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VEGOILS-Palm in line to snap 4 sessions of falls, tracking gains in rival edible oils
September 5, 2017 / 6:11 AM / in 2 months

VEGOILS-Palm in line to snap 4 sessions of falls, tracking gains in rival edible oils

    * Palm futures up 1.3 pct
    * CBOT soybean oil on track to snap 3 sessions of gains
    * Dalian soybean oil heads for first fall in 3 sessions

    By Fergus Jensen
    JAKARTA, Sept 5 (Reuters) - Malaysian palm oil futures were headed for their
first session of rise in five on Tuesday, tracking gains in rival edible oils on
the Chicago Board of Trade (CBOT) and China's Dalian Commodity Exchange.
    By the midday break, the benchmark palm oil contract for November delivery
 on the Bursa Malaysia Derivatives Exchange had gained 1.33 percent to
2,472 ringgit ($579.53) a tonne, posting its biggest intraday percentage gain
since Aug 24.
    Traded volumes stood at 17,012 lots of 25 tonnes.
    Palm had shed 2.6 percent in the last four sessions, after hitting a
five-month high on Aug. 24. The Malaysian bourse was closed on Thursday and
Friday for public holidays.
    "This is all in line with external markets," said a futures trader based in
Kuala Lumpur, referring to gains in soyoil on the Dalian and the CBOT.
    Soybean oil on the Chicago Board of Trade was down 0.5 percent, on
track to snap three sessions of gains. The most active soybean oil contract on
the Dalian Commodity Exchange was down 0.22 percent, on track to snap
two sessions of gains.    
    The September palm olein contract was 0.9 percent lower.
    Palm prices are impacted by the movements of related edible oils as they
compete for a share in the global vegetable oils market.
    U.S. oil prices edged up on Tuesday as the gradual restart of refineries in
the Gulf of Mexico that were shut by Hurricane Harvey raised demand for crude,
their main feedstock.
    Chicago soybeans rose for a third consecutive session with prices climbing
to their highest in almost a month as expectations of strong demand underpinned
the market.       

 Palm, soy and crude oil prices at 0605 GMT
                                                                 
 Contract        Month    Last   Change     Low    High  Volume
 MY PALM OIL      SEP7    2718   +38.00    2671    2720      59
 MY PALM OIL      OCT7    2728   +33.00    2719    2733     777
 MY PALM OIL      NOV7    2742   +36.00    2731    2745   10673
 CHINA PALM OLEIN JAN8    5520   -14.00    5478    5544  412732
 CHINA SOYOIL     JAN8    6364    -6.00    6332    6402  291582
 CBOT SOY OIL     DEC7   35.54    -2.10   35.39   35.89    7662
 INDIA PALM OIL   SEP7  525.00    -2.10  524.60  526.90     404
 INDIA SOYOIL     SEP7  660.90    -0.70  659.60  661.45    3820
 NYMEX CRUDE      OCT7   47.53    +0.24   47.15   47.65  239545
                                                                 
 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 = 4.2655 ringgit)
($1 = 64.12 Indian rupees)
($1 = 6.53 Chinese yuan)

 (Writing by Fergus Jensen; Editing by Subhranshu Sahu)
  

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