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VEGOILS-Palm pulls back from one-week high
August 21, 2017 / 4:55 AM / a month ago

VEGOILS-Palm pulls back from one-week high

    * Palm oil flat at the midday break
    * Market earlier rose tracking gains in rival edible oils -
Trader
    * Palm may extend gains to 2,706 rgt/T - Techs

    By Emily Chow
    KUALA LUMPUR, Aug 21 (Reuters) - Malaysian palm oil futures
were flat during the midday break on Monday, paring gains after
climbing to a one-week high due to weaker export data from a
cargo surveyor.
    The benchmark palm oil contract for November delivery
 on the Bursa Malaysia Derivatives Exchange was flat at
2,681 ringgit ($625.38) at the midday break. It earlier rose to
2,692 ringgit, its strongest levels since August 14.
    Traded volumes stood at 20,370 lots of 25 tonnes each at
noon.
    "Palm was earlier up on overnight soyoil strength," said a
Kuala Lumpur-based futures trader, adding that the market later
pared its gains after the release of cargo surveyor data from
Intertek Testing Services (ITS). 
    Malaysian palm oil shipments between 1-20 August fell 14.7
percent versus the same time period last month, according to ITS
data, as demand from Europe and India fell.
    "The market may still trade cautiously," the trader said.
    Palm oil may rise further to 2,706 ringgit per tonne, said
Reuters market analyst for commodities and energy technicals
Wang Tao.
    The October soybean oil contract on the Chicago Board
of Trade rose as much as 1.2 percent in its trade on Friday, its
strongest daily gains in nearly a month and lending support to
palm. Soyoil was last up 0.1 percent on Monday.  
    In other related oils, the January soybean oil on the Dalian
Commodity Exchange rose 0.9 percent, while the January
palm olein contract was also up 1.3 percent.
    Palm oil prices are impacted by the movements in related
edible oils, as they compete for a share in the global vegetable
oils market. 
    
 Palm, soy and crude oil prices at 0442 GMT
 Contract          Month    Last  Change     Low    High  Volume
 MY PALM OIL       SEP7     2673   -2.00    2665    2682     351
 MY PALM OIL       OCT7     2670   -3.00    2664    2680    1720
 MY PALM OIL       NOV7     2681   +0.00    2672    2692   10971
 CHINA PALM OLEIN  JAN8     5434  +72.00    5406    5464  513036
 CHINA SOYOIL      JAN8     6294  +56.00    6266    6320  363868
 CBOT SOY OIL      DEC7    34.01   +0.04   33.81   34.07    3885
 INDIA PALM OIL    AUG7   508.90   -0.80  507.90   509.6      31
 INDIA SOYOIL      SEP7      655   -1.85   654.3   655.7     280
 NYMEX CRUDE       SEP7    48.52   +0.01   48.44   48.75    4141
 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 = 4.2870 ringgit)
($1 = 64.0650 Indian rupees)
($1 = 6.6701 Chinese yuan)   

 (Reporting by Emily Chow; Editing by Sunil Nair)
  
 
 

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