MARKET DEVELOPMENT
VEGOILS-Palm Edges up on Stronger Soyoil, Weaker Production Outlook
VEGOILS-Palm Edges up on Stronger Soyoil, Weaker Production Outlook
* Market charts first gain in three sessions
* Hits intraday near six-month low of 2,643 rgt/T
* Palm oil to test support at 2,638 rgt/T - technicals
(Updates with closing prices)
04/04/2017 (Reuters) - Malaysian palm oil futures were up on Monday, rising from a near six-month low and snapping two sessions of losses as they gained strength from rival oilseed soy and a weaker production outlook.
The benchmark palm oil contract for June delivery on the Bursa Malaysia Derivatives Exchange was up 0.6 percent at 2,662 ringgit ($601.45) a tonne at the end of the day. It hit an intraday low of 2,643 ringgit, its weakest since Oct. 14.
Traded volumes stood at 32,700 lots of 25 tonnes each on Monday evening.
"The market is up tracking soybean performance ... And also on sentiment over production expectation," said a trader in Kuala Lumpur, referring to Malaysian palm oil output forecasts.
March output of the tropical oil in the world's second largest producer could rise in line with the seasonal trend, but production growth is expected to be small, according to traders.
Production in February declined 1.4 percent month-on-month, according to data from the Malaysian Palm Oil Board, the industry regulator. March data is scheduled for release on April 10. (MYPOMP-CPOTT)
Palm oil is expected to test a support at 2,638 ringgit per tonne, a break below which could cause a further loss to 2,609 ringgit, according to Reuters market analyst for commodities and energy technicals Wang Tao.
Palm oil is also impacted by the price movements of related edible oils, including soyoil, as they compete for a share i the global vegetable oils market.
Soybean oil on the Chicago Board of Trade was up 0.7 percent. China's Dalian Commodity Exchange is closed on Monday and Tuesday for a national holiday.
Palm, soy and crude oil prices at 1037 GMT
Contract Month Last Change Low High Volume
MY PALM OIL APR7 2848 +29.00 2841 2848 178
MY PALM OIL MAY7 2751 +17.00 2736 2758 3358
MY PALM OIL JUN7 2663 +16.00 2643 2668 15668
CHINA PALM OLEIN SEP7 0 +0.00 0 0 0
CHINA SOYOIL SEP7 0 +0.00 0 0 0
CBOT SOY OIL MAY7 31.99 +0.21 31.78 32.06 6448
INDIA PALM OIL APR7 517.00 +4.30 513.00 518.4 1284
INDIA SOYOIL APR7 639.5 +4.40 635.3 640.3 14190
NYMEX CRUDE MAY7 50.59 -0.01 50.49 50.77 72261
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 = 4.4260 ringgit)
($1 = 65.0300 Indian rupees)
($1 = 6.8832 Chinese yuan)
* Hits intraday near six-month low of 2,643 rgt/T
* Palm oil to test support at 2,638 rgt/T - technicals
(Updates with closing prices)
04/04/2017 (Reuters) - Malaysian palm oil futures were up on Monday, rising from a near six-month low and snapping two sessions of losses as they gained strength from rival oilseed soy and a weaker production outlook.
The benchmark palm oil contract for June delivery on the Bursa Malaysia Derivatives Exchange was up 0.6 percent at 2,662 ringgit ($601.45) a tonne at the end of the day. It hit an intraday low of 2,643 ringgit, its weakest since Oct. 14.
Traded volumes stood at 32,700 lots of 25 tonnes each on Monday evening.
"The market is up tracking soybean performance ... And also on sentiment over production expectation," said a trader in Kuala Lumpur, referring to Malaysian palm oil output forecasts.
March output of the tropical oil in the world's second largest producer could rise in line with the seasonal trend, but production growth is expected to be small, according to traders.
Production in February declined 1.4 percent month-on-month, according to data from the Malaysian Palm Oil Board, the industry regulator. March data is scheduled for release on April 10. (MYPOMP-CPOTT)
Palm oil is expected to test a support at 2,638 ringgit per tonne, a break below which could cause a further loss to 2,609 ringgit, according to Reuters market analyst for commodities and energy technicals Wang Tao.
Palm oil is also impacted by the price movements of related edible oils, including soyoil, as they compete for a share i the global vegetable oils market.
Soybean oil on the Chicago Board of Trade was up 0.7 percent. China's Dalian Commodity Exchange is closed on Monday and Tuesday for a national holiday.
Palm, soy and crude oil prices at 1037 GMT
Contract Month Last Change Low High Volume
MY PALM OIL APR7 2848 +29.00 2841 2848 178
MY PALM OIL MAY7 2751 +17.00 2736 2758 3358
MY PALM OIL JUN7 2663 +16.00 2643 2668 15668
CHINA PALM OLEIN SEP7 0 +0.00 0 0 0
CHINA SOYOIL SEP7 0 +0.00 0 0 0
CBOT SOY OIL MAY7 31.99 +0.21 31.78 32.06 6448
INDIA PALM OIL APR7 517.00 +4.30 513.00 518.4 1284
INDIA SOYOIL APR7 639.5 +4.40 635.3 640.3 14190
NYMEX CRUDE MAY7 50.59 -0.01 50.49 50.77 72261
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 = 4.4260 ringgit)
($1 = 65.0300 Indian rupees)
($1 = 6.8832 Chinese yuan)