May 7, 2019 / 5:10 AM / 4 months ago

VEGOILS-Palm set for first gain in 11 days on stronger related oils

    * Palm previously fell for seven straight sessions
    * Market also up on correction after losing streak - trader
    * Palm oil may bounce towards 2,034 rgt/T - techs

 (Updates with midday prices, quote)
    By Emily Chow
    KUALA LUMPUR, May 7 (Reuters) - Malaysian palm oil futures
rose over 1 percent at the midday break on Tuesday, recovering
from an over five-month low hit in the previous trading session
tracking a recovery in U.S. soyoil prices and stronger related
edible oils on China's Dalian Commodity Exchange.     
    The benchmark palm oil contract for July delivery
on the Bursa Malaysia Derivatives Exchange was last up 1.6
percent at 2,016 ringgit ($486.25) a tonne around noon, in line
for a first gain in 11 sessions. 
    Palm previously fell for seven consecutive days and lost 5
percent of its value last week.
    Palm oil seems to have found a support range of 1,940-1,967
ringgit per tonne, it may bounce towards 2,034 ringgit, said
Wang Tao, a Reuters market analyst for commodities and energy
    "Palm is seeing some correction today, and soyoil has also
recovered some heavy losses," a Kuala Lumpur-based futures
trader said.
    "But the U.S.-China trade war is bearish for the soy complex
as a whole," he added.
    Another trader also said that gains in palm olein and soyoil
prices on China's Dalian Commodity Exchange provided some
support to palm.     
    Palm oil futures fell to their lowest in more than five
months on Monday as U.S. President Donald Trump's threats to
increase tariffs on Chinese imports risked prospects of a trade
deal, sending global commodities and stock markets lower.

    In other related oils, the Chicago July soybean oil contract
 fell 0.8 percent on Monday, but was last slightly up 0.04
percent on Tuesday.
    Meanwhile, the May soyoil contract on the Dalian Commodity
Exchange rose 0.4 percent, and the Dalian May palm oil
contract was trading flat.
    Palm oil prices are impacted by movements in soyoil, as the
edible oils compete for global market share.
Palm, soy and crude oil prices at 0451 GMT
 Contract          Month    Last  Change     Low    High  Volume
 MY PALM OIL       MAY9     1961  +84.00    1956    1961      27
 MY PALM OIL       JUN9     1987  +27.00    1974    1996     448
 MY PALM OIL       JUL9     2016  +32.00    2000    2022    6180
 CHINA PALM OLEIN  MAY9     4196   +0.00    4102    4196    3388
 CHINA SOYOIL      MAY9     5232  +20.00    5200    5284     260
 CBOT SOY OIL      JUL9    27.13   +0.00   26.96   27.15    4982
 INDIA PALM OIL    MAY9   517.00   +3.50  516.50     518      81
 INDIA SOYOIL      MAY9    733.5   +2.25  732.55   734.5     950
 NYMEX CRUDE       JUN9    62.37   +0.12   61.81   62.41   41857
  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 = 69.3910 Indian rupees)
($1 = 6.7795 Chinese yuan)

 (Reporting by Emily Chow; editing by Gopakumar Warrier and
Rashmi Aich)
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