MARKET DEVELOPMENT
VEGOILS-Palm Rises to One-week Top Tracking Stronger Soyoil
VEGOILS-Palm Rises to One-week Top Tracking Stronger Soyoil
* Market in line for third day of gains
* Gains could sustain until next week - trader
* Palm to test resistance at 2,737 rgt/tonne - technicals
06/10/2017 (Reuters) - Malaysian palm oil futures extended gains to a one-week high on Thursday morning, and were set for a third consecutive winning session tracking strength in rival soyoil on the Chicago Board of Trade (CBOT).
The benchmark palm oil contract for December delivery on the Bursa Malaysia Derivatives Exchange was up 0.9 percent at 2,740 ringgit ($648.21) a tonne at the midday break.
It earlier rose to 2,743 ringgit, its strongest level since Sept. 27.
Traded volumes stood at 16,318 lots of 25 tonnes each at noon.
"Palm is up tracking soyoil, overnight and also this morning," said a futures trader from Kuala Lumpur.
"Gains should sustain until the Chinese are back next week," he said, referring to the Dalian Commodities Exchange market in China which is closed this week for national holidays.
Palm also found support earlier this week from expectations that Malaysian inventory levels would not rise as much as forecast.
A Reuters poll expects September end-stocks to notch up to 2 million tonnes, a 3.2 percent gain from 1.94 million tonnes. MYPOMS-TPO
Output is seen rising to 1.84 million tonnes, the strongest level in nearly two years, while exports are forecast to gain 7.8 percent to 1.60 million tonnes. MYPOMP-CPOTT MYPOME-PO
Official data from the Malaysian Palm Oil Board is scheduled for release on Oct. 10 after 0430 GMT.
In other related edible oils, the December soybean oil contract on the Chicago Board of Trade climbed 1.5 percent in its previous session, its strongest daily gain in a month. It was last up 0.7 percent on Thursday.
Palm oil prices are affected by the performance of related edible oils including soy, as they compete for a share of the global vegetable oils market.
Palm oil is expected to test a resistance at 2,737 ringgit per tonne, said Wang Tao, a Reuters market analyst for commodities and energy technicals.
Palm, soy and crude oil prices at 0510 GMT
Contract Month Last Change Low High Volume
MY PALM OIL OCT7 2744 +17.00 2737 2744 36
MY PALM OIL NOV7 2741 +22.00 2734 2745 429
MY PALM OIL DEC7 2740 +25.00 2729 2743 6798
CHINA PALM OLEIN JAN8 0 +0.00 0 0 0
CHINA SOYOIL JAN8 0 +0.00 0 0 0
CBOT SOY OIL DEC7 33.45 +0.17 33.21 33.45 3640
INDIA PALM OIL OCT7 541.40 +2.80 540.50 541.9 160
INDIA SOYOIL OCT7 663.8 +2.85 663.5 664.3 910
NYMEX CRUDE NOV7 49.93 -0.05 49.85 49.99 13846
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 = 4.2270 ringgit)
($1 = 65.0975 Indian rupees)
($1 = 6.6533 Chinese yuan)
* Gains could sustain until next week - trader
* Palm to test resistance at 2,737 rgt/tonne - technicals
06/10/2017 (Reuters) - Malaysian palm oil futures extended gains to a one-week high on Thursday morning, and were set for a third consecutive winning session tracking strength in rival soyoil on the Chicago Board of Trade (CBOT).
The benchmark palm oil contract for December delivery on the Bursa Malaysia Derivatives Exchange was up 0.9 percent at 2,740 ringgit ($648.21) a tonne at the midday break.
It earlier rose to 2,743 ringgit, its strongest level since Sept. 27.
Traded volumes stood at 16,318 lots of 25 tonnes each at noon.
"Palm is up tracking soyoil, overnight and also this morning," said a futures trader from Kuala Lumpur.
"Gains should sustain until the Chinese are back next week," he said, referring to the Dalian Commodities Exchange market in China which is closed this week for national holidays.
Palm also found support earlier this week from expectations that Malaysian inventory levels would not rise as much as forecast.
A Reuters poll expects September end-stocks to notch up to 2 million tonnes, a 3.2 percent gain from 1.94 million tonnes. MYPOMS-TPO
Output is seen rising to 1.84 million tonnes, the strongest level in nearly two years, while exports are forecast to gain 7.8 percent to 1.60 million tonnes. MYPOMP-CPOTT MYPOME-PO
Official data from the Malaysian Palm Oil Board is scheduled for release on Oct. 10 after 0430 GMT.
In other related edible oils, the December soybean oil contract on the Chicago Board of Trade climbed 1.5 percent in its previous session, its strongest daily gain in a month. It was last up 0.7 percent on Thursday.
Palm oil prices are affected by the performance of related edible oils including soy, as they compete for a share of the global vegetable oils market.
Palm oil is expected to test a resistance at 2,737 ringgit per tonne, said Wang Tao, a Reuters market analyst for commodities and energy technicals.
Palm, soy and crude oil prices at 0510 GMT
Contract Month Last Change Low High Volume
MY PALM OIL OCT7 2744 +17.00 2737 2744 36
MY PALM OIL NOV7 2741 +22.00 2734 2745 429
MY PALM OIL DEC7 2740 +25.00 2729 2743 6798
CHINA PALM OLEIN JAN8 0 +0.00 0 0 0
CHINA SOYOIL JAN8 0 +0.00 0 0 0
CBOT SOY OIL DEC7 33.45 +0.17 33.21 33.45 3640
INDIA PALM OIL OCT7 541.40 +2.80 540.50 541.9 160
INDIA SOYOIL OCT7 663.8 +2.85 663.5 664.3 910
NYMEX CRUDE NOV7 49.93 -0.05 49.85 49.99 13846
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 = 4.2270 ringgit)
($1 = 65.0975 Indian rupees)
($1 = 6.6533 Chinese yuan)