March 12, 2019 / 11:51 AM / 8 days ago

UPDATE 1-VEGOILS-Malaysian palm pares back early gains

 (Updates to reflect market close)
    JAKARTA, March 12 (Reuters) - Malaysian palm oil futures dipped again on
Tuesday, losing earlier gains made on rising crude oil prices.
    The benchmark palm oil contract for March delivery on the Bursa
Malaysia Derivatives Exchange ended down 0.14 percent at 2,116 ringgit ($518.37)
per tonne after peaking at 2,140 ringgit. 
    Prices of the edible oil have fallen 2 percent in the past week on weak
demand and high stockpiles in the world's second-largest producer.       
    Trading volumes stood at 46,573 lots of 25 tonnes each. 1FCPO-TOT
    "The market doesn't have a clear direction, so it is going to be minimal
movement," said one Kuala Lumpur-based trader.
    In related oils, the Chicago May soybean oil contract was up 0.27
percent.
    The May soyoil contract on the Dalian Commodity Exchange was down
nearly 1 percent while the May palm contract slipped 0.3 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 1138 GMT                                 
  Contract        Month    Last   Change     Low    High  Volume
  MY PALM OIL      MAR9    1980   +18.00    1950    1980      14
  MY PALM OIL      APR9    2072   -12.00    2072    2101    2514
  MY PALM OIL      MAY9    2115    -3.00    2114    2140   18372
  INDIA PALM OIL   MAR9  531.10    +0.80  529.10  533.50     841
  INDIA SOYOIL     MAR9  763.70    +4.85  759.70  764.90    6800
  NYMEX CRUDE      APR9   57.26    +0.47   56.74   57.46  126051
 
* 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 = 4.0820 ringgit)

 (Reporting by Kanupriya Kapoor; editing by Rashmi Aich and Jason Neely)
  
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