November 30, 2017 / 5:18 AM / 2 months ago

VEGOILS-Palm oil sees first gain in four days on stronger Dalian

    * Palm in line for fifth week of losses
    * Weaker ringgit lends support to palm - trader
    * Market closed on Friday for Malaysia national holiday

    By Emily Chow
    KUALA LUMPUR, Nov 30 (Reuters) - Malaysian palm oil futures
saw their first gain in four days in early trade on Thursday,
tracking strength in related oils on China's Dalian Commodity
Exchange and supported by a weaker ringgit, traders said. 
    A weaker ringgit, palm's currency of trade, usually
makes the tropical oil cheaper for foreign buyers and spurs
demand. 
    The ringgit, currently trading at one-year highs, eased on
Thursday morning against the dollar. It was last down 0.2
percent at 4.0870 per dollar. 
    The benchmark palm oil contract for February delivery
 on the Bursa Malaysia Derivatives Exchange was up 0.6
percent to 2,578 ringgit ($630.78) a tonne at the midday break,
in line to snap three consecutive days of declines.
    Palm, however, is set for a fifth week of losses, and is
down nearly 2 percent for the week so far. 
    Traded volumes stood at 10,417 lots of 25 tonnes each at
noon.
    "Dalian has been supportive so the market went up," said a
futures trader from Kuala Lumpur, while another trader added
that the weaker ringgit on Thursday lifted palm. 
    "Upside movements, however, may find resistance in the
absence of fresh market-moving factors and ahead of the long
weekend holidays," he said. 
    Palm oil exports from Malaysia fell 5.3 percent for the full
month of November, versus the previous month, said cargo
surveyor Intertek Testing Services on Thursday.
    Malaysian markets will be closed on Friday for a national
holiday. 
    Palm oil is impacted by movements in other edible oils as
they compete for a share of the global vegetable oils market.
    The January soybean oil contract on the Dalian Commodity
Exchange was up 0.4 percent, while its January palm
olein contract rose 0.5 percent.
    In other related edible oils, the December soybean oil
contract on the Chicago Board of Trade rose 0.4 percent.
      
    Palm, soy and crude oil prices at 0508 GMT
 Contract          Month    Last   Change     Low   High  Volume
 MY PALM OIL       DEC7     2480   +12.00    2480   2503      64
 MY PALM OIL       JAN8     2542   +17.00    2535   2550     608
 MY PALM OIL       FEB8     2578   +15.00    2572   2584    4998
 CHINA PALM OLEIN  MAY8     5446   +30.00    5378   5464  230770
 CHINA SOYOIL      MAY8     6054   +28.00    5986   6068  185026
 CBOT SOY OIL      JAN8     34.2    +0.12   33.99  34.21    4747
 INDIA PALM OIL    NOV7   589.90    +0.80  589.20  590.2      50
 INDIA SOYOIL      DEC7    731.2    +1.60  730.55  731.8    1330
 NYMEX CRUDE       JAN8    57.46    +0.16   57.26  57.47   15543
 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 = 4.0870 ringgit)
($1 = 64.5100 Indian rupees)
($1 = 6.6040 Chinese yuan)   

 (Reporting by Emily Chow; Editing by Sunil Nair)
  
 
 
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