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VEGOILS-Palm extends gains on expectations of declining output

CommoditiesDec 14, 2018 10:50
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VEGOILS-Palm extends gains on expectations of declining output

* Market up 2.8 pct so far this week

* Indonesia's stocks also seen easing - trader

* Palm may gain further into 2,074-2,103 rgt/T range - Techs

By Emily Chow

KUALA LUMPUR, Dec 14 (Reuters) - Malaysian palm oil futures rose on Friday, heading for a third consecutive session of gains, supported by expectations of slowing output in Malaysia and easing stock levels in Indonesia.

The benchmark palm oil contract for February delivery 1FCPOc3 on the Bursa Malaysia Derivatives Exchange was up 0.4 percent at 2,054 ringgit ($491.39) a tonne at the midday break.

Palm has gained 2.8 percent so far this week after two straight weekly falls. POI/

Trading volumes stood at 9,780 lots of 25 tonnes each at the midday break on Friday. 1FCPO-TOT

"Production this month is expected to be down (from the previous month)," said a Singapore-based trader, adding that inventories in Indonesia were also seen declining. "Malaysian refiners imported so much (from Indonesia) last month."

Malaysian palm oil imports from neighbouring Indonesia rose in October and November, as high output and inventories forced Indonesian sellers to lower prices of the edible oil, making shipments cheaper than Malaysian oil even with shipping costs. regulator data showed Malaysian palm oil production in November slid 6.09 percent from the previous month to 1.85 million tonnes, and is forecast to decline further in December. MYPOMP-CPOTT

Palm oil production seasonally peaks between the third and fourth quarters of the year before declining towards the year-end.

In other related oils, the Chicago January soybean oil contract BOF9 slipped 0.6 percent, while the January soybean oil contract on the Dalian Commodity Exchange DBYF9 fell 0.8 percent.

Meanwhile, the Dalian January palm oil contract DCPF9 was up 0.8 percent.

Palm oil prices are impacted by changes in soyoil prices, as they compete for a share in the global vegetable oil market.

Palm oil may gain further into a range of 2,074-2,103 ringgit per tonne, said Wang Tao, a Reuters market analyst for commodities and energy technicals. soy and crude oil prices at 0454 GMT: Contract

Month

Last Change

Low

High Volume MY PALM OIL

DEC8

0 +0.00

0

0

0 MY PALM OIL

JAN9

1965 +7.00

1946

1967

123 MY PALM OIL

FEB9

2054 +8.00

2028

2056

4810 CHINA PALM OLEIN JAN9

4106 +34.00

4068

4110 45814 CHINA SOYOIL

JAN9

5026 -38.00

5022

5068 70918 CBOT SOY OIL

JAN9

28.64 +0.00

0

0

90 INDIA PALM OIL

DEC8 505.60 +0.50 505.10 505.6

4 INDIA SOYOIL

DEC8

0 +0.00

0

0

0 NYMEX CRUDE

JAN9

52.37 -0.21 52.30 52.95 32158 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 = 4.1800 ringgit) ($1 = 71.7010 Indian rupees) ($1 = 6.8899 Chinese yuan)

VEGOILS-Palm extends gains on expectations of declining output
 

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