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VEGOILS-Palm rises on expectations of positive output, inventory data
September 11, 2017 / 5:33 AM / 10 days ago

VEGOILS-Palm rises on expectations of positive output, inventory data

    * Palm oil up 0.7 pct
    * Early trade imbued with positive sentiment based on data
estimates -trader
    * MPOB and ITS released data during break

    By Liz Lee
    KUALA LUMPUR, Sept 11 (Reuters) - Malaysian palm oil futures
climbed in Monday's morning session on expectations of
supportive production and inventory data from a key industry
body, traders said.
    The benchmark palm oil contract for November delivery
 on the Bursa Malaysia Derivatives Exchange rose 0.65
percent to 2,780 ringgit ($662.22) by the midday break.
    Trading volumes stood at 17,242 lots of 25 tonnes each.
    A Kuala Lumpur-based futures trader said the market was
watching industry data estimates closely, and expected actual
figures to be positive for palm prices.     
    "Looks like market has positive expectations, given a lower
production but high inventory numbers forecast," the trader
said.
    Industry regulator, the Malaysian Palm Oil Board (MPOB) and
cargo surveyor Intertek Testing Services released August
production and export data during the midday break.
    Malaysia's palm oil stocks at end-August rose 8.79 percent
to 1.94 million tonnes from the previous month, MPOB said on
Monday.
    Intertek Testing Services said exports of Malaysian palm oil
products for September 1-10 rose 6.9 percent to 379,652 tonnes
from 355,009 tonnes shipped during August 1-10.
    Another trader said a weaker ringgit aided sentiment.
"Market is firm on projected numbers and the ringgit retreat.
Anticipation of supportive MPOB data added a boost," the second
trader said.
    The ringgit was up 0.14 percent on Monday, easing from its
rally achieved last week. A stronger ringgit makes palm oil less
attractive to buyers holding foreign currencies.
    In related oils, the Chicago Board of Trade soybean oil
contract rose 0.4 percent. 
    January soybean oil on the Dalian Commodity Exchange
 was down 0.2 percent, while January palm olein 
 was up 0.8 percent. 
    
 Palm, soy and crude oil prices at 0515 GMT
 Contract              Month      Last    Change     Low       High       Volume
 MY PALM OIL          SEP7        2780     +9.00    2780       2780            5
 MY PALM OIL          OCT7        2783    +16.00    2770       2783          337
 MY PALM OIL          NOV7        2780    +18.00    2758       2781         7439
 CHINA PALM OLEIN     JAN8        5578    +46.00    5456       5598       584674
 CHINA SOYOIL         JAN8        6342    -14.00    6250       6358       384608
 CBOT SOY OIL         DEC7       35.09     +0.01   34.81       35.1         6716
 INDIA PALM OIL       SEP7      531.10     -0.30  530.90      533.4          267
 INDIA SOYOIL         SEP7         660     -1.35   659.6      661.6         1630
 NYMEX CRUDE          OCT7       47.86     +0.38   47.57      47.89        27412
 
 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 = 4.1830 ringgit)
    ($1 = 63.89 Indian rupees)
    ($1 = 6.45 Chinese yuan)   

($1 = 4.1980 ringgit)

 (Reporting by Liz Lee; Editing by Sunil Nair)
  
 
 

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