May 3, 2018 / 5:33 AM / 3 months ago

VEGOILS-Palm edges up tracking overnight gains in related oils

    * Market in line for a second day of gains in eight sessions
    * Palm supported by weaker ringgit - Trader
    * Palm oil may fall into 2,315-2,338 rgt/T range -
Technicals

    By Emily Chow
    KUALA LUMPUR, May 3 (Reuters) - Malaysian palm oil futures
were range-bound before edging higher at the midday break on
Thursday, supported by overnight gains in related edible oils
and a weaker ringgit.    
    The benchmark palm oil contract for July delivery
on the Bursa Malaysia Derivatives Exchange was up 0.1 percent at
2,365 ringgit ($600.71) a tonne at the midday break.
    Palm was on a five-session losing streak last week on lean
demand, before snapping the declines in the previous session. 
    Trading volumes stood at 14,426 lots of 25 tonnes each at
the midday break.
    The market, however, is down 0.7 percent for the week, in
line for a second weekly decline. 
    "Palm is up as U.S. soyoil closed higher," said a Kuala
Lumpur-based trader, referring to overnight gains in soyoil on
the Chicago Board of Trade. 
    Another futures trader added that palm was supported by the
weaker ringgit, its currency of trade, which would make it
cheaper for holders of foreign currencies. 
    The ringgit dropped 0.1 percent around noon on Thursday to
3.9370 against the dollar, its weakest in two-and-a-half months.
The currency has shed 1.9 percent of its value since April. 
    In other related oils, the Chicago July soybean oil contract
 rose as much as 0.9 percent on Wednesday, and climbed up
to 0.1 percent on Thursday. 
    The September soybean oil on China's Dalian Commodity
Exchange rose as much as 0.6 percent, while the Dalian
September palm oil contract gained up to 0.2 percent. 
    Palm oil is impacted by movements in rival edible oils as
they compete for a share in the global vegetable oils market. 
    Palm oil may break a support at 2,356 ringgit and fall more
into a range of 2,315-2,338 ringgit per tonne, said Wang Tao, a
Reuters market analyst for commodities and energy technicals.

    
    Palm, soy and crude oil prices, as of 0510 GMT
 Contract          Month    Last  Change     Low    High  Volume
 MY PALM OIL       MAY8     2338   -3.00    2338    2340      20
 MY PALM OIL       JUN8     2363   +1.00    2361    2373    2826
 MY PALM OIL       JUL8     2365   +2.00    2364    2375    4992
 CHINA PALM OLEIN  SEP8     4988   +8.00    4972    5004  193800
 CHINA SOYOIL      SEP8     5776  +34.00    5750    5790  222510
 CBOT SOY OIL      JUL8    30.64   +0.00   30.58   30.69    2052
 INDIA PALM OIL    MAY8   641.20   -0.10  639.50     642      54
 INDIA SOYOIL      MAY8    755.9   +0.40  753.55   755.9     280
 NYMEX CRUDE       JUN8    67.79   -0.14   67.57   67.95   27027
  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 = 3.9370 ringgit)
($1 = 66.5600 Indian rupees)
($1 = 6.3636 Chinese yuan)
    

 (Reporting by Emily Chow; Editing by Sherry Jacob-Phillips)
  
 
 
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