March 20, 2018 / 4:42 AM / 4 months ago

VEGOILS-Palm oil gains on stronger export data

    * Palm in line for second straight day of gains
    * Malaysian exports rose 15.3 pct on-month during March 1-15
-
AmSpec

    By Emily Chow
    KUALA LUMPUR, March 20 (Reuters) - Malaysian palm oil
futures climbed in early trade on Tuesday and were set for a
second straight session of gains on the back of stronger export
data.
    The benchmark palm oil contract for June delivery
on the Bursa Malaysia Derivatives Exchange rose 0.3 percent to
2,432 ringgit ($621.36) a tonne at the midday break. 
    It rose as much as 0.8 percent in early trade before paring
some gains. Trading volumes stood at 25,220 lots of 25 tonnes
each at noon on Tuesday.
    "The market is up on stronger export figures today," said a
palm oil futures trader, referring to data released by an
inspection company before the midday break.
    Exports of Malaysian palm oil products for March 1 to 20
rose 15.3 percent to 913,091 tonnes from the 791,992 tonnes
shipped during Feb. 1 to 20, said company AmSpec Agri Malaysia.

    Palm oil exports from Malaysia, the world's second largest
producer, are expected to pick up in the coming weeks as buyers
stock up ahead of Ramadan which begins in mid-May this year.
    The Muslim holy month sees devotees break day-long fasts
with communal feasting, which incurs higher usage of palm oil
for cooking purposes. Buyers in regions such as the Middle East
usually start increasing purchases of palm oil one to two months
ahead of the festivities.
    In other related oils, the Chicago Board of Trade's May
soybean oil contract was down 0.2 percent, while the May
soybean oil on China's Dalian Commodity Exchange fell
0.7 percent. 
    The Dalian May palm oil contract declined 0.1
percent.
    Palm oil prices are impacted by movements in rival edible
oils as they compete 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       APR8     2441   +8.00     2422   2455     483
 MY PALM OIL       MAY8     2442   +7.00     2420   2454    3202
 MY PALM OIL       JUN8     2432   +7.00     2410   2444   11518
 CHINA PALM OLEIN  MAY8     5088   -6.00     5054   5112  212362
 CHINA SOYOIL      MAY8     5634  -40.00     5606   5692  261298
 CBOT SOY OIL      MAY8    31.99   -0.07    31.89  32.09    2521
 INDIA PALM OIL    MAR8   639.50   +0.90   639.50  639.5       4
 INDIA SOYOIL      MAR8        0   +0.00        0      0       0
 NYMEX CRUDE       APR8    62.27   +0.21    62.08  62.31     311
  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 = 3.9140 ringgit)
($1 = 65.2100 Indian rupees)
($1 = 6.3254 Chinese yuan)    

 (Reporting by Emily Chow; Editing by Sunil Nair)
  
 
 
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below