March 12, 2019 / 4:51 AM / 3 months ago

RPT-VEGOILS-Malaysian palm oil snaps 1-wk losing streak on crude price gains

 (Repeats to widen distribution)
    JAKARTA, March 12 (Reuters) - Malaysian palm oil futures snapped a week-long
losing streak on Tuesday, gaining slightly in early trade to match rising crude
oil prices.
    The benchmark palm oil contract for March delivery on the Bursa
Malaysia Derivatives Exchange rose 0.57 percent to 2,131 ringgit ($522.30) per
tonne at the midday break. 
    Prices of the edible oil had fallen nearly 2 percent in the past 1 week on
weak demand and high stockpiles in the world's second-largest producer.       
    Trading volumes were thin at 9,450 lots of 25 tonnes each. 1FCPO-TOT
    "I believe it's more a technical correction since the market is overdone,
and further gains in crude oil is also helping," said a Kuala Lumpur-based
trader, adding that price movements were likely to be minimal.
    U.S. West Texas Intermediate (WTI) crude oil futures CLc1 were at $56.97 per
barrel at 0054 GMT, up 18 cents, or 0.3 percent, from their last settlement.
Brent crude futures LCOc1 were at $66.75 per barrel, up 17 cents, or 0.3
percent.            
    In other related oils, the Chicago May soybean oil contract was last
up 0.24 percent.
    The May soyoil contract on the Dalian Commodity Exchange slipped
0.03 percent.
    Palm oil prices track the performances of other edible oils, as they compete
for a share in the global vegetable oils market.
        
  Palm, soy and crude oil prices at 0426 GMT                       
  Contract        Month    Last   Change     Low    High  Volume
  MY PALM OIL      APR9    2098   +13.00    2087    2099     394
  MY PALM OIL      MAY9    2132   +13.00    2118    2133    5038
  INDIA PALM OIL   MAR9  530.00    -0.30  529.20  532.30      69
  INDIA SOYOIL     MAR9  759.90    +1.05  759.90  761.00     370
  NYMEX CRUDE      APR9   57.06    +0.27   56.74   57.15   26865
 * 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    

 (Reporting by Kanupriya Kapoor; Editing by Rashmi Aich)
  
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