April 3, 2018 / 5:53 AM / 3 months ago

VEGOILS-Palm slips after two sessions of strong gains

    * Palm touches one-month top of 2,465 rgt/T hit on Monday 
    * Market could trade in a range pending new leads - trader

    By Emily Chow
    KUALA LUMPUR, April 3 (Reuters) - Malaysian palm oil futures
slipped in early trade on Tuesday on technical correction after
two straight sessions of sharp gains.
    The benchmark palm oil contract for June delivery
on the Bursa Malaysia Derivatives Exchange was down 0.1 percent
at 2,456 ringgit ($635.61) a tonne at the midday break. Earlier
in the session, it rose to a one-month top of 2,465 ringgit hit
on Monday.
    Trading volumes stood at 13,071 lots of 25 tonnes each at
the midday break on Tuesday.
    Palm added over 2 percent in the previous two sessions,
tracking gains in soyoil and on strong export demand.
    "Palm prices are taking a breather following yesterday's
surge," said a futures trader from Kuala Lumpur. 
    The market could trade in a range as traders are expecting
both good exports and output in March, said another trader.
"Palm should trade along 2,400 ringgit-2,500 ringgit until new
leads emerge," he added.    
    Malaysian palm oil exports in March rose 19 percent-21
percent on a monthly basis, according to data from inspection
company AmSpec Agri Malaysia and cargo surveyor Societe Generale
de Surveillance.
    Demand in early April is also forecast to be strong due to
Ramadan, the Muslim holy month during which sees devotees break
day long fasts with communal feasting. This increases the usage
of palm oil for cooking purposes. 
    Output in March is expected to rise due to the higher number
of working days and in line with seasonal trend. The Malaysia
Palm Oil Board is set to release March data on April 10.
    In related oils, the Chicago Board of Trade's May soybean
oil contract rose 0.25 percent and the May soybean oil
on China's Dalian Commodity Exchange was up 0.3 percent.
    The Dalian May palm oil contract rose 0.5 percent.
    Palm oil prices are impacted by movements in rival edible
oils as they compete in the global vegetable oils market. 
    
    Palm, soy and crude oil prices as of 0525 GMT  
 Contract           Month    Last  Change     Low   High  Volume
 MY PALM OIL       APR8      2426   -4.00    2420   2426      85
 MY PALM OIL       MAY8      2457   -4.00    2454   2467     744
 MY PALM OIL       JUN8      2456   -2.00    2452   2465    5154
 CHINA PALM OLEIN  SEP8      5126  +28.00    5092   5134  194720
 CHINA SOYOIL      SEP8      5894  +22.00    5862   5906  301208
 CBOT SOY OIL      MAY8     32.12   +0.08   32.01  32.15    2142
 INDIA PALM OIL    APR8    653.80   +0.70  652.40  654.7     128
 INDIA SOYOIL      APR8     783.5   +1.50   782.5    784    1680
 NYMEX CRUDE       MAY8     63.08   +0.07   62.86  63.28   28649
  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 = 3.8640 ringgit)
($1 = 65.0600 Indian rupees)
($1 = 6.2873 Chinese yuan)

 (Reporting by Emily Chow; Editing by Subhranshu Sahu)
  
 
 
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