MARKET DEVELOPMENT
VEGOILS-Palm Rises to One-week Top; Gains Limited Ahead of Data Release
VEGOILS-Palm Rises to One-week Top; Gains Limited Ahead of Data Release
* Palm hit 2,648 rgt/T, highest since Aug 1
* Market up tracking related edible oils - Trader
* Industry regulator, cargo surveyor data due Thu after 0430 GMT
10/08/2017 (Reuters) - Malaysian palm oil futures rose to a one-week high in early trade on Wednesday tracking stronger related edible oils, but pared some gains later in the session as the market traded cautiously ahead of the release of industry data.
Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance are scheduled to release data for Malaysian exports during the August 1-10 period on Thursday, while the Malaysian Palm Oil Board (MPOB) is also set to announce inventory, production and export figures for July.
A Reuters poll of nine traders, planters and analysts forecast Malaysian output in July will rise 11 percent to 1.68 million tonnes, leading to a 6.5 percent rise in inventory levels to 1.63 million tonnes. Exports are seen up 4 percent to 1.43 million tonnes.
The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange was up 0.1 percent to 2,632 ringgit ($614.09) at the midday break. It earlier rose to 2,648 ringgit, its highest since Aug. 1.
Traded volumes stood at 10,130 lots of 25 tonnes each at noon.
"Palm oil is likely to extend prior gains on the back of persistent gains in rival oilseed and China's palm olein," said a futures trader from Kuala Lumpur, referring to overnight gains in soyoil on the Chicago Board of Trade.
"The market however may trade cautiously ahead of the MPOB data and first ten days' exports estimates from cargo surveyors."
Palm oil production typically picks up in the second half of the year in line with seasonal trends, but uncertainty remains over the extent of its gains as palm trees are still seeing the lingering effects of a crop-damaging El Nino.
The October soybean oil contract on the Chicago Board of Trade, which gained 0.8 percent on Tuesday, was last up 0.03 percent on Wednesday.
The January soybean oil on the Dalian Commodity Exchange rose 1.1 percent, while the January palm olein contract surged 1.4 percent.
Palm, soy and crude oil prices at 0552 GMT
Contract Month Last Change Low High Volume
MY PALM OIL AUG7 2626 +2.00 2624 2648 118
MY PALM OIL SEP7 2621 +4.00 2617 2632 415
MY PALM OIL OCT7 2632 +3.00 2627 2648 6108
CHINA PALM OLEIN JAN8 5416 +70.00 5386 5432 430854
CHINA SOYOIL JAN8 6282 +64.00 6262 6316 298752
CBOT SOY OIL DEC7 34.31 +0.08 34.22 34.37 3575
INDIA PALM OIL AUG7 489.00 +1.70 487.50 490.5 599
INDIA SOYOIL AUG7 642.75 -0.15 641.6 644.4 2700
NYMEX CRUDE SEP7 49.02 -0.15 48.90 49.09 25982
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 = 4.2860 ringgit)
($1 = 63.7600 Indian rupees)
($1 = 6.6942 Chinese yuan)
* Market up tracking related edible oils - Trader
* Industry regulator, cargo surveyor data due Thu after 0430 GMT
10/08/2017 (Reuters) - Malaysian palm oil futures rose to a one-week high in early trade on Wednesday tracking stronger related edible oils, but pared some gains later in the session as the market traded cautiously ahead of the release of industry data.
Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance are scheduled to release data for Malaysian exports during the August 1-10 period on Thursday, while the Malaysian Palm Oil Board (MPOB) is also set to announce inventory, production and export figures for July.
A Reuters poll of nine traders, planters and analysts forecast Malaysian output in July will rise 11 percent to 1.68 million tonnes, leading to a 6.5 percent rise in inventory levels to 1.63 million tonnes. Exports are seen up 4 percent to 1.43 million tonnes.
The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange was up 0.1 percent to 2,632 ringgit ($614.09) at the midday break. It earlier rose to 2,648 ringgit, its highest since Aug. 1.
Traded volumes stood at 10,130 lots of 25 tonnes each at noon.
"Palm oil is likely to extend prior gains on the back of persistent gains in rival oilseed and China's palm olein," said a futures trader from Kuala Lumpur, referring to overnight gains in soyoil on the Chicago Board of Trade.
"The market however may trade cautiously ahead of the MPOB data and first ten days' exports estimates from cargo surveyors."
Palm oil production typically picks up in the second half of the year in line with seasonal trends, but uncertainty remains over the extent of its gains as palm trees are still seeing the lingering effects of a crop-damaging El Nino.
The October soybean oil contract on the Chicago Board of Trade, which gained 0.8 percent on Tuesday, was last up 0.03 percent on Wednesday.
The January soybean oil on the Dalian Commodity Exchange rose 1.1 percent, while the January palm olein contract surged 1.4 percent.
Palm, soy and crude oil prices at 0552 GMT
Contract Month Last Change Low High Volume
MY PALM OIL AUG7 2626 +2.00 2624 2648 118
MY PALM OIL SEP7 2621 +4.00 2617 2632 415
MY PALM OIL OCT7 2632 +3.00 2627 2648 6108
CHINA PALM OLEIN JAN8 5416 +70.00 5386 5432 430854
CHINA SOYOIL JAN8 6282 +64.00 6262 6316 298752
CBOT SOY OIL DEC7 34.31 +0.08 34.22 34.37 3575
INDIA PALM OIL AUG7 489.00 +1.70 487.50 490.5 599
INDIA SOYOIL AUG7 642.75 -0.15 641.6 644.4 2700
NYMEX CRUDE SEP7 49.02 -0.15 48.90 49.09 25982
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 = 4.2860 ringgit)
($1 = 63.7600 Indian rupees)
($1 = 6.6942 Chinese yuan)