* Weaker ringgit lends support to market
* Palm targets 2,634 ringgit – technicals
* U.S. mkts closed for Memorial Day holiday
(Updates latest prices)
By Emily Chow
KUALA LUMPUR, May 30 (Reuters) – Malaysian palm oil futures
rose for a fourth session out of five on Monday, tracking
competing vegetable oils and supported by a weaker ringgit
.
The palm oil contract for August delivery on the
Bursa Malaysia Derivatives Exchange closed up 1.6 percent at
2,600 ringgit ($ 632) per tonne, after reaching its highest in
nearly two weeks at 2,605 ringgit earlier in the day.
Traded volumes stood at 41,304 lots of 25 tonnes each, below
the 2015 daily average of 44,600.
Palm rose 1.2 percent last week after two straight weekly
losses.
“Soyoil was up overnight (Friday) ahead of the U.S. holiday,
and there is some ringgit weakness,” said a trader in Kuala
Lumpur.
U.S. markets were closed on Monday for the Memorial Day
holiday.
The September soybean oil contract on the Dalian Commodity
Exchange rose 1.7 percent on Monday, after the Chicago
Board of Trade soyoil contract for July gained 1.4
percent on Friday.
The ringgit was 1 percent weaker against the dollar at
4.1150.
Palm oil is traded in ringgit and a weaker ringgit makes the
tropical oil cheaper for holders of foreign currencies.
Technical analysis shows palm oil may rise towards the next
resistance level at 2,634 ringgit, said Wang Tao, a Thomson
Reuters market analyst for commodities and energy technicals.
The offer price for crude palm kernel oil stood at 5059.59
ringgit per tonne (PKO-MYSTH-M1) in late trade, according to
price assessments by Thomson Reuters.
Palm, soy and crude oil prices at 1052 GMT:
Contract Month Last Change Low High Volume
MY PALM OIL JUN6 2622 +34.00 2601 2622 805
MY PALM OIL JUL6 2624 +39.00 2608 2626 3726
MY PALM OIL AUG6 2599 +41.00 2579 2605 18453
CHINA PALM OLEIN SEP6 5284 +96.00 5192 5288 648636
CHINA SOYOIL SEP6 5984 +100.00 5862 5994 521442
CBOT SOY OIL JUL6 31.48 +0.00 0 0 0
INDIA PALM OIL MAY6 536.90 +1.00 536.2 538.4 264
0
INDIA SOYOIL JUN6 648.6 -0.75 646.1 652 32360
NYMEX CRUDE JUL6 49.22 -0.11 49.07 49.72 40169
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 = 4.1150 ringgit)
($ 1 = 67.2075 Indian rupees)
($ 1 = 6.5800 Chinese yuan)
(Reporting by Emily Chow; Editing by Subhranshu Sahu and Susan
Fenton)
