January 2, 2018 / 5:40 AM / a year ago

VEGOILS-Palm climbs over 1 pct on strong exports, gains in related oils

    * Palm hits near one-week high of 2,540 rgt/T
    * Dec 1-31 Malaysian shipments up 6.7 pct on-month - ITS

    By Emily Chow
    KUALA LUMPUR, Jan 2 (Reuters) - Malaysian palm oil futures
rose in early trade on Tuesday, gaining over 1 percent at the
midday break, tracking related edible oils and supported by
improving export demand. 
    The benchmark palm oil contract for March delivery
on the Bursa Malaysia Derivatives Exchange rose 1.4 percent to
2,539 ringgit ($630.81) a tonne at the midday break. It earlier
hit 2,540 ringgit, its highest level since Dec. 27. 
    Trading volumes were thin at 9,758 lots of 25 tonnes each.
    "Hefty gains in Dalian and soybean oil may lend support and
uplift palm futures market sentiment," said a Kuala Lumpur-based
trader, referring to overnight soyoil on the Chicago Board of
Trade and related edible oils on China's Dalian Commodity
Exchange.
    The market is also reacting to strong exports, said another
trader in Kuala Lumpur.
    Palm oil shipments from Malaysia, the world's second largest
producer after Indonesia, gained 6.7 percent on-month in
December on stronger demand from Europe and India, according to
data from cargo surveyor Intertek Testing Services (ITS).

    The market is also forecasting gains in demand from key
consumer China, as it stocks up ahead of the Lunar New Year
celebrations when palm oil consumption is higher for cooking
purposes. 
    In other related oils, the March soybean oil contract
 on the Chicago Board of Trade saw strong overnight gains
of 1.7 percent on Friday before closing for public holidays.
    U.S. markets were closed on Monday for the New Year's Day
holiday. Trade in CBOT grains will resume Tuesday at 8:30 a.m.
CST (1430 GMT).
    The May soybean oil on the Dalian Commodity Exchange
rose 2.1 percent, while the Dalian January palm oil contract
 was up 1.5 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 as of 0527 GMT
 Contract          Month    Last   Change     Low   High  Volume
 MY PALM OIL       JAN8     2468   +24.00    2466   2468      20
 MY PALM OIL       FEB8     2514   +33.00    2503   2516     759
 MY PALM OIL       MAR8     2539   +36.00    2526   2540    6199
 CHINA PALM OLEIN  MAY8     5310   +80.00    5242   5320  194896
 CHINA SOYOIL      MAY8     5784  +116.00    5686   5798  206890
 CBOT SOY OIL      MAR8    33.26    +0.00       0      0       0
 INDIA PALM OIL    JAN8   562.00    +5.90  561.00  562.6     250
 INDIA SOYOIL      JAN8    729.3    +2.00  727.85  729.4    2230
 NYMEX CRUDE       FEB8    60.60    +0.18   60.13  60.73   35605
  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 = 4.0250 ringgit)
($1 = 63.6950 Indian rupees)
($1 = 6.4975 Chinese yuan)    

 (Reporting by Emily Chow; Editing by Sunil Nair)
  
 
 
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