15.10.2018 (The Edge Markets MY) - KUALA LUMPUR (Oct 15): Malaysian palm oil futures jumped over 1% to a one-week high on Monday, supported by gains in related edible oils, strength in crude oil prices and on bearish production outlook.

The benchmark palm oil contract for December delivery on the Bursa Malaysia Derivatives Exchange was trading 1.1% higher at 2,218 ringgit (US$533.69) a tonne at midday break.

Earlier in the session, it rose as much 1.2% to 2,220 ringgit, its highest since Oct 5.

Trading volumes stood at 21,312 lots of 25 tonnes each at noon.

"Palm is up on soyoil and Dalian," said a Kuala Lumpur-based futures trader, referring to soyoil on the U.S. Chicago Board of Trade and palm olein on China's Dalian Commodity Exchange.

Palm oil prices are affected by movements of other edible oils, as they compete for a share in the global vegetable oils market.

The Chicago December soybean oil contract saw gains of 1.3% on Friday, after a government report forecast a smaller-than-expected U.S. harvest. It was last up 0.2% on Monday.

In other related oils, the January soybean oil contract on the Dalian Commodity Exchange rose 0.5%, while the Dalian January palm oil contract climbed 1.4%.

Another palm oil futures trader said crude oil prices were also supportive of the edible oil, and that sentiment was bullish after the recent rains, which could lower production and boost prices.

Crude oil futures rose on Monday, as geo-political tensions over the disappearance of a prominent Saudi journalist stoked worries about supply, although concerns about the long-term outlook for demand dragged on prices.

Palm oil may bounce more into a range of 2,214-2,228 ringgit per tonne, according to Wang Tao, a Reuters market analyst for commodities and energy technicals.

Palm, soy and crude oil prices at 0451 GMT

Contract	Month	Last	Change	Low	High	Volume
MY PALM OIL	OCT8	2148	+35.00	2147	2150	240
MY PALM OIL	NOV8	2170	+25.00	2156	2172	1033
MY PALM OIL	DEC8	2218	+25.00	2202	2220	9695
CHINA PALM OLEIN	JAN9	4830	+66.00	4794	4836	211300
CHINA SOYOIL	JAN9	5922	+28.00	5910	5944	261428
CBOT SOY OIL	DEC8	29.46	+0.07	29.37	29.5	1700
INDIA PALM OIL	OCT8	588.70	+2.10	588.20	589.1	14
INDIA SOYOIL	OCT8	752	+2.10	748.3	752	450
NYMEX CRUDE	NOV8	72.13	+0.79	71.77	72.70	40565

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

(US$1 = 4.1560 ringgit)
(US$1 = 6.9171 Chinese yuan)
(US$1 = 73.8325 Indian rupees)