MARKET DEVELOPMENT
VEGOILS-Palm Rebounds From Three-Week Low on Stronger Export Data
VEGOILS-Palm Rebounds From Three-Week Low on Stronger Export Data
* Palm up 1 pct after hitting three-week low of 2,566 rgt/tonne
* Weaker output growth forecasts support market -trader
(Updates with closing prices)
26/05/2017 (Reuters) - Malaysian palm oil futures moved off three-week lows on Thursday to trade about 1 percent higher for their first gain in three sessions after cargo surveyor data showed stronger export demand in May.
The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange was up 1 percent at 2,607 ringgit ($609.54) a tonne by the close, having touched its lowest since May 5 at 2,566 ringgit.
However, it has shed more than 1 percent so far this week, heading for its sharpest weekly drop since mid-April.
Traded volumes stood at 38,576 lots of 25 tonnes each on Thursday evening.
"Palm prices were supported by stronger export data," one Kuala Lumpur-based trader said, adding that forecasts of slowing production growth were another price-supporting factor.
Cargo surveyor Intertek Testing Services said that May 1-25 palm oil shipments from Malaysia, the world's second largest producer, rose 16.2 percent compared with the same period last month, supported by stronger demand from India.
Another cargo surveyor, Societe Generale de Surveillance, reported a 12.9 percent gain for the same period.
Traders forecast rising demand for the full month of May, when major palm oil consumers such as India, Pakistan and the Middle East ramp up consumption ahead of Ramadan.
The Muslim festival involves day-long fasts, which end with communal feasting, resulting in higher palm oil usage for cooking purposes.
In related vegetable oils, soybean oil on the Chicago Board of Trade rose 0.5 percent, while the September soybean oil contract on the Dalian Commodity Exchange was down 0.1 percent.
The September contract for palm olein dropped by 0.4 percent.
Palm, soy and crude oil prices at 1041 GMT
Contract Month Last Change Low High Volume
MY PALM OIL JUN7 2874 +15.00 2841 2884 315
MY PALM OIL JUL7 2720 +21.00 2682 2728 3372
MY PALM OIL AUG7 2605 +26.00 2566 2611 20006
CHINA PALM OLEIN SEP7 5440 -20.00 5402 5476 404200
CHINA SOYOIL SEP7 5916 -6.00 5906 5948 309736
CBOT SOY OIL JUL7 32.44 +0.16 32.27 32.51 5182
INDIA PALM OIL MAY7 521.50 +1.30 519.30 522.3 521
INDIA SOYOIL JUN7 633 +0.80 631.2 635 11630
NYMEX CRUDE JUL7 50.34 -1.02 50.22 52.00 267116
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 = 4.2770 ringgit)
($1 = 64.6200 Indian rupees)
($1 = 6.8670 Chinese yuan)
* Weaker output growth forecasts support market -trader
(Updates with closing prices)
26/05/2017 (Reuters) - Malaysian palm oil futures moved off three-week lows on Thursday to trade about 1 percent higher for their first gain in three sessions after cargo surveyor data showed stronger export demand in May.
The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange was up 1 percent at 2,607 ringgit ($609.54) a tonne by the close, having touched its lowest since May 5 at 2,566 ringgit.
However, it has shed more than 1 percent so far this week, heading for its sharpest weekly drop since mid-April.
Traded volumes stood at 38,576 lots of 25 tonnes each on Thursday evening.
"Palm prices were supported by stronger export data," one Kuala Lumpur-based trader said, adding that forecasts of slowing production growth were another price-supporting factor.
Cargo surveyor Intertek Testing Services said that May 1-25 palm oil shipments from Malaysia, the world's second largest producer, rose 16.2 percent compared with the same period last month, supported by stronger demand from India.
Another cargo surveyor, Societe Generale de Surveillance, reported a 12.9 percent gain for the same period.
Traders forecast rising demand for the full month of May, when major palm oil consumers such as India, Pakistan and the Middle East ramp up consumption ahead of Ramadan.
The Muslim festival involves day-long fasts, which end with communal feasting, resulting in higher palm oil usage for cooking purposes.
In related vegetable oils, soybean oil on the Chicago Board of Trade rose 0.5 percent, while the September soybean oil contract on the Dalian Commodity Exchange was down 0.1 percent.
The September contract for palm olein dropped by 0.4 percent.
Palm, soy and crude oil prices at 1041 GMT
Contract Month Last Change Low High Volume
MY PALM OIL JUN7 2874 +15.00 2841 2884 315
MY PALM OIL JUL7 2720 +21.00 2682 2728 3372
MY PALM OIL AUG7 2605 +26.00 2566 2611 20006
CHINA PALM OLEIN SEP7 5440 -20.00 5402 5476 404200
CHINA SOYOIL SEP7 5916 -6.00 5906 5948 309736
CBOT SOY OIL JUL7 32.44 +0.16 32.27 32.51 5182
INDIA PALM OIL MAY7 521.50 +1.30 519.30 522.3 521
INDIA SOYOIL JUN7 633 +0.80 631.2 635 11630
NYMEX CRUDE JUL7 50.34 -1.02 50.22 52.00 267116
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 = 4.2770 ringgit)
($1 = 64.6200 Indian rupees)
($1 = 6.8670 Chinese yuan)