October 25, 2017 / 5:40 AM / 2 years ago

VEGOILS-Palm rebounds on strong soyoil, Oct exports growth

    * Weather concerns also boost sentiment - trader
    * Oct. 1-20 production rises 10.5 pct

    By Tavleen Tarrant
    KUALA LUMPUR, Oct 25 (Reuters) - Malaysian palm oil futures
rebounded on Wednesday, supported by gains in overseas soyoil
prices and a rise in October exports.
    The benchmark palm oil contract for January delivery
 on the Bursa Malaysia Derivatives Exchange was up 0.4
percent at 2,787 ringgit ($658.55) a tonne by midday.
    Traded volumes stood at 28,005 lots of 25 tonnes each at the
midday break.
    "The rise in soyoils is supporting palm prices," said a
Kuala Lumpur-based futures trader.
    Movements in related oils impact palm prices as they compete
for a share in the global vegetable oils market.
    The December soybean oil contract on the Chicago
Board of Trade (CBOT) rose by 0.3 percent on Wednesday. 
    The January soybean oil contract on the Dalian Commodity
Exchange gained 0.4 percent on Wednesday. However, the
January palm olein contract declined by 0.07 percent.
    Although the Malaysian Palm Oil Association (MPOA) released
higher production figures, the trader said the market was not
stirred as it was already factored in.
    "The MPOA data release for Oct. 1-20 shows production is up
by 10.5 percent, which is expected and therefore, not affecting
the market. This sentiment is supported by steady exports," said
the trader.
    Cargo surveyor Intertek Testing Services said on Wednesday
that exports of Malaysian palm oil products for Oct. 1-25 rose
8.6 percent to 1,177,939 tonnes from 1,085,116 tonnes shipped
during Sept. 1-25.
    Another trader added that market sentiment may be partly
lifted by weather concerns that would negatively affect palm
production at the end of this year.
   
  Palm, soy and crude oil prices at 0516 GMT
 Contract          Month    Last  Change     Low   High  Volume
 MY PALM OIL      NOV7      2763  +11.00    2752   2770     416
 MY PALM OIL      DEC7      2773   +9.00    2749   2773     886
 MY PALM OIL      JAN8      2787  +10.00    2761   2788   13738
 CHINA PALM       JAN8      5676   -4.00    5652   5716  267834
 OLEIN                                                   
 CHINA SOYOIL     JAN8      6098  +24.00    6056   6100  189584
 CBOT SOY OIL     DEC7     34.46   +0.12   34.35  34.53    8938
 INDIA PALM OIL   OCT7    541.30   +0.10  541.30  542.5      27
 INDIA SOYOIL     NOV7     673.4   -0.25   672.8    675    1520
 NYMEX CRUDE      DEC7     52.41   -0.06   52.39  52.57   13763
 
 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 = 4.2320 ringgit)
($1 = 65.1300 Indian rupees)
($1 = 6.6405 Chinese yuan renminbi)

 (Reporting by Tavleen Tarrant; Editing by Vyas Mohan)
  
 
 
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