VEGOILS-Palm extends gains tracking stronger related edible oils
Malaysian palm oil futures surged 0.6%, the largest gain in a week, bolstered by rising soyoil prices and technical buying. December contract closed at 2,711 ringgit ($642.42) per tonne, marking its highest daily rise since Oct. 4. Traders noted support from CBOT and Dalian soyoil. Market movement hinged on USDA’s monthly reports. Related contracts: palm olein, soybean oil, and crude oil. Prices for various oils and commodities listed. ($1 = 4.2200 ringgit, 65.0850 Indian rupees, 6.5860 Chinese yuan).
* Market’s 0.6 pct gains strongest in a week
* Palm climbs tracking CBOT and Dailan soyoil – Trader
* Market also supported by technical buying – Trader
(Updates with closing prices, quote)
By Emily Chow and Tavleen Tarrant
KUALA LUMPUR, Oct 12 (Reuters) – Malaysian palm oil futures on Thursday extended gains for a second session, buoyed by stronger soyoil and technical buying, said traders.
The benchmark palm oil contract for December delivery on the Bursa Malaysia Derivatives Exchange was up 0.6 percent at 2,711 ringgit ($642.42) a tonne at the close of trade, posting its biggest daily percentage gain since Oct. 4.
Traded volumes stood at 44,120 lots of 25 tonnes each on Thursday evening.
The rise in palm prices was supported by gains in soyoil futures on the Chicago Board of Trade and China’s Dalian Commodity Exchange, a Kuala Lumpur-based futures trader said, while Dalian’s refined, bleached and deodorized palm olein added support.
The December soybean oil contract on the Chicago Board of Trade rose as much as 0.5 percent, while the January soybean oil contract on China’s Dalian Commodity Exchange climbed up to 0.4 percent.
The trader said further movements in the palm market would depend on the United States Department of Agriculture, which will release its monthly World Agricultural Supply and Demand Estimates and Crop Production reports at 1600 GMT later in the day.
“If tonight’s USDA report is bullish, we could have more upside tomorrow,” she said.
Palm’s prices are impacted by movements of related oils as they compete for a share in the global vegetable oils market.
In other related vegetable oils, the January palm olein contract went up by 1 percent. Palm, soy and crude oil prices at 1103 GMT Contract Month Last Change Low High Volume
MY PALM OIL OCT7 2730 +16.00 2720 2730 59
MY PALM OIL NOV7 2708 +16.00 2701 2722 897
MY PALM OIL DEC7 2710 +15.00 2703 2726 18708
CHINA PALM OLEIN JAN8 5576 +56.00 5508 5578 297890
CHINA SOYOIL JAN8 6072 +24.00 6036 6082 206076
CBOT SOY OIL DEC7 33.31 +0.00 33.12 33.44 13499
INDIA PALM OIL OCT7 538.50 -1.00 538.20 542.9 1558
INDIA SOYOIL OCT7 656.2 +1.25 655.05 657.5 3530
NYMEX CRUDE NOV7 50.55 -0.75 50.47 51.13 104393
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 = 4.2200 ringgit)
($1 = 65.0850 Indian rupees)
($1 = 6.5860 Chinese yuan)
(Reporting by Emily Chow and Tavleen Tarrant; Editing by Sherry Jacob-Phillips and Elaine Hardcastle)
Source Link : https://uk.style.yahoo.com/news/vegoils-palm-extends-gains-tracking-112203546.html
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