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Friday, 04 May, 2018

Palm edges up tracking overnight gains in related oils

KUALA LUMPUR (May 3): Malaysian palm oil futures were range-bound before edging higher at midday break on Thursday, supported by overnight gains in related edible oils and a weaker ringgit.   

The benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange was up 0.1% at 2,365 ringgit (US$600.71) a tonne at midday break.

Palm was on a five-session losing streak last week on lean demand, before snapping the declines in the previous session. 

Trading volumes stood at 14,426 lots of 25 tonnes each at midday break.

The market, however, is down 0.7% for the week, in line for a second weekly decline. 

"Palm is up as U.S. soyoil closed higher," said a Kuala Lumpur-based trader, referring to overnight gains in soyoil on the Chicago Board of Trade. 

Another futures trader added that palm was supported by the weaker ringgit, its currency of trade, which would make it cheaper for holders of foreign currencies. 

The ringgit dropped 0.1% around noon on Thursday to 3.9370 against the dollar, its weakest in two-and-a-half months.

The currency has shed 1.9% of its value since April. 

In other related oils, the Chicago July soybean oil contract rose as much as 0.9% on Wednesday, and climbed up to 0.1% on Thursday. 

The September soybean oil on China's Dalian Commodity Exchange rose as much as 0.6%, while the Dalian September palm oil contract gained up to 0.2%. 

Palm oil is impacted by movements in rival edible oils, as they compete for a share in the global vegetable oils market. 

Palm oil may break a support at 2,356 ringgit and fall more into a range of 2,315-2,338 ringgit per tonne, said Wang Tao, a Reuters market analyst for commodities and energy technicals.

 Palm, soy and crude oil prices, as of 0510 GMT

Contract Month Last Change Low High Volume
MY PALM OIL MAY8 2338 -3.00 2338 2340 20
MY PALM OIL JUN8 2363 +1.00 2361 2373 2826
MY PALM OIL JUL8 2365 +2.00 2364 2375 4992
CHINA PALM OLEIN SEP8 4988 +8.00 4972 5004 193800
CHINA SOYOIL SEP8 5776 +34.00 5750 5790 222510
CBOT SOY OIL JUL8 30.64 +0.00 30.58 30.69 2052
INDIA PALM OIL MAY8 641.20 -0.10 639.50 642 54
INDIA SOYOIL MAY8 755.9 +0.40 753.55 755.9 280
NYMEX CRUDE JUN8 67.79 -0.14 67.57 67.95 27027

  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
(US$1 = 3.9370 ringgit)
(US$1 = 66.5600 Indian rupees)
(US$1 = 6.3636 Chinese yuan)

Source : The Edge Markets

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