February 12, 2018 / 6:19 AM / 3 months ago

VEGOILS-Palm slightly down at noon; seen rising on official data

    * Palm hits two-week top of 2,520 rgt/T
    * Bullish cargo surveyor data may cushion declines - Trader
    * Palm oil neutral in 2,481-2,520 rgt/T range - Techs

    By Emily Chow
    KUALA LUMPUR, Feb 12 (Reuters) - Malaysian palm oil futures
were slightly down at the midday break on Monday, slipping from
a two-week top hit earlier in the session, minutes before
official data for January was released by the Malaysian Palm Oil
Board (MPOB).
    The benchmark palm oil contract for April delivery
on the Bursa Malaysia Derivatives Exchange was down 0.1 percent
at 2,511 ringgit ($638.61) a tonne at the midday break. It
earlier rose to 2,520 ringgit, its highest since Jan. 29.
    Trading volumes stood at 12,348 lots of 25 tonnes each.
    "Prices were trading cautious ahead of data from MPOB...
Bullish cargo surveyor data cushioned declines," said a futures
trader from Kuala Lumpur, referring to data on Malaysia's
January stockpiles, output and exports which was released during
the midday break.
    Cargo surveyor Intertek Testing Services showed Malaysian
palm oil shipments rose 14.7 percent during Feb. 1-10 versus the
corresponding period last month.
    The market is expected to rise after the midday break
following bullish data from the regulator, said the trader.
    Malaysian end-stocks edged down at end-January from its
highest in over two years, falling 6.8 percent to 2.5 million
tonnes as exports during the month unexpectedly surged past
output levels, data from the MPOB showed. MYPOMS-TPO
    Exports rose 6 percent on-month to 1.5 million tonnes, while
production fell 13.5 percent to 1.6 million tonnes.
MYPOMP-CPOTT
    In other related edible oils, the March soybean oil contract
 on the Chicago Board of Trade surged 1 percent, while the
May soybean oil on the Dalian Commodity Exchange rose
0.3 percent. 
    The Dalian May palm oil contract was up 1.2 percent.
    
    Palm oil prices are impacted by other rival edible oils, as
they compete for a share in the global vegetable oils market. 
    Palm oil remains neutral in a narrow range of 2,481-2,520
ringgit per tonne, according to Wang Tao, a Reuters market
analyst for commodities and energy technicals.
    
    Palm, soy and crude oil prices as of 0600 GMT
 Contract          Month    Last   Change     Low   High  Volume
 MY PALM OIL       FEB8        0    +0.00       0      0       0
 MY PALM OIL       MAR8     2518    -1.00    2515   2523     835
 MY PALM OIL       APR8     2511    -3.00    2511   2520    5602
 CHINA PALM OLEIN  MAY8     5190   +54.00    5092   5198  254468
 CHINA SOYOIL      MAY8     5652   +14.00    5600   5660  192102
 CBOT SOY OIL      MAR8    32.29    +0.33   32.04   32.3    9034
 INDIA PALM OIL    FEB8   578.80    +5.10  575.00  579.8     980
 INDIA SOYOIL      FEB8   740.25    +2.40   739.3  741.4    2350
 NYMEX CRUDE       MAR8    59.80    +0.60   59.10  59.99   41664
  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 = 3.9320 ringgit)
($1 = 64.2700 Indian rupees)
($1 = 6.3040 Chinese yuan)

 (Reporting by Emily Chow; Editing by Sunil Nair)
  
 
 
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