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VEGOILS-Palm set for 1st gain in three sessions tracking related edible oils
June 29, 2017 / 6:21 AM / in 6 months

VEGOILS-Palm set for 1st gain in three sessions tracking related edible oils

    * Palm down 7.8 percent so far in Q2, 2017
    * Palm may fall into 2,179-2,223 rgt/T range over next 3
months - Technicals
    * Export data for June 1-30 scheduled for release on Friday
after 0300 GMT

    By Emily Chow
    KUALA LUMPUR, June 29 (Reuters) - Malaysian palm oil futures
were in line for their first rise in three sessions on Thursday,
tracking gains in the performance of rival edible oils 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 up 0.6
percent at 2,440 ringgit ($568.23) a tonne at the midday break,
set for its strongest gains in two weeks.
    Palm, however, is down in the second quarter of the year so
far, falling 7.8 percent from the previous quarter.
    Traded volumes stood at 9,060 lots of 25 tonnes.
    "Palm is tracking the recovery in overseas markets," said a
futures trader based in Kuala Lumpur, referring to gains in
soyoil on Dalian and the CBOT.
    Another trader, however, said the market will be cautious in
trade ahead of export data for the full month of June, scheduled
for release by cargo surveyors on Friday.
    Palm oil shipments from Malaysia are seen declining
month-on-month for the June 1-30 period, as buying activity
slows during Eid, the Muslim festival that marks the end of the
Ramadan fasting month.
    Muslims break day-long fasts with communal feasting,
incurring higher palm oil usage for cooking purposes. Buyers
typically stock up on palm oil supplies one to two months ahead
of Ramadan. 
    In other related oils, soybean oil on the Chicago
Board of Trade rose 0.3 percent, while the September soybean oil
on the Dalian Commodity Exchange rose 0.7 percent.
    The September palm olein contract was slightly up
0.1 percent. 
    Palm prices are impacted by the movements of related edible
oils as they compete for a share in the global vegetable oils
market.
               
    Palm, soy and crude oil prices at 0557 GMT
 Contract          Month    Last  Change     Low    High  Volume
 MY PALM OIL       JUL7     2600  +15.00    2590    2600     452
 MY PALM OIL       AUG7     2490  +13.00    2481    2491    1282
 MY PALM OIL       SEP7     2454  +14.00    2447    2459    3827
 CHINA PALM OLEIN  SEP7     5238   +4.00    5202    5280  423426
 CHINA SOYOIL      SEP7     5920  +42.00    5852    5978  573158
 CBOT SOY OIL      JUL7    32.22   +0.10    32.1   32.28    1345
 INDIA PALM OIL    JUN7   489.00   +0.00  488.60   489.5      20
 INDIA SOYOIL      JUL7      632   -0.45   631.2  632.75    1730
 NYMEX CRUDE       AUG7    44.99   +0.25   44.75   45.03   31839
 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 = 4.2940 ringgit)
($1 = 64.4525 Indian rupees)
($1 = 6.7790 Chinese yuan)

 (Reporting by Emily Chow; Editing by Gopakumar Warrier)
  
 
 

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