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VEGOILS-Palm range-bound awaiting triggers, Dalian weighs
October 13, 2017 / 6:09 AM / 2 months ago

VEGOILS-Palm range-bound awaiting triggers, Dalian weighs

    * Palm falls as much as 0.8 pct, reverses losses by midday
    * Palm neutral in 2,704-2,734 rgt/T range - Technicals

    By Emily Chow
    KUALA LUMPUR, Oct 13 (Reuters) - Malaysian palm oil futures
were range-bound in early trade on Friday and were little
changed at the midday break as weaker related edible oils on
China's Dalian Commodity Exchange weighed, traders said.
    The benchmark palm oil contract for December delivery
 on the Bursa Malaysia Derivatives Exchange inched down
0.04 percent to 2,710 ringgit ($642.64) a tonne at the midday
break.
    Traded volumes stood at 15,569 lots of 25 tonnes each at the
midday break.
    Palm was down as much as 0.8 percent earlier in the session,
weighed down by declines in soyoil and refined, bleached and
deodorized palm olein on Dalian. 
    However, palm recovered on soyoil strength on the Chicago
Board of Trade (CBOT), and as Dalian soyoil posted some gains,
said a futures trader in Kuala Lumpur.
    "Palm is trading sideways... it earlier fell on Dalian but
then it recovered. CBOT soyoil is also firm," he said.
    "The market, however, is expecting Indonesian production to
go up, and Malaysia's as well," he added.
    Rising output could contribute to gains in stockpiles,
putting further pressure on palm oil prices. 
    Recent official data from the Malaysian Palm Oil Board
showed Malaysian September output at 1.78 million tonnes, a 1.7
percent on-month decline but end-stocks at 2 million tonnes, the
highest since February 2016.
    In other related edible oils, the December soybean oil
contract on the Chicago Board of Trade was up 0.6
percent. 
    The January soybean oil contract on China's Dalian Commodity
Exchange fell as much as 0.8 percent before seeing
gains. It was last up 0.4 percent.
    The January palm olein contract was down 0.1
percent.
    Palm's prices are impacted by movements of related oils as
they compete for a share in the global vegetable oils market.
    Palm oil looks neutral in a narrow range of 2,704-2,734
ringgit per tonne, according to Wang Tao, a Reuters market
analyst for commodities and energy technicals.
    
 Palm, soy and crude oil prices at 0542 GMT
 Contract          Month    Last  Change     Low    High  Volume
 MY PALM OIL       OCT7        0   +0.00       0       0       0
 MY PALM OIL       NOV7     2709   +0.00    2690    2709     255
 MY PALM OIL       DEC7     2710   -1.00    2690    2716    6709
 CHINA PALM OLEIN  JAN8     5540   -8.00    5472    5562  427242
 CHINA SOYOIL      JAN8     6078  +20.00    6008    6090  306924
 CBOT SOY OIL      DEC7    33.48   +0.00   33.22   33.49    6159
 INDIA PALM OIL    OCT7   537.00   +2.00  534.10     538     114
 INDIA SOYOIL      OCT7    656.3   +0.80  655.55   656.3      40
 NYMEX CRUDE       NOV7    50.93   +0.33   50.70   50.97   19217
 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 = 4.2170 ringgit)
($1 = 64.9250 Indian rupees)
($1 = 6.5764 Chinese yuan)
    

 (Reporting by Emily Chow; Editing by Amrutha Gayathri)
  
 
 

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