* Palm records fourth gain out of five sessions
* Market reaches intraday high of 2,674 rgt/t, strongest
since May 11
* Better performing rival oils prop up the market – trader
(Updates latest prices, quote)
By Emily Chow
KUALA LUMPUR, June 3 (Reuters) – Malaysian palm oil futures
rebounded from losses made in early trade, rising to a three and
a half week high on Friday evening as better performing rival
oils lent support to palm prices, despite a stronger ringgit
.
A stronger ringgit usually makes palm oil more expensive for
holders of foreign currencies, weighing on palm oil prices. The
ringgit rose 0.1 percent against the dollar on Friday evening,
rebounding from a three-month low reached in a previous session
to reach 4.1440.
The palm oil contract for August delivery on the
Bursa Malaysia Derivatives Exchange rose 0.9 percent to reach
2,666 ringgit ($ 643) per tonne at the close of trade. It earlier
reached an intraday and three and a half week high of 2,674
ringgit, matching the strongest levels on May 12.
Traded volumes stood at 46,578 lots of 25 tonnes each in the
evening, compared with the 2015 average of 44,600.
Palm also recorded a weekly rise of 4.1 percent, a second
consecutive week of gains after two earlier weeks of losses.
“Palm rose on overseas strength, which triggered technical
buying when the market failed to ease lower in the afternoon
session,” said a Kuala Lumpur-based trader, referring to other
vegetable oils that impact palm’s performance.
“The Dalian’s afternoon performance gave palm the boost,”
commented another trader on the Dalian Commodity Exchange.
The Chicago Board of Trade soyoil contract for July
gained 0.9 percent, while the September soybean oil contract on
the Dalian Commodity Exchange rose 2.6 percent.
The most actively traded September contract for
palm olein on the Dalian Commodity exchange gained 1.9 percent
on Friday evening.
The offer price for crude palm kernel oil stood at 5,324.14
ringgit per tonne (PKO-MYSTH-M1) in the evening, according to
price assessments by Thomson Reuters.
Palm, soy and crude oil prices at 1040 GMT:
Contract Month Last Change Low High Volume
MY PALM OIL JUN6 2620 +20.00 2620 2660 5
MY PALM OIL JUL6 2678 +22.00 2636 2687 1499
MY PALM OIL AUG6 2665 +23.00 2621 2674 24219
CHINA PALM OLEIN SEP6 5366 +102.00 5312 5380 758114
CHINA SOYOIL SEP6 6118 +154.00 6022 6118 663800
CBOT SOY OIL JUL6 32.53 +0.27 32.12 32.67 9008
INDIA PALM OIL JUN6 535.00 +1.60 532.00 536.4 954
INDIA SOYOIL JUN6 652.8 +1.45 650.2 653.5 21480
NYMEX CRUDE JUL6 49.20 +0.03 48.98 49.41 50501
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 = 4.1440 ringgit)
($ 1 = 67.3100 Indian rupees)
($ 1 = 6.5858 Chinese yuan)
(Reporting by Emily Chow; Editing by Sherry Jacob-Phillips and
David Evans)
