MARKET DEVELOPMENT
VEGOILS-Palm Rebounds on Stronger Soyoil; Ends 3-Day Losing Streak
VEGOILS-Palm Rebounds on Stronger Soyoil; Ends 3-Day Losing Streak
* Palm sees strongest daily gain in a week
* Rebounds from previous session's 5-month low
(Updates latest prices)
29/03/2017 (Reuters) - Malaysian palm oil futures rebounded on Tuesday, up from a five-month low touched in the previous session, tracking a revival in soyoil on the Chicago Board of Trade.
Benchmark palm oil futures for June delivery on the Bursa Malaysia Derivatives Exchange gained 0.5 percent to 2,707 ringgit ($613.28) a tonne by the end of the day, the first gain in four sessions and the strongest daily rise in a week.
Traded volumes stood at 40,713 lots of 25 tonnes each.
"Palm is up due to soybean oil... which is holding up and is supportive for palm," said a futures trader from Kuala Lumpur.
"In the short term I see prices going back up, but output should also be picking up."
Palm has been range-bound since late-February with market signals mixed, as demand remains weak and output growth is still uncertain, traders said. It is in line for a third weekly drop in four, losing 1.7 percent on a weekly basis last week.
Malaysian production in February dropped 1.4 percent on month. March data is however expected to show a recovery in line with the seasonal trend, which would pressure benchmark prices of the tropical oil. (MYPOMP-CPOTT)
Palm oil prices also take direction from related vegetable oils, including soyoil, as they compete for a share in the global vegetable oil market.
Soybean oil on the Chicago Board of Trade fell up to 2 percent on Monday over concerns about rising supplies, before seeing a recovery. It was down 0.1 percent on Tuesday.
In other related edible oils, the September soybean oil contract on the Dalian Commodity Exchange dropped 1.1 percent, while the September contract for palm olein on the Dalian Commodity Exchange fell 0.6 percent.
Palm, soy and crude oil prices at 1049 GMT
Contract Month Last Change Low High Volume
MY PALM OIL APR7 2859 +16.00 2850 2884 380
MY PALM OIL MAY7 2781 +12.00 2775 2806 2853
MY PALM OIL JUN7 2706 +12.00 2699 2731 24328
CHINA PALM OLEIN SEP7 5416 -30.00 5362 5438 399324
CHINA SOYOIL SEP7 6200 -66.00 6158 6240 482584
CBOT SOY OIL MAY7 32.26 -0.03 32.18 32.41 9123
INDIA PALM OIL MAR7 535.10 +3.80 532.70 536.6 287
INDIA SOYOIL APR7 639.1 +2.95 636.6 641.75 20600
NYMEX CRUDE MAY7 48.08 +0.35 47.80 48.25 79838
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 = 4.4140 ringgit)
($1 = 64.9700 Indian rupees)
($1 = 6.8839 Chinese yuan)
* Rebounds from previous session's 5-month low
(Updates latest prices)
29/03/2017 (Reuters) - Malaysian palm oil futures rebounded on Tuesday, up from a five-month low touched in the previous session, tracking a revival in soyoil on the Chicago Board of Trade.
Benchmark palm oil futures for June delivery on the Bursa Malaysia Derivatives Exchange gained 0.5 percent to 2,707 ringgit ($613.28) a tonne by the end of the day, the first gain in four sessions and the strongest daily rise in a week.
Traded volumes stood at 40,713 lots of 25 tonnes each.
"Palm is up due to soybean oil... which is holding up and is supportive for palm," said a futures trader from Kuala Lumpur.
"In the short term I see prices going back up, but output should also be picking up."
Palm has been range-bound since late-February with market signals mixed, as demand remains weak and output growth is still uncertain, traders said. It is in line for a third weekly drop in four, losing 1.7 percent on a weekly basis last week.
Malaysian production in February dropped 1.4 percent on month. March data is however expected to show a recovery in line with the seasonal trend, which would pressure benchmark prices of the tropical oil. (MYPOMP-CPOTT)
Palm oil prices also take direction from related vegetable oils, including soyoil, as they compete for a share in the global vegetable oil market.
Soybean oil on the Chicago Board of Trade fell up to 2 percent on Monday over concerns about rising supplies, before seeing a recovery. It was down 0.1 percent on Tuesday.
In other related edible oils, the September soybean oil contract on the Dalian Commodity Exchange dropped 1.1 percent, while the September contract for palm olein on the Dalian Commodity Exchange fell 0.6 percent.
Palm, soy and crude oil prices at 1049 GMT
Contract Month Last Change Low High Volume
MY PALM OIL APR7 2859 +16.00 2850 2884 380
MY PALM OIL MAY7 2781 +12.00 2775 2806 2853
MY PALM OIL JUN7 2706 +12.00 2699 2731 24328
CHINA PALM OLEIN SEP7 5416 -30.00 5362 5438 399324
CHINA SOYOIL SEP7 6200 -66.00 6158 6240 482584
CBOT SOY OIL MAY7 32.26 -0.03 32.18 32.41 9123
INDIA PALM OIL MAR7 535.10 +3.80 532.70 536.6 287
INDIA SOYOIL APR7 639.1 +2.95 636.6 641.75 20600
NYMEX CRUDE MAY7 48.08 +0.35 47.80 48.25 79838
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 = 4.4140 ringgit)
($1 = 64.9700 Indian rupees)
($1 = 6.8839 Chinese yuan)