February 23, 2018 / 4:45 AM / 10 months ago

VEGOILS-Palm jumps over 1 pct on stronger rival oils, firm export demand

    * Palm climbs to high of 2,520 rgt/T
    * Ringgit strength may cap gains - Trader
    * Cargo surveyor data scheduled for release on Monday after

    By Emily Chow
    KUALA LUMPUR, Feb 23 (Reuters) - Malaysian palm oil futures
rose over 1 percent in early trade on Friday, backed by gains in
related edible oils such as soyoil on the U.S. Chicago Board of
Trade, and as export demand remains firm.
    The benchmark palm oil contract for May delivery
on the Bursa Malaysia Derivatives Exchange was up 1.3 percent at
2,520 ringgit ($645.08) a tonne at the midday break, its
strongest gain in four weeks.
    Trading volumes stood at 19,861 lots of 25 tonnes each at
    "Soyoil is higher, but the stronger ringgit is holding the
market from jumping more," said a trader from Kuala Lumpur.
    "Exports from Malaysia in March are also expected to be
good," he added. 
    Malaysian palm oil shipments have been rising in February
compared to the previous month. Shipments rose 8-9 percent in
the Feb. 1-20 period versus the corresponding period in January,
according to data from cargo surveyors.
    Data for the February 1-25 period is scheduled for release
on Monday after 0300 GMT. 
    The ringgit, palm's currency of trade, strengthened
0.3 percent to 3.9050 per dollar around noon on Friday. A
stronger ringgit makes the vegetable oil more expensive for
holders of foreign currencies. 
    In other related oils, the Chicago Board of Trade's March
soybean oil contract rose 0.6 percent, in line with gains
in soybean futures as severe drought in parts of Argentina's
oilseed producing regions is expected to hit production.
    The May soybean oil on China's Dalian Commodity Exchange
 rose 1.3 percent, while the Dalian May palm oil contract
 was up 1.5 percent.
    Palm oil prices are impacted by rival edible oils as they
compete for a share in the global vegetable oils market.
    Palm, soy and crude oil prices as of 0431 GMT
 Contract           Month   Last   Change    Low    High  Volume
 MY PALM OIL       MAR8     2533   +24.00   2522    2534     957
 MY PALM OIL       APR8     2527   +27.00   2511    2527    2962
 MY PALM OIL       MAY8     2520   +32.00   2502    2520   10175
 CHINA PALM OLEIN  MAY8     5234   +76.00   5142    5236  267514
 CHINA SOYOIL      MAY8     5736   +76.00   5652    5736  249518
 CBOT SOY OIL      MAY8    32.45    +0.20  32.25   32.48    3278
 INDIA PALM OIL    FEB8     0.00    +0.00   0.00       0       0
 INDIA SOYOIL      MAR8        0    +0.00      0       0       0
 NYMEX CRUDE       APR8    62.76    -0.01  62.59   62.92   26514
  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 = 3.9065 ringgit)
($1 = 64.8750 Indian rupees)
($1 = 6.3380 Chinese yuan)   

 (Reporting by Emily Chow; Editing by Sunil Nair)
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