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VEGOILS-Palm hits 6-month high, but soft soyoil prices cap gains
September 13, 2017 / 6:00 AM / 2 months ago

VEGOILS-Palm hits 6-month high, but soft soyoil prices cap gains

    * Palm hits highest since March 9, up 0.3 pct at midday
    * Drop in rival oils holds back palm's momentum - trader
    * Demand from China keeps palm firm - trader

    KUALA LUMPUR, Sept 13 (Reuters) - Malaysian palm oil futures extended gains to hit their
highest in more than six months on Wednesday, but a slide in soyoil prices curbed the rally.
    The benchmark palm oil contract for November delivery on the Bursa Malaysia
Derivatives Exchange was up 0.32 percent at 2,838 ringgit ($676.04) by the midday break. Earlier
in the session, it hit 2,864 ringgit, its highest since March 9.
    Trading volumes were robust, at 22,047 lots of 25 tonnes each.
    Palm remained firm after two sessions of rally, although, softer soyoil prices will now
slightly weigh on palm's upward momentum, said a Kuala Lumpur-based futures trader.
    "Palm oil is strong, but has come off its highest as CBOT and Dalian soyoil are also off
their highs. Now all eyes are on the Globoil conference," the trader said. The market is
expected to track updates and insights from industry speakers at the three-day Globoil India
conference, starting Wednesday.
    The trader added there was still sustainable buying in the market.
    Another trader said palm oil prices were buoyed by a surge in demand from China, ahead of
the Golden Week holidays.
    "Palm is tracking Dalian closely. China is looking forward to its Golden Week holiday in
October, and buyers are going to stock up on palm oil for the rest of September, and palm will
piggyback on that," the trader added.
    The Chicago Board of Trade (CBOT) soybean oil contract declined as much as 0.4
percent.
    The January soybean oil contract on the Dalian Commodity Exchange slipped up to 0.3
percent, while January palm olein climbed as much as 2.5 percent. 

  Palm, soy and crude oil prices at 0551 GMT
 Contract                     Month      Last    Change         Low       High       Volume
 MY PALM OIL               SEP7             0     +0.00           0          0            0
 MY PALM OIL               OCT7          2850    +18.00        2849       2873           60
 MY PALM OIL               NOV7          2838     +9.00        2835       2864        10043
 CHINA PALM OLEIN          JAN8          5690    +48.00        5666       5780       613064
 CHINA SOYOIL              JAN8          6340    -16.00        6334       6456       635320
 CBOT SOY OIL              DEC7         35.07     +0.00       35.06      35.46         6333
 INDIA PALM OIL            SEP7        544.60     +3.60      541.30      545.7          437
 INDIA SOYOIL              SEP7        664.55     +4.35         663      664.8         3480
 NYMEX CRUDE               OCT7         48.25     +0.02       48.20      48.36        15148
 
 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 = 4.1980 ringgit)
($1 = 64.00 Indian rupees)
($1 = 6.53 Chinese yuan)  

 (Reporting by Liz Lee, additional reporting by Tavleen Tarrant; Editing by Sherry
Jacob-Phillips)
  
 
 

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