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VEGOILS-Palm climbs to 1-1/2-month high, tracking stronger soyoil
October 30, 2017 / 5:45 AM / 22 days ago

VEGOILS-Palm climbs to 1-1/2-month high, tracking stronger soyoil

    * Palm in line for fourth day of gains, hits 6-week high of
2,855
rgt/T
    * Expectations of stronger exports, weaker output growth
lend
support - Trader
    * Cargo surveyor data for Oct. scheduled for release on
Tuesday
after 0300 GMT

    By Emily Chow
    KUALA LUMPUR, Oct 30 (Reuters) - Malaysian palm oil futures
rose in early trade on Monday to their strongest in a month and
a half, tracking gains in rival edible oilseed soy on the
Chicago Board of Trade (CBOT). 
    A stronger export outlook and weaker-than-expected
production growth were other factors supporting the positive
sentiment, said traders.     
    The benchmark palm oil contract for January delivery
 on the Bursa Malaysia Derivatives Exchange rose 1
percent to 2,845 ringgit ($671.47) a tonne, in line for a fourth
straight session of gains.  
    It earlier rose to a high of 2,855 ringgit, the strongest
since Sept. 15. 
    Traded volumes stood at 14,823 lots of 25 tonnes each at the
midday break.
    "The market is up on overseas strength... and technical
buying," said a futures trader from Kuala Lumpur, referring to
soyoil on the CBOT and China's Dalian Commodity Exchange.
    Another trader said expectations of rising exports and
slowing production growth also underpinned the market.
    "Looks like prices will still be supported, with production
and exports in focus," he said.
    Palm oil shipments from Malaysia is forecast to rise for the
full month of October, after seeing gains of over 8 percent
between Oct. 1-25 versus the corresponding period in September.

    Data from cargo surveyors Intertek Testing Services and
Societe Generale de Surveillance is scheduled for release on
Tuesday after 0300 GMT.
    Production in Malaysia, the world's second largest producer
after Indonesia, slightly fell 1.7 percent on-month in September
due to fewer working days. Output is expected to rise in October
but gains could be lower than forecast. MYPOMP-CPOTT
    In other related edible oils, the December soybean oil
contract on the CBOT rose by 0.5 percent, while the
January soybean oil contract on the Dalian gained 0.9
percent. 
    Dalian's January palm olein contract rose as much as
1.3 percent. Palm oil's prices are impacted by movements in
related oils, as they compete for a share in the global
vegetable oils market.
    
  Palm, soy and crude oil prices at 0523 GMT
 Contract          Month    Last  Change     Low    High  Volume
 MY PALM OIL       NOV7     2824  +38.00    2822    2828      76
 MY PALM OIL       DEC7     2821  +26.00    2820    2831    1166
 MY PALM OIL       JAN8     2845  +28.00    2840    2855    7714
 CHINA PALM OLEIN  JAN8     5770  +74.00    5652    5778  312520
 CHINA SOYOIL      JAN8     6180  +52.00    6096    6182  224168
 CBOT SOY OIL      DEC7    35.03   +0.19   34.85   35.05    4021
 INDIA PALM OIL    OCT7   545.70   +1.80  545.60   546.7      65
 INDIA SOYOIL      NOV7      678   +1.85  677.05  679.45    4750
 NYMEX CRUDE       DEC7    53.91   +0.01   53.90   54.18   19341
 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 = 4.2370 ringgit)
($1 = 64.9200 Indian rupees)
($1 = 6.6424 Chinese yuan)
    

 (Reporting by Emily Chow; Editing by Amrutha Gayathri)
  
 
 

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