January 25, 2018 / 5:08 AM / a month ago

VEGOILS-Palm dips on stronger ringgit, set to end 3-session win

    * Palm in line to snap three days of gains
    * Market watching ringgit, Malaysia's interest rate decision
-
trader
    * Malaysia Jan. 1-25 palm oil exports down 7 pct - ITS

    By Emily Chow
    KUALA LUMPUR, Jan 25 (Reuters) - Malaysian palm oil futures
dipped in early trade on Thursday and looked set to snap three
earlier sessions of gains, weighed down by a stronger ringgit.
    The ringgit, palm's currency of trade, has steadily
gained over 13 percent since the start of 2017, and was up 0.3
percent at 3.8990 against the dollar around noon.
    A stronger ringgit makes palm oil more expensive for holders
of foreign currencies. 
    The benchmark palm oil contract for April delivery
on the Bursa Malaysia Derivatives Exchange was down 0.2 percent
to 2,516 ringgit ($645.29) a tonne at the midday break.    
    Trading volumes stood at 12,269 lots of 25 tonnes each at
noon.
    "The market is down on the ringgit appreciation," said a
Kuala Lumpur-based trader, adding that the market is now
focussed on Malaysia's interest rate decision, due this
afternoon. 
    "Many are expecting the central bank to raise rates," he
said.
    Malaysia's central bank is expected to raise its benchmark
rate for the first time in 3-1/2 years, a Reuters poll showed,
at a time that growth momentum has picked up yet not too close
to national elections that must be held by August.
    Meanwhile, exports of palm oil products from Malaysia fell 7
percent in the Jan. 1-25 period versus the corresponding period
last month, according to data from cargo surveyor Intertek
Testing Services on Thursday.
    In other related edible oils, the March soybean oil contract
 on the Chicago Board of Trade rose 0.4 percent, while
the May soybean oil on the Dalian Commodity Exchange
slightly dipped 0.1 percent.
    The Dalian May palm oil contract edged down 0.1
percent. 
    
    Palm, soy and crude oil prices as of 0447 GMT
 Contract          Month    Last  Change     Low    High  Volume
 MY PALM OIL       FEB8     2514   +2.00    2504    2514      64
 MY PALM OIL       MAR8     2517   -4.00    2511    2522     592
 MY PALM OIL       APR8     2516   -5.00    2508    2526    6152
 CHINA PALM OLEIN  MAY8     5224   -4.00    5218    5256  254956
 CHINA SOYOIL      MAY8     5778   -4.00    5758    5796  211338
 CBOT SOY OIL      MAR8    32.81   +0.13   32.61   32.82    7516
 INDIA PALM OIL    JAN8   566.20   +3.70  563.00   566.7      62
 INDIA SOYOIL      FEB8    746.4   +1.90   745.4   747.5    3200
 NYMEX CRUDE       MAR8    66.27   +0.66   65.74   66.35   58849
  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 = 3.8990 ringgit)
($1 = 63.4900 Indian rupees)
($1 = 6.3247 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