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VEGOILS-Palm edges up in cautious trade ahead of official data
October 6, 2017 / 6:12 AM / 12 days ago

VEGOILS-Palm edges up in cautious trade ahead of official data

    * Mkt may give up gains on technical correction - trader
    * Palm to test resistance at 2,737 rgt/tonne - technicals
    * MPOB data due at 0430 GMT on Oct. 10

    By Emily Chow
    KUALA LUMPUR, Oct 6 (Reuters) - Malaysian palm oil futures
traded slightly higher in quiet trade on Friday ahead of the
release of official data for September, but were set to finish
the week stronger after two consecutive weeks of declines. 
    The benchmark palm oil contract for December delivery
 on the Bursa Malaysia Derivatives Exchange was up 0.1
percent at 2,722 ringgit ($642.74) a tonne at the midday break.
    The contract has gained 1 percent so far this week, hitting 
a one-week high on Thursday, after two straight weekly
falls. 
    Traded volumes stood at 17,404 lots of 25 tonnes each at
Friday noon.
    "The market is quiet today, it lacks direction as people are
waiting for the data," said a trader from Kuala Lumpur,
referring to the monthly data from the Malaysian Palm Oil Board
(MPOB).
    "Exports, however, were seen strong... And production is not
coming up as fast as expected," he added.
    The market could give up the slight gain made in early trade
on a technical correction due to caution ahead of the data, said
another trader.
    A Reuters poll showed September end-stocks likely rose 3.2
percent from a month earlier to 2 million tonnes, their highest
since February 2016. MYPOMS-TPO 
    Output is seen rising to 1.84 million tonnes, the strongest
in nearly two years, while exports are forecast to gain 7.8
percent to 1.60 million tonnes. MYPOMP-CPOTT MYPOME-PO
    In other related edible oils, the December soybean oil
contract on the Chicago Board of Trade was last down 0.1
percent. 
    China's markets are closed this week for holidays.
    Palm oil prices are affected by the performance of related
edible oils including soy, as they compete for a share of the
global vegetable oils market.
    Palm oil may pull back to a support at 2,694 ringgit per
tonne before retesting a resistance at 2,737 ringgit, according
to Reuters market analyst for commodities and energy technicals
Wang Tao.
        
 Palm, soy and crude oil prices at 0534 GMT
 Contract          Month    Last  Change     Low    High  Volume
 MY PALM OIL       OCT7        0   +0.00       0       0       0
 MY PALM OIL       NOV7     2729   +8.00    2710    2734     308
 MY PALM OIL       DEC7     2722   +2.00    2706    2732    8864
 CHINA PALM OLEIN  JAN8        0   +0.00       0       0       0
 CHINA SOYOIL      JAN8        0   +0.00       0       0       0
 CBOT SOY OIL      DEC7    32.96   +0.00   32.95   33.04    1831
 INDIA PALM OIL    OCT7   538.00   +1.70  536.10   538.3     286
 INDIA SOYOIL      OCT7   661.05   +0.75   657.8  661.75    2200
 NYMEX CRUDE       NOV7    50.74   -0.05   50.69   50.79   10525
 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 = 4.2350 ringgit)
($1 = 65.2550 Indian rupees)
($1 = 6.6533 Chinese yuan)

 (Reporting by Emily Chow; Editing by Subhranshu Sahu)
  
 
 

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