MARKET DEVELOPMENT
VEGOILS-Palm Gains on Strong Export Data, Strength in Rival Oilseeds
VEGOILS-Palm Gains on Strong Export Data, Strength in Rival Oilseeds
* Stronger ringgit could limit palm's upside - trader
* Palm may rise to 2,577-2,591 rgt/tonne range - Techs
18/07/2017 (Reuters) - Malaysian palm oil futures rose in early trade on Monday, supported by gains in rival oilseed soy and cargo surveyor data showing stronger export demand.
Shipments of Malaysian palm oil products during July 1-15 rose 17.8 percent from a month earlier, data released by cargo surveyor Intertek Testing Service on Saturday showed.
The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange was up 0.1 percent at 2,554 ringgit ($595.27) at the midday break.
Traded volumes stood at 17,719 lots of 25 tonnes each.
"(Cargo surveyor) Exports data for July 1-15... was on the high side," said one futures trader from Kuala Lumpur, adding that the strength of the ringgit, the currency of trade for the vegetable oil, could limit palm's upside.
A stronger ringgit usually makes the tropical oil more expensive for buyers holding foreign currencies. The ringgit was last up 0.02 percent at 4.2900 per dollar.
The December soybean oil contract on the Chicago Board of Trade rose 0.1 percent, while the September soybean oil on the Dalian Commodity Exchange was up 0.9 percent.
In other related oils, the September palm olein contract gained 1.4 percent.
The palm oil October contract may rise into a range of 2,577-2,591 ringgit per tonne, according to Reuters market analyst for commodities and energy technicals Wang Tao.
Palm, soy and crude oil prices at 0506 GMT
Contract Month Last Change Low High Volume
MY PALM OIL AUG7 2630 -7.00 2628 2648 581
MY PALM OIL SEP7 2572 +4.00 2571 2590 5738
MY PALM OIL OCT7 2554 +3.00 2552 2571 7844
CHINA PALM OLEIN SEP7 5476 +78.00 5410 5482 234824
CHINA SOYOIL SEP7 6108 +54.00 6060 6116 218984
CBOT SOY OIL DEC7 33.74 +0.00 33.63 33.86 3671
INDIA PALM OIL JUL7 484.00 +0.00 482.20 484.6 69
INDIA SOYOIL JUL7 637 -1.50 637 637.5 60
NYMEX CRUDE AUG7 46.66 +0.12 46.60 46.72 25414
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 = 4.2905 ringgit)
($1 = 64.3550 Indian rupees)
($1 = 6.7691 Chinese yuan)
* Palm may rise to 2,577-2,591 rgt/tonne range - Techs
18/07/2017 (Reuters) - Malaysian palm oil futures rose in early trade on Monday, supported by gains in rival oilseed soy and cargo surveyor data showing stronger export demand.
Shipments of Malaysian palm oil products during July 1-15 rose 17.8 percent from a month earlier, data released by cargo surveyor Intertek Testing Service on Saturday showed.
The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange was up 0.1 percent at 2,554 ringgit ($595.27) at the midday break.
Traded volumes stood at 17,719 lots of 25 tonnes each.
"(Cargo surveyor) Exports data for July 1-15... was on the high side," said one futures trader from Kuala Lumpur, adding that the strength of the ringgit, the currency of trade for the vegetable oil, could limit palm's upside.
A stronger ringgit usually makes the tropical oil more expensive for buyers holding foreign currencies. The ringgit was last up 0.02 percent at 4.2900 per dollar.
The December soybean oil contract on the Chicago Board of Trade rose 0.1 percent, while the September soybean oil on the Dalian Commodity Exchange was up 0.9 percent.
In other related oils, the September palm olein contract gained 1.4 percent.
The palm oil October contract may rise into a range of 2,577-2,591 ringgit per tonne, according to Reuters market analyst for commodities and energy technicals Wang Tao.
Palm, soy and crude oil prices at 0506 GMT
Contract Month Last Change Low High Volume
MY PALM OIL AUG7 2630 -7.00 2628 2648 581
MY PALM OIL SEP7 2572 +4.00 2571 2590 5738
MY PALM OIL OCT7 2554 +3.00 2552 2571 7844
CHINA PALM OLEIN SEP7 5476 +78.00 5410 5482 234824
CHINA SOYOIL SEP7 6108 +54.00 6060 6116 218984
CBOT SOY OIL DEC7 33.74 +0.00 33.63 33.86 3671
INDIA PALM OIL JUL7 484.00 +0.00 482.20 484.6 69
INDIA SOYOIL JUL7 637 -1.50 637 637.5 60
NYMEX CRUDE AUG7 46.66 +0.12 46.60 46.72 25414
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 = 4.2905 ringgit)
($1 = 64.3550 Indian rupees)
($1 = 6.7691 Chinese yuan)