* Palm oil sees second day of rebounds after two weeks of
losses
* Stronger external markets helped lift palm despite
stronger ringgit -trader
* Cargo surveyors scheduled to release data on Wednesday
(Updates with latest prices)
By Emily Chow
KUALA LUMPUR, April 19 (Reuters) – Malaysian palm oil
futures rose for a second trading day to a one-week high on
Tuesday, tracking competing vegetable oils, after suffering
losses in the previous two weeks.
The palm oil contract for June delivery on the
Bursa Malaysia Derivatives Exchange was up 0.8 percent at 2,688
ringgit ($ 692) per tonne. It earlier rose to an intraday high of
2,696 ringgit, the highest since April 11.
Traded volumes were 50,335 lots of 25 tonnes each, versus
the 2015 daily average of 44,600.
Palm tracked the Dalian market and the Chicago Board of
Trade higher, a trader based in Kuala Lumpur said.
The market was adjusting to the stronger ringgit, the
currency palm is traded in, which has risen against the dollar
since early April, the trader added.
“Export figures tomorrow will be interesting given that the
ringgit strengthened during the last five days.”
The ringgit was up 1.1 percent in evening trade on Tuesday,
reaching 3.8820 against the dollar. A stronger ringgit makes
palm oil more expensive for foreign currency buyers.
Cargo surveyors Intertek Testing Services and Societe
Generale de Surveillance are scheduled to release export data
for April 1-20 on Wednesday. Malaysian shipments for the first
half of April had improved from the corresponding period last
month, helped by demand from China and India.
Benchmark palm oil prices had reached a two-year high at the
end of March as the market went long over concerns of weaker
output due to a crop damaging El Nino. March production in
Indonesia, the world’s top palm producer, is expected to fall to
a 13-month low as the dry weather phenomenon hurts yields and
lowers output.
Palm oil is expected to test a resistance at 2,716 ringgit
per tonne, a break above which could lead to a gain to the next
resistance at 2,776 ringgit, said Wang Tao, a Reuters market
analyst for commodities and energy technicals.
The September soybean oil contract on the Dalian
Commodity Exchange gained 1.4 percent, while the May Chicago
Board of Trade soyoil contract rose 1 percent.
The offer price for crude palm kernel oil stood at 4960.38
ringgit per tonne (PKO-MYSTH-M1) at noon, according to price
assessments by Thomson Reuters.
Palm, soy and crude oil prices at 1035 GMT:
Contract Month Last Change Low High Volume
MY PALM OIL MAY6 2673 +16.00 2666 2679 418
MY PALM OIL JUN6 2689 +17.00 2681 2699 8332
MY PALM OIL JUL6 2688 +20.00 2682 2696 24834
CHINA PALM OLEIN SEP6 5686 +152.00 5598 5694 1310328
CHINA SOYOIL SEP6 6200 +84.00 6156 6240 839470
CBOT SOY OIL MAY6 34.28 +0.00 33.89 34.3 5283
INDIA PALM OIL APR6 0.00 +0.00 0.00 0 0
INDIA SOYOIL APR6 0 +0.00 0 0 0
NYMEX CRUDE MAY6 40.43 +0.65 39.58 40.58 10145
Palm oil prices in Malaysian ringgit per tonne
CBOT soy oil in U.S. cents per pound
Dalian soy oil and RBD palm oil in Chinese yuan per tonne
India soy oil in Indian rupee per 10 kg
Crude in U.S. dollars per barrel
($ 1 = 3.8820 ringgit)
($ 1 = 66.4240 Indian rupees)
($ 1 = 6.4671 Chinese yuan)
(Reporting by Emily Chow; Editing by Anupama Dwivedi and
Alexander Smith)
