May 8, 2019 / 5:12 AM / 5 months ago

VEGOILS-Palm reverses gains on trade war concerns, ringgit strength

    * Palm earlier rose to 4-day top of 2,058 rgt/T
    * Ringgit gained slightly around noon
    * Market also down on profit taking - trader 

 (Updates with midday price, quote)
    By Emily Chow
    KUALA LUMPUR, May 8 (Reuters) - Malaysian palm oil futures
surrendered gains to fall on Wednesday amid concerns over
Sino-U.S. trade conflict and as the ringgit strengthened.
    A stronger ringgit, palm's currency of trade, usually makes
the edible oil more expensive for foreign buyers. It rose 0.02
percent against the dollar to 4.1460 on Wednesday, after
previously seeing seven straight days of losses. 
    The benchmark palm oil contract for July delivery
on the Bursa Malaysia Derivatives Exchange was last down 0.1
percent at 2,038 ringgit ($491.56) a tonne around noon, after
earlier climbing to a four-day high of 2,058 ringgit.     
    Palm prices had risen nearly 3 percent in its previous
session tracking gains in related edible oils.
    "The market started strong on supportive external oils, but
the ringgit strengthened along with some profit-taking which
weighed on the market," said a Kuala Lumpur-based futures
trader.
    She added that the market was also uncertain over the
U.S.-China trade talks that are scheduled to start on Thursday
when China's vice premier visits Washington.
    Global stocks and commodities markets were hit earlier this
week after U.S. president Donald Trump threatened to impose
additional tariffs on Chinese imports.  
    In other related oils, the Chicago July soybean oil contract
 rose 0.2 percent, while the May soyoil contract on the
Dalian Commodity Exchange gained 1 percent. 
    Meanwhile, the Dalian May palm oil contract slipped
0.1 percent.
    Palm oil prices are affected by movements in soyoil, with
which it competes for global market share.
                  
    Palm, soy and crude oil prices at 0455 GMT  
 Contract          Month    Last  Change     Low   High  Volume
 MY PALM OIL       MAY9        0   +0.00       0      0       0
 MY PALM OIL       JUN9     2010   -4.00    2009   2030     523
 MY PALM OIL       JUL9     2038   -2.00    2032   2058    6844
 CHINA PALM OLEIN  MAY9     4180   -6.00    4174   4228     354
 CHINA SOYOIL      MAY9     5286  +50.00    5238   5400     306
 CBOT SOY OIL      MAY9    26.81   +0.00       0      0     350
 INDIA PALM OIL    MAY9   518.00   -0.40  518.00  520.1     160
 INDIA SOYOIL      MAY9   737.35   +1.50  733.55  739.1    1420
 NYMEX CRUDE       JUN9    61.87   +0.47   61.43  61.95   36600
  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
 
    * For a table on Malaysian physical palm oil prices,
including refined oil, Reuters Terminal users can double click
on or type.
    * To view freight rates from Peninsula Malaysia/Sumatra to
China, India, Pakistan and Rotterdam, please key in
and press enter, or double click between the brackets. 
    * Reuters Terminal users can see cash and futures edible oil
prices by double clicking on the codes in the brackets: To go to
the next page in the same chain, hit F12. To go back, hit F11.
    
Vegetable oils                    --
Malaysian palm oil exports        --  
CBOT soyoil futures               --     
CBOT soybean futures              --      
Indian solvent                    -- 
Weekly Indian vegetable oils      --   
Dalian Commodity Exchange         --  
Dalian soyoil futures             --  
Dalian refined palm oil futures   --  
Zhengzhou rapeseed oil            --  
European edible oil prices/trades --

($1 = 4.1460 ringgit)
($1 = 69.6090 Indian rupees)
($1 = 6.7702 Chinese yuan)

 (Reporting by Emily Chow; editing by Uttaresh.V and Shreejay
Sinha)
  
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