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VEGOILS-Palm extends gains tracking stronger related edible oils
October 12, 2017 / 5:48 AM / 2 months ago

VEGOILS-Palm extends gains tracking stronger related edible oils

    * Market's 0.7 pct gains strongest in a week
    * Palm climbs tracking CBOT and Dailan soyoil - Trader
    * Market also supported by technical buying - Trader

    By Emily Chow and Tavleen Tarrant
    KUALA LUMPUR, Oct 12 (Reuters) - Malaysian palm oil futures
on Thursday extended gains for a second session, buoyed by
stronger soyoil and technical buying, said traders. 
    The benchmark palm oil contract for December delivery
 on the Bursa Malaysia Derivatives Exchange was up 0.7
percent at 2,715 ringgit ($643.98) a tonne at the midday break,
posting its biggest daily percentage gain since Oct. 4.
    Traded volumes stood at 15,117 lots of 25 tonnes each at the
midday break on Thursday.
    The rise in palm prices was supported by gains in soyoil
futures on the Chicago Board of Trade and China's Dalian
Commodity Exchange, a Kuala Lumpur-based futures trader said.
    The December soybean oil contract on the Chicago
Board of Trade rose as much as 0.4 percent, while the January
soybean oil contract on China's Dalian Commodity Exchange
 climbed up to 0.1 percent.
    The trader said further movements in the palm market would
depend on the United States Department of Agriculture, which
will release its monthly World Agricultural Supply and Demand
Estimates and Crop Production reports at 1600 GMT later in the
    "If tonight's USDA report is bullish, we could have more
upside tomorrow," she said. 
    Palm's prices are impacted by movements of related oils as
they compete for a share in the global vegetable oils market.
    In other related vegetable oils, the January palm olein
contract went up by 0.6 percent.
 Palm, soy and crude oil prices at 0457 GMT
 Contract        Month     Last   Change     Low   High   Volume
 MY PALM OIL     OCT7      2720   +20.00    2720   2720       20
 MY PALM OIL     NOV7      2713   +20.00    2701   2713      218
 MY PALM OIL     DEC7      2715   +19.00    2703   2715     6886
 CHINA PALM      JAN8      5554   +34.00    5508   5564   202696
 CHINA SOYOIL    JAN8      6054    +6.00    6036   6072   139242
 CBOT SOY OIL    DEC7     33.29    +0.00   33.12  33.29     8139
 INDIA PALM OIL  OCT7    539.50    +0.00  539.50    541       53
 INDIA SOYOIL    OCT7     655.5    +0.55  655.05  657.5      650
 NYMEX CRUDE     NOV7     51.04    -0.26   50.98  51.13    12032
 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 = 4.2160 ringgit)
($1 = 65.1400 Indian rupees)
($1 = 6.5871 Chinese yuan)

 (Reporting by Emily Chow and Tavleen Tarrant; Editing by Sherry

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