MARKET DEVELOPMENT
VEGOILS-Palm Rebounds From Near Three-Month Low on Positive Export Data
VEGOILS-Palm Rebounds From Near Three-Month Low on Positive Export Data
* Market sees strongest daily gains in nearly two weeks
* Palm oil may test a resistance at 3,089 rgt/T - technicals
(Updates latest prices)
16/02/2017 (Reuters) - Malaysian palm oil futures saw their strongest daily gains in nearly two weeks on Wednesday after hitting a near three-month low in the previous session, aided by positive export numbers.
Benchmark palm oil futures for April delivery on the Bursa Malaysia Derivatives Exchange rose 0.6 percent at 3,067 ringgit ($689.68) a tonne at the end of the trading day. Traded volumes stood at 51,973 lots of 25 tonnes each in the evening.
"Market is holding well but quiet, supported by weak ringgit amid expectations that the Fed is likely to raise the interest rate and good export figures. However, weak Dalian and lower crude oil capped upside," said a from Kuala Lumpur-based futures trader.
Palm oil exports edged up 1.4 percent for Feb. 1-Feb. 15, cargo surveyor Intertek Testing Services said.
Another cargo surveyor Societe Generale de Surveillance reported after the close of trade however that Malaysian palm oil shipments fell 3.6 percent in the first half of February from last month.
"Market is lacklustre today, there is no clear direction.Export data is up but there is no strong external factor to move the market," another trader said, adding that trading will likely be in the range of 50 ringgit to 70 ringgit on Wednesday.
Palm oil may test resistance at 3,089 ringgit, as it has managed to stay above support at 3,014 ringgit per tonne, Wang Tao, a Reuters market analyst for commodities and energy technicals said.
In other related edible oils, the March soybean oil contract on the Chicago Board of Trade climbed as much as 0.2 percent, while the May soybean oil contract on the Dalian Commodity Exchange slipped 0.6 percent.
The May contract for Dalian palm olein dropped as much as 0.4 percent.
Palm, soy and crude oil prices at 1045 GMT
Contract Month Last Change Low High Volume
MY PALM OIL FEB7 3306 +24.00 3306 3306 79
MY PALM OIL MAR7 3200 +33.00 3166 3200 2167
MY PALM OIL APR7 3069 +18.00 3051 3075 18209
CHINA PALM OLEIN MAY7 6112 -26.00 6060 6136 565642
CHINA SOYOIL MAY7 6830 -42.00 6812 6882 363660
CBOT SOY OIL MAR7 34.21 +0.07 34.11 34.25 4108
INDIA PALM OIL FEB7 569.70 +4.50 567.00 573.7 699
INDIA SOYOIL FEB7 688.5 +0.00 687.35 690.7 2430
NYMEX CRUDE MAR7 52.94 -0.26 52.73 53.10 61305
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 = 4.4470 ringgit)
($1 = 66.9000 Indian rupees)
($1 = 6.8630 Chinese yuan)
* Palm oil may test a resistance at 3,089 rgt/T - technicals
(Updates latest prices)
16/02/2017 (Reuters) - Malaysian palm oil futures saw their strongest daily gains in nearly two weeks on Wednesday after hitting a near three-month low in the previous session, aided by positive export numbers.
Benchmark palm oil futures for April delivery on the Bursa Malaysia Derivatives Exchange rose 0.6 percent at 3,067 ringgit ($689.68) a tonne at the end of the trading day. Traded volumes stood at 51,973 lots of 25 tonnes each in the evening.
"Market is holding well but quiet, supported by weak ringgit amid expectations that the Fed is likely to raise the interest rate and good export figures. However, weak Dalian and lower crude oil capped upside," said a from Kuala Lumpur-based futures trader.
Palm oil exports edged up 1.4 percent for Feb. 1-Feb. 15, cargo surveyor Intertek Testing Services said.
Another cargo surveyor Societe Generale de Surveillance reported after the close of trade however that Malaysian palm oil shipments fell 3.6 percent in the first half of February from last month.
"Market is lacklustre today, there is no clear direction.Export data is up but there is no strong external factor to move the market," another trader said, adding that trading will likely be in the range of 50 ringgit to 70 ringgit on Wednesday.
Palm oil may test resistance at 3,089 ringgit, as it has managed to stay above support at 3,014 ringgit per tonne, Wang Tao, a Reuters market analyst for commodities and energy technicals said.
In other related edible oils, the March soybean oil contract on the Chicago Board of Trade climbed as much as 0.2 percent, while the May soybean oil contract on the Dalian Commodity Exchange slipped 0.6 percent.
The May contract for Dalian palm olein dropped as much as 0.4 percent.
Palm, soy and crude oil prices at 1045 GMT
Contract Month Last Change Low High Volume
MY PALM OIL FEB7 3306 +24.00 3306 3306 79
MY PALM OIL MAR7 3200 +33.00 3166 3200 2167
MY PALM OIL APR7 3069 +18.00 3051 3075 18209
CHINA PALM OLEIN MAY7 6112 -26.00 6060 6136 565642
CHINA SOYOIL MAY7 6830 -42.00 6812 6882 363660
CBOT SOY OIL MAR7 34.21 +0.07 34.11 34.25 4108
INDIA PALM OIL FEB7 569.70 +4.50 567.00 573.7 699
INDIA SOYOIL FEB7 688.5 +0.00 687.35 690.7 2430
NYMEX CRUDE MAR7 52.94 -0.26 52.73 53.10 61305
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 = 4.4470 ringgit)
($1 = 66.9000 Indian rupees)
($1 = 6.8630 Chinese yuan)