July 7, 2017 / 5:39 AM / in 4 months

VEGOILS-Palm poised to snap winning streak, tracking soyoil

    * Palm in line for first drop in five sessions
    * Market declines on profit-taking - Trader

    By Emily Chow
    KUALA LUMPUR, July 7 (Reuters) - Malaysian palm oil futures
on Friday were in line to break the winning streak of four
straight sessions, weighed down by a weaker performance in
soyoil on the Chicago Board of Trade (CBOT) and China's Dalian
Commodity Exchange. 
    The benchmark palm oil contract for September delivery
 on the Bursa Malaysia Derivatives Exchange was down
0.4 percent at 2,550 ringgit ($593.51) a tonne at the midday
break.
    Palm oil posted four consecutive sessions of gains after
hitting an over one-month top of 2,563 ringgit a tonne in the
previous session. The market was supported by forecasts of
falling production ahead of industry regulator data release on
July 10.
    A Reuters poll had forecast production to fall to 1.62
million tonnes in June, down 2.1 percent from the previous
month.
    However, end stocks are seen up 0.2 percent to 1.56 million
tonnes, while exports are likely to dive 8.2 percent to 1.38
million tonnes on-month.
    Traded volumes stood at 12,246 lots of 25 tonnes each at the
midday break on Friday.
    "We are seeing some profit-taking after the week-long rally
on the back of softening soyoil and Dalian," said a futures
trader from Kuala Lumpur, referring to CBOT soyoil and related
edible oils on Dalian. 
    Palm oil prices are impacted by movements in related edible
oils, as they compete for a share in the global edible oils
market. 
    Soybean oil on the Chicago Board of Trade slipped 0.7
percent, while September soybean oil on the Dalian Commodity
Exchange fell 0.5 percent.
    In other related oils, the September palm olein
contract fell up to 0.3 percent.
                        
  Palm, soy and crude oil prices at 0505 GMT
 Contract          Month    Last  Change     Low   High   Volume
 MY PALM OIL       JUL7     2680   -8.00    2668   2680       35
 MY PALM OIL       AUG7     2603  -13.00    2596   2612     1068
 MY PALM OIL       SEP7     2550  -11.00    2540   2560     6507
 CHINA PALM OLEIN  SEP7     5390  -14.00    5372   5446   251132
 CHINA SOYOIL      SEP7     5964  -28.00    5946   6014   224750
 CBOT SOY OIL      DEC7    33.16   -0.14   33.13  33.38     5445
 INDIA PALM OIL    JUL7   484.90   -1.80  484.00    486      125
 INDIA SOYOIL      JUL7    641.2   -2.55   640.5  642.1     1730
 NYMEX CRUDE       AUG7    44.93   -0.59   44.64  45.42    47201
 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 = 4.2965 ringgit)
($1 = 64.7350 Indian rupees)
($1 = 6.7995 Chinese yuan)
    

 (Reporting by Emily Chow; Editing by Sherry Jacob-Phillips)
  
 
 

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below