MARKET DEVELOPMENT
VEGOILS-Palm Gains on Stronger Soyoil, Tight Market Supplies
VEGOILS-Palm Gains on Stronger Soyoil, Tight Market Supplies
* Market in line for first gain in four sessions
* Palm oil may retrace towards support at 2,614 rgt/T - Technicals
18/08/2017 (Reuters) - Malaysian palm oil futures were in line for their first gain in four sessions in early trade on Thursday, tracking stronger edible oils and on tighter supplies, according to traders.
The benchmark palm oil contract for November delivery on the Bursa Malaysia Derivatives Exchange was up 0.4 percent to 2,648 ringgit ($617.11) at the midday break. It reversed losses made in the previous trading session, when it fell to a low of 2,608 ringgit, its weakest since Aug. 8.
Traded volumes stood at 12,347 lots of 25 tonnes each at noon.
"There is some buying going on in the market, it could pick up more later in the month," said a trader from Kuala Lumpur. "Crude palm oil (supplies) have tightened... despite the good production numbers."
Palm oil output in July saw a stronger-than-expected surge, up 20.7 percent to 1.83 million tonnes from the previous month. The output levels were the highest in almost two years, while monthly gains were the strongest since March 2015.
MYPOMP-CPOTT
The market was also up tracking gains in soyoil on the Chicago Board of Trade, another futures trader added.
Palm oil prices are impacted by the movements in related edible oils including soy, as they compete for a share in the global vegetable oils market.
The October soybean oil contract on the Chicago Board of Trade is in line for a second day of gains, and was last up 0.3 percent on Thursday.
In other related oils, the January soybean oil on the Dalian Commodity Exchange rose 0.2 percent, while the January palm olein contract was also up 0.4 percent.
Palm oil may retrace towards a support at 2,614 ringgit per tonne, following its failure to break a resistance at 2,687 ringgit, said Wang Tao, a Reuters market analyst for commodities and energy technicals.
Palm, soy and crude oil prices at 0515 GMT
Contract Month Last Change Low High Volume
MY PALM OIL SEP7 2634 +12.00 2623 2634 104
MY PALM OIL OCT7 2634 +10.00 2624 2638 2654
MY PALM OIL NOV7 2648 +11.00 2638 2651 6864
CHINA PALM OLEIN JAN8 5340 +22.00 5300 5354 328294
CHINA SOYOIL JAN8 6218 +12.00 6190 6232 228134
CBOT SOY OIL DEC7 33.29 +0.11 33.19 33.43 3171
INDIA PALM OIL AUG7 501.00 +1.60 500.00 501.2 158
INDIA SOYOIL AUG7 639 +0.35 638.95 641 200
NYMEX CRUDE SEP7 46.90 +0.12 46.77 46.95 15228
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 = 4.2910 ringgit)
($1 = 64.1650 Indian rupees)
($1 = 6.6678 Chinese yuan)
* Palm oil may retrace towards support at 2,614 rgt/T - Technicals
18/08/2017 (Reuters) - Malaysian palm oil futures were in line for their first gain in four sessions in early trade on Thursday, tracking stronger edible oils and on tighter supplies, according to traders.
The benchmark palm oil contract for November delivery on the Bursa Malaysia Derivatives Exchange was up 0.4 percent to 2,648 ringgit ($617.11) at the midday break. It reversed losses made in the previous trading session, when it fell to a low of 2,608 ringgit, its weakest since Aug. 8.
Traded volumes stood at 12,347 lots of 25 tonnes each at noon.
"There is some buying going on in the market, it could pick up more later in the month," said a trader from Kuala Lumpur. "Crude palm oil (supplies) have tightened... despite the good production numbers."
Palm oil output in July saw a stronger-than-expected surge, up 20.7 percent to 1.83 million tonnes from the previous month. The output levels were the highest in almost two years, while monthly gains were the strongest since March 2015.
MYPOMP-CPOTT
The market was also up tracking gains in soyoil on the Chicago Board of Trade, another futures trader added.
Palm oil prices are impacted by the movements in related edible oils including soy, as they compete for a share in the global vegetable oils market.
The October soybean oil contract on the Chicago Board of Trade is in line for a second day of gains, and was last up 0.3 percent on Thursday.
In other related oils, the January soybean oil on the Dalian Commodity Exchange rose 0.2 percent, while the January palm olein contract was also up 0.4 percent.
Palm oil may retrace towards a support at 2,614 ringgit per tonne, following its failure to break a resistance at 2,687 ringgit, said Wang Tao, a Reuters market analyst for commodities and energy technicals.
Palm, soy and crude oil prices at 0515 GMT
Contract Month Last Change Low High Volume
MY PALM OIL SEP7 2634 +12.00 2623 2634 104
MY PALM OIL OCT7 2634 +10.00 2624 2638 2654
MY PALM OIL NOV7 2648 +11.00 2638 2651 6864
CHINA PALM OLEIN JAN8 5340 +22.00 5300 5354 328294
CHINA SOYOIL JAN8 6218 +12.00 6190 6232 228134
CBOT SOY OIL DEC7 33.29 +0.11 33.19 33.43 3171
INDIA PALM OIL AUG7 501.00 +1.60 500.00 501.2 158
INDIA SOYOIL AUG7 639 +0.35 638.95 641 200
NYMEX CRUDE SEP7 46.90 +0.12 46.77 46.95 15228
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 = 4.2910 ringgit)
($1 = 64.1650 Indian rupees)
($1 = 6.6678 Chinese yuan)