November 2, 2017 / 5:14 AM / 20 days ago

VEGOILS-Palm maintains gains, tracking strength in soyoil

    * Market awaits Bali industry conference on Nov 2-3
    * Palm supported by stronger October exports- trader
    * Palm may test a resistance at 2,860 ringgit per tonne-
technicals

    By Tavleen Tarrant
    KUALA LUMPUR, Nov 2 (Reuters) - Malaysian palm oil futures
on Thursday held on to the previous day's gains, borrowing
support from soyoil prices and stronger exports in October, as
traders awaited cues from an industry conference. 
    The benchmark palm oil contract for January delivery
 on the Bursa Malaysia Derivatives Exchange was up 0.11
percent at 2,840 ringgit ($672.03) a tonne at the midday break.
It gained 0.8 percent on Wednesday.
    Traded volumes stood at 10,375 lots of 25 tonnes each at the
break on Thursday.
    "Palm is up on higher soybean oil on the Chicago Board of
Trade (CBOT)," said a Kuala Lumpur-based futures trader. 
    The December soybean oil contract on the CBOT rose
0.5 percent on Thursday.
    In other related edible oils, the January soybean oil
contract on the Dalian Commodity Exchange also rose 0.4
percent, while the January palm olein contract was down
0.1 percent. 
    Prices of palm oil are impacted by movements in related oils
as they compete for a share in the global vegetable oils market.
    Most players are waiting for industry forecasts from the
Indonesian Palm Oil Conference scheduled to be held in Bali on
Nov. 2-3, said the Kuala Lumpur-based trader. 
    Top industry analysts James Fry, Thomas Mielke and Dorab
Mistry are scheduled to speak at the conference and provide
their price outlook. 
    "The market is expecting speakers to be positive on crude
palm oil prices," the trader said. 
    Another trader said palm was up following a month of strong
exports. 
    Exports of Malaysian palm oil for October rose 2.3 percent
to 1,416,664 tonnes from the previous month, cargo surveyor
Societe Generale de Surveillance said on Tuesday. 
    Another cargo surveyor, Intertek Testing Services, said on
Tuesday exports of Malaysian palm oil rose 2.5 percent in
October to 1,406,706 tonnes.
    Palm may test a resistance at 2,860 ringgit per tonne, a
break above which could lead to a gain into the range of
2,880-2,900 ringgit.
  
    Palm, soy and crude oil prices at 0438 GMT
 Contract       Month   Last  Change    Low   High  Volume
 MY PALM OIL   NOV7     2811   +7.00   2810   2811      20
 MY PALM OIL   DEC7     2820   +3.00   2816   2825     167
 MY PALM OIL   JAN8     2840   +3.00   2833   2845    6702
 CHINA PALM    JAN8     5696   -6.00   5662   5710  212080
 OLEIN                                              
 CHINA SOYOIL  JAN8     6138  +22.00   6088   6150  186656
 CBOT SOY OIL  DEC7    35.07   +0.17  34.81   35.1    8409
 INDIA PALM    NOV7    550.5   +0.70  549.6  552.2     122
 OIL                       0              0         
 INDIA SOYOIL  NOV7    687.9   +1.95    686  688.7    1630
                                                 5  
 NYMEX CRUDE   DEC7    54.30   +0.00  54.21  54.39   14667
 
 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 = 4.2260 ringgit)
($1 = 64.5600 Indian rupees)
($1 = 6.5991 Chinese yuan renminbi)

 (Reporting by Tavleen Tarrant; Editing by Amrutha Gayathri)
  
 
 

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