VEGOILS-Palm up for third day, tracks external markets
* Prices up 1.16 percent by midday break
* For technical analyses, click
By Fergus Jensen
JAKARTA, Sept 1 (Reuters) - Malaysian palm oil futures rose
for a third day in strong trading on Tuesday after a jump in
crude oil prices overnight and gains in competing vegetable oil
markets, while recent data showing weaker exports and a stronger
ringgit had little impact.
By the midday break, the benchmark November palm oil
contract on the Bursa Malaysia Derivatives exchange
was up 1.16 percent at 2,014 ringgit ($485.07) after trading in
a range between 1,973 and 2,019 ringgit.
Total traded volume on Tuesday was high, at 23,272 lots of
25 tonnes each, compared to the usual 13,500 lots by midday.
"Palm is up purely on the back of external market factors,"
a trader with a foreign commodities brokerage in Malaysia told
Reuters, referring to the 8 percent gains in crude oil prices
overnight and increases in the vegetable oil contracts on
China's Dalian Commodity Exchange.
"It's pretty strong," the trader said, adding that Tuesday's
more than 1 percent rise in the Malaysian ringgit,
which benchmark palm is priced in, was having no impact on palm
oil prices.
"I think it has no bearing," the trader said, adding that
recent export data was also having little or no impact.
The currency was up 1.002 percent at 4.15 per dollar by 0510
GMT, stretching its gaining streak into a third session. The
ringgit has been Emerging Asia's worst performing currency,
losing nearly 17 percent so far this year, on weakness in global
currencies and domestic political woes.
Exports of Malaysian palm oil products for August fell 1.2
percent to 1,525,389 tonnes from 1,543,868 tonnes shipped during
July, cargo surveyor Intertek Testing Services said on Monday.
Wang Tao, a Reuters market analyst of commodities and energy
technicals, said palm oil may fall to 1,936 ringgit per tonne,
as it has failed to break a resistance at 1,981 ringgit.
In competing vegetable oil markets, the most active January
soybean oil contract on the Dalian Commodity Exchange
was up 0.37 percent, while Dalian palmoil for January
was up 1.12 percent. The U.S. December soyoil contract
was down 0.74 percent in early Asian trade.
Oil prices fell nearly 3 percent in Asian trade on Tuesday,
with investors covering short positions and taking profits after
Brent and U.S. crude soared more than 8 percent in the previous
session.
Palm, soy and crude oil prices at 0545 GMT
Contract Month Last Change Low High Volume
MY PALM OIL SEP5 1915 -13.00 1915 1915 2
MY PALM OIL OCT5 1975 +23.00 1936 1978 1129
MY PALM OIL NOV5 2014 +23.00 1973 2019 13405
CHINA PALM OLEIN JAN6 4322 +48.00 4232 4360 678090
CHINA SOYOIL JAN6 5404 +16.00 5344 5440 496396
CBOT SOY OIL DEC5 28.02 +4.90 27.80 28.18 4721
INDIA PALM OIL SEP5 380.60 +4.90 377.40 382.00 568
INDIA SOYOIL OCT5 578.50 +4.35 575.80 579.20 25540
NYMEX CRUDE OCT5 47.85 -1.35 47.23 48.19 30838
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 = 6.3672 Chinese yuan)
($1 = 66.3250 Indian rupees)
($1 = 4.1520 ringgit)
(Reporting by Fergus Jensen; Editing by Biju Dwarakanath)
