September 12, 2017 / 6:20 AM / 2 months ago

VEGOILS-Palm comes off near 6-mth high on profit-booking

    * Palm hits its highest level since March 23
    * Investors believe prices lofty at above 2,800 rgt - trader

    By Liz Lee
    KUALA LUMPUR, Sept 12 (Reuters) - Malaysian palm oil futures hit their
highest in nearly six months on Tuesday before reversing their course to trade
marginally lower on profit-booking.
    The benchmark palm oil contract for November delivery on the Bursa
Malaysia Derivatives Exchange was down 0.14 percent at 2,798 ringgit ($665.56)
by the midday break. It rose as much as 0.9 percent to 2,827 ringgit, its
highest since March 23, earlier in the session following Monday's 1.5 percent
gain.
    Trading volumes were robust, at 27,567 lots of 25 tonnes each.
    In early trade, palm tracked the upward momentum in soyoil on the Dalian
Commodity Exchange, said a Kuala Lumpur-based futures trader.
    The January soybean oil contract on the Dalian Commodity Exchange
was up 0.1 percent, while January palm olein was 1.3 percent higher. 
    The Chicago Board of Trade (CBOT) soybean oil contract fell 0.5
percent.
    Investors chose to book profits as they believed prices were lofty at above
2,800 ringgit, and due to talks of higher production in parts of Indonesia, said
another trader.
    "We are hearing that Indonesian production is rising 2-5 percent in some
areas for the first half of September," said the trader.
    However, favourable data from Malaysia's industry regulator continues to
bolster overall sentiment, traders said.
    The Malaysian Palm Oil Board (MPOB) said on Monday that palm oil stocks at
end-August rose 8.79 percent to 1.94 million tonnes from July.
    Cargo surveyor Intertek Testing Services said exports of Malaysian palm oil
products for Sept. 1 - 10 rose 6.9 percent from a month earlier.
        
  Palm, soy and crude oil prices at 0614 GMT
 Contract               Month    Last    Change      Low     High       Volume
 MY PALM OIL         SEP7        2805     +2.00     2805     2813           46
 MY PALM OIL         OCT7        2803     -2.00     2797     2826          723
 MY PALM OIL         NOV7        2798     -4.00     2791     2827        12172
 CHINA PALM OLEIN    JAN8        5644    +74.00     5606     5672       493012
 CHINA SOYOIL        JAN8        6342     +8.00     6326     6392       373584
 CBOT SOY OIL        DEC7       34.96     +0.00    34.94    35.18         3452
 INDIA PALM OIL      SEP7      534.80     -0.60   534.40    536.2          400
 INDIA SOYOIL        SEP7         659     -0.40   658.45   659.45          250
 NYMEX CRUDE         OCT7       48.07     +0.00    47.94    48.14        24024
 
 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 = 4.2040 ringgit)
($1 = 63.99 Indian rupees)
($1 = 6.54 Chinese yuan)  

 (Reporting by Liz Lee; Editing by Subhranshu Sahu)
  
 
 

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