil contract on the CBOT was down 0.5 percent.
In other related vegetable oils, the May soybean oil contract on the Dalian Commodity Exchange rose 0.4 percent, while the May contract for Dalian palm olein was up 0.9 percent.
Palm, soy and crude oil prices at 1035 GMT
Contract Month Last Change Low High Volume
MY PALM OIL JAN7 3255 -6.00 3250 3258 321
MY PALM OIL FEB7 3178 -15.00 3161 3187 2376
MY PALM OIL MAR7 3115 -17.00 3103 3133 25175
CHINA PALM OLEIN MAY7 6270 +58.00 6230 6300 588388
CHINA SOYOIL MAY7 6932 +24.00 6902 6964 330464
CBOT SOY OIL MAR7 35.87 -0.18 35.71 36 4901
INDIA PALM OIL JAN7 587.90 -0.90 587.00 590 486
INDIA SOYOIL JAN7 728.5 +2.25 725.5 729.25 6000
NYMEX CRUDE FEB7 52.67 +0.42 52.12 52.67 66653
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 = 4.4560 ringgit)
($1 = 68.0700 Indian rupees)
($1 = 6.8950 Chinese yuan)