February 27, 2018 / 5:56 AM / 4 months ago

VEGOILS-Palm extends rise tracking overnight gains in US soyoil

    * Palm up for a third straight session
    * Palm has risen 2.3 pct so far in Feb
    * Dalian palm olein also seen supportive - trader
    * Palm poised to break resistance at 2,562 rgt/T -
Technicals

    By Emily Chow
    KUALA LUMPUR, Feb 27 (Reuters) - Malaysian palm oil futures
rose in early trade on Tuesday and were headed for a third
straight session of gains, supported by overnight strength in
rival oilseed soyoil on the U.S. Chicago Board of Trade.
    The benchmark palm oil contract for May delivery
on the Bursa Malaysia Derivatives Exchange was up 0.4 percent at
2,549 ringgit ($651.92) a tonne at the midday break. 
    It hit a two-week high of 2,555 ringgit in the previous
session, and has gained 2.3 percent so far this month.   
    Trading volumes stood at 8,371 lots of 25 tonnes each at the
midday break on Tuesday.
    "Palm rose tracking yesterday's U.S. soyoil and this
morning's Dalian refined, bleached and deodorized palm olein,"
said a Kuala Lumpur-based futures trader.
    Palm oil prices are impacted by movements in rival edible
oils as they compete for a share in the global vegetable oils
market.
    The Chicago Board of Trade's March soybean oil contract
 rose 0.8 percent on Monday, in line with soybeans, lifted
by weather forecasts indicating little rain relief for parched
crop belts in Argentina, the world's third-largest soybean
exporter. It was last down 0.1 percent on Tuesday.
    In other related oils, the May soybean oil on China's Dalian
Commodity Exchange edged down 0.03 percent, while the
Dalian May palm oil contract was up 0.4 percent. It rose
over 1 percent in the previous session.
    Palm oil is poised to break a resistance at 2,562 ringgit
per tonne and rise more towards the next resistance at 2,592
ringgit, said Wang Tao, a Reuters market analyst for commodities
and energy technicals.
    
    Palm, soy and crude oil prices as of 0526 GMT
 Contract          Month    Last  Change     Low    High  Volume
 MY PALM OIL       MAR8     2562   +7.00    2557    2562      93
 MY PALM OIL       APR8     2557   +6.00    2548    2557     693
 MY PALM OIL       MAY8     2549   +9.00    2537    2549    4993
 CHINA PALM OLEIN  MAY8     5284  +20.00    5262    5300  196120
 CHINA SOYOIL      MAY8     5762   -2.00    5748    5794  213098
 CBOT SOY OIL      MAY8    32.82   -0.03    32.8   32.88    2486
 INDIA PALM OIL    FEB8   584.60   -0.50  584.60   585.6      47
 INDIA SOYOIL      MAR8   752.05   -0.95  751.35     753    1120
 NYMEX CRUDE       APR8    63.78   -0.13   63.67   64.08   27713
  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 = 3.9100 ringgit)
($1 = 64.8800 Indian rupees)
($1 = 6.3056 Chinese yuan) 

 (Reporting by Emily Chow; Editing by Subhranshu Sahu)
  
 
 
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