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VEGOILS-Palm oil climbs to one-week high, tracking competing oils

* 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)

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