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VEGOILS-Palm rebounds from losses, tracking stronger rival oils
July 12, 2017 / 5:50 AM / a month ago

VEGOILS-Palm rebounds from losses, tracking stronger rival oils

    * Palm recovers from previous session's fall
    * Market trading in range, awaits new developments - Trader
    * Palm may slide into 2,560-2,569 rgt zone - Technicals

    By Emily Chow
    KUALA LUMPUR, July 12 (Reuters) - Malaysian palm oil futures
bounced back from the previous session's fall on Wednesday,
tracking the stronger performance of related edible oils on the
Chicago Board of Trade and China's Dalian Commodity Exchange.
    The benchmark palm oil contract for September delivery
 on the Bursa Malaysia Derivatives Exchange was up 0.4
percent to 2,593 ringgit ($603.94) a tonne at noon on Wednesday.
    It hit a seven-week top of 2,614 ringgit a tonne on Tuesday,
its highest since May 23, but reversed gains later in the day.
 
    Traded volumes stood at 12,040 lots of 25 tonnes each at the
midday break.
    "The market rose tracking overnight gains in U.S. soyoil and
Dalian," said a trader from Kuala Lumpur. "Palm, however, is
range-trading... awaiting new developments."
    Palm prices could be supported by stronger export data from
cargo surveyors for the first half of July, which is scheduled
for release on Saturday. Intertek Testing Services reported a
1.9 percent drop between July 1-10, while Societe Generale de
Surveillance showed a 3.8 percent gain versus the corresponding
period last month.
    Palm oil prices are impacted by the performance of related
edible oils including soyoil, as they compete for a share in the
global vegetable oils market. 
    Soybean oil on the Chicago Board of Trade ended
Tuesday's session up 0.4 percent before falling 0.4 percent on
Wednesday. 
    The September soybean oil on the Dalian Commodity Exchange
 was up 0.3 percent, while the September palm olein
 contract slightly gained 0.1 percent.
    Palm oil may slide a bit more into the range of 2,560-2,569
ringgit per tonne, said Reuters market analyst for commodities
and energy technicals Wang Tao.  
    
  Palm, soy and crude oil prices at 0523 GMT
 Contract          Month    Last  Change     Low   High   Volume
 MY PALM OIL       JUL7     2697  +10.00    2690   2697      275
 MY PALM OIL       AUG7     2636   +8.00    2626   2639      738
 MY PALM OIL       SEP7     2593  +10.00    2584   2596     5412
 CHINA PALM OLEIN  SEP7     5508   +4.00    5480   5538   201128
 CHINA SOYOIL      SEP7     6158  +16.00    6130   6186   201168
 CBOT SOY OIL      DEC7     34.2   +0.14   34.16   34.3     3525
 INDIA PALM OIL    JUL7   491.80   +2.80  489.20  492.1      122
 INDIA SOYOIL      JUL7    644.2   +1.55   642.8  644.5      970
 NYMEX CRUDE       AUG7    45.82   +0.78   45.65  45.89    33247
 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 = 4.2935 ringgit)
($1 = 64.5150 Indian rupees)
($1 = 6.7856 Chinese yuan)   

 (Reporting by Emily Chow; Editing by Sunil Nair)
  
 
 

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