MARKET DEVELOPMENT
VEGOILS-Palm Rebounds From One-Week Low on Stronger Demand, Technical Buying
VEGOILS-Palm Rebounds From One-Week Low on Stronger Demand, Technical Buying
* Market climbing on a technical rebound - trader
* Stronger exports outlook bolsters market - trader
12/10/2017 (Reuters) - Malaysian palm oil futures rebounded in early trade on Wednesday from a one-week low hit in the previous session, supported by a stronger export outlook and on technical buying.
The benchmark palm oil contract for December delivery on the Bursa Malaysia Derivatives Exchange was up 0.22 percent at 2,700 ringgit ($640.72) a tonne at the midday break.
Traded volumes stood at 16,773 lots of 25 tonnes each at the midday break on Wednesday.
"The market came off a lot yesterday, so its just a technical rebound," said a futures trader from Kuala Lumpur.
Another trader added that expectations of stronger export demand contributed to palm's morning gains.
"Exports overall could remain strong in the near term ... India may gear up purchases to cover some of the shortfall," he added, as stock levels at the world's largest vegetable oil consumer are low.
Palm oil shipments from Malaysia during October 1-10 rose 18.1 percent versus the corresponding period last month, data from cargo surveyor Intertek Testing Services showed.
Another cargo surveyor Societe Generale de Surveillance showed a 16.5 percent gain, due to rising demand from Europe, China and India.
In other related edible oils, the December soybean oil contract on the Chicago Board of Trade was up 0.2 percent, while the January soybean oil contract on China's Dalian Commodity Exchange fell 0.5 percent.
The January palm olein contract declined 0.1 percent.
Palm's prices are impacted by movements of related oils as they compete for a share in the global vegetable oils market.
Palm, soy and crude oil prices at 0503 GMT
Contract Month Last Change Low High Volume
MY PALM OIL OCT7 0 +0.00 0 0 0
MY PALM OIL NOV7 2695 +1.00 2690 2702 331
MY PALM OIL DEC7 2700 +6.00 2687 2706 7507
CHINA PALM OLEIN JAN8 5546 -8.00 5502 5550 242704
CHINA SOYOIL JAN8 6058 -30.00 6022 6070 231278
CBOT SOY OIL DEC7 33.16 +0.00 33.06 33.22 1756
INDIA PALM OIL OCT7 538.60 +0.50 537.10 539.3 50
INDIA SOYOIL OCT7 656.9 +0.10 656.5 656.9 270
NYMEX CRUDE NOV7 51.06 +0.14 50.86 51.15 18847
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 = 4.2140 ringgit)
($1 = 65.2700 Indian rupees)
($1 = 6.5813 Chinese yuan renminbi)
* Stronger exports outlook bolsters market - trader
12/10/2017 (Reuters) - Malaysian palm oil futures rebounded in early trade on Wednesday from a one-week low hit in the previous session, supported by a stronger export outlook and on technical buying.
The benchmark palm oil contract for December delivery on the Bursa Malaysia Derivatives Exchange was up 0.22 percent at 2,700 ringgit ($640.72) a tonne at the midday break.
Traded volumes stood at 16,773 lots of 25 tonnes each at the midday break on Wednesday.
"The market came off a lot yesterday, so its just a technical rebound," said a futures trader from Kuala Lumpur.
Another trader added that expectations of stronger export demand contributed to palm's morning gains.
"Exports overall could remain strong in the near term ... India may gear up purchases to cover some of the shortfall," he added, as stock levels at the world's largest vegetable oil consumer are low.
Palm oil shipments from Malaysia during October 1-10 rose 18.1 percent versus the corresponding period last month, data from cargo surveyor Intertek Testing Services showed.
Another cargo surveyor Societe Generale de Surveillance showed a 16.5 percent gain, due to rising demand from Europe, China and India.
In other related edible oils, the December soybean oil contract on the Chicago Board of Trade was up 0.2 percent, while the January soybean oil contract on China's Dalian Commodity Exchange fell 0.5 percent.
The January palm olein contract declined 0.1 percent.
Palm's prices are impacted by movements of related oils as they compete for a share in the global vegetable oils market.
Palm, soy and crude oil prices at 0503 GMT
Contract Month Last Change Low High Volume
MY PALM OIL OCT7 0 +0.00 0 0 0
MY PALM OIL NOV7 2695 +1.00 2690 2702 331
MY PALM OIL DEC7 2700 +6.00 2687 2706 7507
CHINA PALM OLEIN JAN8 5546 -8.00 5502 5550 242704
CHINA SOYOIL JAN8 6058 -30.00 6022 6070 231278
CBOT SOY OIL DEC7 33.16 +0.00 33.06 33.22 1756
INDIA PALM OIL OCT7 538.60 +0.50 537.10 539.3 50
INDIA SOYOIL OCT7 656.9 +0.10 656.5 656.9 270
NYMEX CRUDE NOV7 51.06 +0.14 50.86 51.15 18847
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 = 4.2140 ringgit)
($1 = 65.2700 Indian rupees)
($1 = 6.5813 Chinese yuan renminbi)