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VEGOILS-Palm steady tracking overnight gains in soyoil
October 16, 2017 / 7:36 AM / a month ago

VEGOILS-Palm steady tracking overnight gains in soyoil

    * Profit-taking in palm market after sharp rise - Trader
    * Palm exports for Oct. 1-15 rose 10.3 percent - ITS
    * Palm expected to rise into 2,782-2,812 rgt/T range -
Technicals

    By Emily Chow and Tavleen Tarrant
    KUALA LUMPUR, Oct 16 (Reuters) - Malaysian palm oil futures
extended their gains slightly on Monday, supported by overnight
strength in soyoil on the Chicago Board of Trade (CBOT) and
other related oils on China's Dalian Commodity Exchange. 
    However, the muted approach in market could be due to
profit-taking after palm's recent sharp gains.
    The benchmark palm oil contract for January delivery
 on the Bursa Malaysia Derivatives Exchange inched up
0.04 percent to 2,758 ringgit ($653.86)a tonne at the midday
break, in line for a fourth straight session of gains.
    Traded volumes stood at 21,137 lots of 25 tonnes each at the
midday break.
    "The palm market moved higher in the morning on China's
Dalian Commodity Exchange and overnight soyoil prices," said a
futures trader from Kuala Lumpur, referring to the CBOT. 
    Palm oil shipments from Malaysia, the world's second-largest
producer after Indonesia, rose in the first-half of October, up
10.3 percent from the corresponding period last month, showed
data from cargo surveyor Intertek Testing Services (ITS).
    The trader added the market was also expecting data from
cargo surveyor Societe Generale Surveillance. 
    "If there is a decline in exports, then we could expect some
lower prices in the afternoon session." 
    In other related edible oils, the December soybean oil
contract on the Chicago Board of Trade slipped as much as
0.03 percent, while the January soybean oil contract on China's
Dalian Commodity Exchange climbed up to 1.09 percent.
    The January palm olein contract was up by 1 percent.
    Palm's prices are impacted by movements of related oils as
they compete for a share in the global vegetable oils market.
    Palm is expected to rise into a range of 2,782-2,812 ringgit
per tonne, according to Wang Tao, a Reuters market analyst for
commodities and energy technicals.
    
 Palm, soy and crude oil prices at 0447 GMT
 Contract          Month    Last   Change     Low   High  Volume
 MY PALM OIL       NOV7     2749    -1.00    2743   2754     266
 MY PALM OIL       DEC7     2749    +0.00    2742   2756    5661
 MY PALM OIL       JAN8     2758    +1.00    2752   2766    8239
 CHINA PALM OLEIN  JAN8     5602   +74.00    5590   5630  269174
 CHINA SOYOIL      JAN8     6086   +28.00    6082   6124  261386
 CBOT SOY OIL      DEC7    33.68    -0.01    33.6  33.81    2161
 INDIA PALM OIL    OCT7   538.70    +0.10  537.00    542      34
 INDIA SOYOIL      OCT7        0    +0.00       0      0       0
 NYMEX CRUDE       NOV7    51.87    +0.42   51.35  51.99   27103
 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 = 6.5755 Chinese yuan)
($1 = 64.7025 Indian rupees)
($1 = 4.2180 ringgit)

 (Reporting by Emily Chow, Tavleen Tarrant; Editing by Sherry
Jacob-Phillips)
  
 
 

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