July 11, 2017 / 5:13 AM / a month ago

VEGOILS-Palm hits seven-week top, tracking soyoil

    * Palm rises to high of 2,614 rgt/T in early trade
    * Profit taking activity to limit palm's upside -Trader
    * Palm oil targets 2,614-2,628 ringgit zone -Technicals

    By Emily Chow
    KUALA LUMPUR, July 11 (Reuters) - Malaysian palm oil futures
hit a seven-week high on Tuesday, tracking gains in rival edible
oils, before easing to be flat at the midday break.
    The benchmark palm oil contract for September delivery
 on the Bursa Malaysia Derivatives Exchange was at
2,593 ringgit ($603.58) a tonne at the midday break. It earlier
hit a high of 2,614 ringgit a tonne, its strongest level since
May 23. 
    Traded volumes stood at 22,878 lots of 25 tonnes each at the
noon.
    The market rose on stronger oils on the Chicago Board of
Trade (CBOT) and China's Dalian Commodity Exchange, but profit
taking capped gains, said a futures trader from Kuala Lumpur.
    "The market is still riding on the firmness in the CBOT amid
the weather play. Profit taking is checking the upside," the
trader said, referring to gains in soy prices due to hot, dry
weather expected across the U.S. plains.
    Palm oil competes with related oils such as soy for a share
in the global vegetable oils market. 
    Soybean oil on the Chicago Board of Trade posted its
strongest daily gains in four months in overnight trade, curing
to a four-month high before dipping 0.3 percent. 
    Palm oil has been on an uptrend this week, in line with
soyoil and on expectations of falling output. 
    June production in Malaysia, the world's No.2 palm producer,
fell 8.5 percent to 1.51 million tonnes, leading to a decline in
end-stocks as well, data from the Malaysian Palm Oil Board
showed on Monday.
    In other related oils, the September soybean oil on the
Dalian Commodity Exchange rose 1.4 percent, while the
September palm olein contract was up 0.4 percent.
    Palm oil may break a resistance at $2,599 ringgit per tonne
and rise into a resistance zone of 2,614-2,628 ringgit,
according to Wang Tao, a Reuters market analyst for commodities
and energy technicals.
    
  Palm, soy and crude oil prices at 0453 GMT
 Contract          Month    Last  Change     Low   High   Volume
 MY PALM OIL       JUL7     2673  -32.00    2670   2694       56
 MY PALM OIL       AUG7     2637   -9.00    2633   2669     2064
 MY PALM OIL       SEP7     2593   +0.00    2590   2614    10000
 CHINA PALM OLEIN  SEP7     5490  +22.00    5484   5540   265380
 CHINA SOYOIL      SEP7     6156  +82.00    6092   6188   315304
 CBOT SOY OIL      DEC7    34.08   +0.21   34.05  34.44     7427
 INDIA PALM OIL    JUL7   491.40   -1.00  490.50  492.1      128
 INDIA SOYOIL      JUL7    642.8   -0.70   642.8  644.4      290
 NYMEX CRUDE       AUG7    44.57   +0.17   44.46  44.72    23113
 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 = 4.2960 ringgit)
($1 = 64.4700 Indian rupees)
($1 = 6.8036 Chinese yuan)
    

 (Reporting by Emily Chow; Editing by Richard Pullin)
  
 
 

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