April 5, 2018 / 5:30 AM / 19 days ago

VEGOILS-Palm rises to fresh 1-month top on falling stocks outlook

    * Palm in line for fourth rise in five sessions 
    * Market also up on China tariff announcement - trader
    * Palm may rise into 2,471-2,498 rgt/T range - techs 

    By Emily Chow
    KUALA LUMPUR, April 5 (Reuters) - Malaysian palm oil futures
hit a fresh one-month top in early trade on Thursday, in line
for a fourth session of gains in five, as expectations of
falling end-March stockpiles boosted the market.
    The benchmark palm oil contract for June delivery
on the Bursa Malaysia Derivatives Exchange rose 0.7 percent to
2,471 ringgit ($639.33) a tonne at the midday break.
    It earlier rose to 2,478 ringgit a tonne, its highest since
March 7.
    Trading volumes stood at 12,639 lots of 25 tonnes each.
    "The market is looking at end-stocks reducing," said a Kuala
Lumpur-based trader, referring to Malaysian inventory levels at
the end of March.
    Another trader said news of China's increase in tariffs by
up to 25 percent on 128 U.S. products including soybeans also
lent support to the market. 
    "The spread (between soyoil and palm oil) will widen and
palm will be more attractive," he said.   
    Palm oil stockpiles in Malaysia, the world's second largest
producer of the tropical oil, are expected to have slipped to
their lowest in five months, down 8.6 percent from February to
2.27 million tonnes, according to a Reuters poll on Thursday.

    The survey also showed exports to have risen to the highest
in over a year and a half at 1.57 million tonnes, up 19.3
percent from February. Meanwhile production is seen up 11.3
percent to 1.49 million tonnes in March, its first monthly gain
in five. 
    Official data will be released by industry regulator, the
Malaysian Palm Oil Board (MPOB), on April 10.
    In related oils, the Chicago Board of Trade's May soybean
oil contract was up 0.3 percent.
    China's Dalian Commodity Exchange is closed on Thursday for
a national holiday. 
    Palm oil prices are impacted by movements in rival edible
oils as they compete for a share in the global vegetable oils
market. 
    Palm oil may rise into a range of 2,471-2,498 ringgit per
tonne, according to Reuters market analyst for commodities and
energy technicals Wang Tao.
    
    Palm, soy and crude oil prices as of 0521 GMT    
 Contract          Month    Last  Change     Low    High  Volume
 MY PALM OIL       APR8        0   +0.00       0       0       0
 MY PALM OIL       MAY8     2472  +17.00    2445    2479    1041
 MY PALM OIL       JUN8     2471  +17.00    2455    2478    6631
 CHINA PALM OLEIN  SEP8        0   +0.00       0       0       0
 CHINA SOYOIL      SEP8        0   +0.00       0       0       0
 CBOT SOY OIL      MAY8    31.78   +0.10   31.68   31.82    2394
 INDIA PALM OIL    APR8   654.70   +1.80  652.50   654.8     447
 INDIA SOYOIL      APR8   779.55   -0.15     779   781.8    1290
 NYMEX CRUDE       MAY8    63.67   +0.30   63.48   63.79   31038
  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 = 3.8650 ringgit)
($1 = 65.0275 Indian rupees)
($1 = 6.3045 Chinese yuan)   

 (Reporting by Emily Chow; Editing by Sunil Nair)
  
 
 
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