February 15, 2018 / 5:35 AM / 3 months ago

VEGOILS-Palm oil edges up on overnight gains in U.S. soyoil

    * Stronger ringgit seen capping palm's gains - Trader
    * Palm neutral in 2,486-2,518 rgt/T range - Technicals
    * Market to resume trading on Feb. 19 after national holiday

    By Emily Chow
    KUALA LUMPUR, Feb 15 (Reuters) - Malaysian palm oil futures
edged up slightly around noon on Thursday, snapping two sessions
of declines, tracking overnight gains in U.S. soyoil on the
Chicago Board of Trade (CBOT). 
    A strong ringgit was however seen limiting the gains,
said a trader. The ringgit, palm's currency of trade, rose 0.6
percent against the dollar to 3.8920 around noon.
    "Palm oil is borrowing strength from overnight gains in
rival oilseed," said a futures trader from Kuala Lumpur,
referring to CBOT soyoil. 
    "Continuous appreciation in the local currency may, however,
cap palm's upside."
    A stronger ringgit typically makes palm oil more expensive
for holders of foreign currencies. 
    The benchmark palm oil contract for April delivery
on the Bursa Malaysia Derivatives Exchange was up 0.1 percent at
2,505 ringgit ($643.63) a tonne at noon, and is down 0.4 percent
for the week. 
    Trading volumes stood at 11,371 lots of 25 tonnes each.
    Malaysian markets will be closed on Thursday after the
midday break and on Friday for the Lunar New Year holiday.
Markets will resume trading on Feb. 19.
    In other related edible oils, the March soybean oil contract
 on the Chicago Board of Trade rose 0.7 percent in
overnight trade on Wednesday, and was last slightly up 0.1
percent on Thursday. 
    China's Dalian Commodity Exchange is also closed for the
Lunar New Year celebrations. 
    Palm oil prices are impacted by other rival edible oils, as
they compete for a share in the global vegetable oils market. 
    Palm oil looks neutral in a narrow range of 2,486-2,518
ringgit per tonne, said Wang Tao, a Reuters market analyst for
commodities and energy technicals.
    
    Palm, soy and crude oil prices as of 0517 GMT
 Contract          Month    Last  Change     Low    High  Volume
 MY PALM OIL       FEB8     2505   -1.00    2505    2505       4
 MY PALM OIL       MAR8     2519   +2.00    2510    2524     775
 MY PALM OIL       APR8     2505   +2.00    2501    2511    3590
 CHINA PALM OLEIN  MAY8        0   +0.00       0       0       0
 CHINA SOYOIL      MAY8        0   +0.00       0       0       0
 CBOT SOY OIL      MAR8    31.83   +0.03   31.78   31.92    2342
 INDIA PALM OIL    FEB8   576.50   +1.90  575.50   576.8     181
 INDIA SOYOIL      FEB8    736.4   +1.80   735.9  736.45     150
 NYMEX CRUDE       MAR8    61.26   +0.66   60.60   61.41   20129
  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 = 3.8920 ringgit)
($1 = 63.9050 Indian rupees)
($1 = 6.3438 Chinese yuan)

 (Reporting by Emily Chow; Editing by Sunil Nair)
  
 
 
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