January 5, 2018 / 5:35 AM / in 12 days

VEGOILS-Malaysian palm oil rises 1 pct on expectations of strong exports

    * Palm hits 1-month top of 2,615 rgt/T
    * Prices seen supported temporarily - trader
    * Market up 3.9 pct on-week so far

    By Kanupriya Kapoor
    JAKARTA, Jan 5 (Reuters) - Malaysian palm oil futures
climbed over 1 percent in early trading on Friday before paring
gains, buoyed by expectations of strong exports and falling
production.
    The benchmark palm oil contract for March delivery
on the Bursa Malaysia Derivatives Exchange hit a one-month top
of 2,615 ringgit ($655.06) per tonne before settling 0.6 percent
higher than the previous close at 2,601 ringgit at the midday
break.     
    Palm is up 3.9 percent on-week so far, its strongest weekly
gain in over a year.
    Trading volumes stood at 28,303 lots of 25 tonnes each.     
    "Looks like strong exports and weaker production ahead is
keeping palm higher today," said Kuala Lumpur-based analyst,
David Ng of Phillip Futures. 
    "Prices seem to be supported temporarily," he added.
    Malaysia's palm exports for December were estimated to rise
7.8 percent from the previous month, while output was seen
falling 6.6 percent, a Reuters survey showed on Friday.
    
    Other analysts said the Malaysian exchange was supported by
gains in overseas markets, referring to related oils on the
Chicago Board of Trade and China's Dalian Commodity Exchange.
    Palm oil prices track the performances of other edible oils,
as they compete for a share in the global vegetable oils market.
    The March soybean oil contract on the CBOT rose 0.56
percent.   
    The May soybean oil on the Dalian Commodity Exchange
rose 0.62 percent, and the Dalian January palm oil contract
 was also up 0.62 percent.    

Palm, soy, and crude oil prices as of 0509 GMT    
 Contract          Month    Last  Change     Low   High  Volume
 MY PALM OIL       JAN8     2544   +2.00    2544   2561      68
 MY PALM OIL       FEB8     2599  +22.00    2586   2610    1218
 MY PALM OIL       MAR8     2601  +16.00    2593   2615   12959
 CHINA PALM OLEIN  MAY8     5384  +22.00    5336   5392  178554
 CHINA SOYOIL      MAY8     5840  +36.00    5788   5850  204948
 CBOT SOY OIL      MAR8    34.06   -0.01   33.82   34.1    4122
 INDIA PALM OIL    JAN8   564.70   +2.20  564.10  567.4     311
 INDIA SOYOIL      JAN8    737.9   +2.80   734.6    739    2380
 NYMEX CRUDE       FEB8    62.00   -0.01   61.87  62.04   14847
 
* 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    

    
For a table on Malaysian physical palm oil prices, including
refined oil, Reuters Terminal users can double click on or type
OILS/MY01.
* To view freight rates from Peninsula Malaysia/Sumatra to
China, India, Pakistan and Rotterdam, please key in OILS/ASIA2
and press enter, or double click between the brackets. 
* Reuters Terminal users can see cash and futures edible oil
prices by double clicking on the codes in the brackets: To go to
the next page in the same chain, hit F12. To go back, hit F11.
Vegetable oils                    -- OILS/ASIA1
Malaysian palm oil exports        -- SGSPALM1  
CBOT soyoil futures               -- 0#BO:     
CBOT soybean futures              -- 0#S:      
Indian solvent                    -- SOLVENT01 
Weekly Indian vegetable oils      -- OILS/IN   
Dalian Commodity Exchange         -- DC/MENU  
Dalian soyoil futures             -- 0#DBY:  
Dalian refined palm oil futures   -- 0#DCP:  
Zhengzhou rapeseed oil            -- 0#COI:  
European edible oil prices/trades -- OILS/E       
    
($1 = 3.9920 ringgit)
($1 = 63.3400 Indian rupees)
($1 = 6.4790 Chinese yuan)

 (Reporting by Kanupriya Kapoor; Editing by Biju Dwarakanath)
  

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below