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VEGOILS-Palm soars, tracking gains in soy oil markets

CommoditiesOct 23, 2017 16:30
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VEGOILS-Palm soars, tracking gains in soy oil markets

* Market cautious ahead of Oct. 1-20 output data -trader

* SPPOMA data showed Oct. 1-20 production rose 20.6 pct

* Palm up on stronger exports -traders (Updates with quotes and prices)

By Liz Lee and Tavleen Tarrant

KUALA LUMPUR, Oct 23 (Reuters) - Malaysian palm oil futures climbed 1.7 percent on Monday, tracking gains in soybean oil and other edible oil contracts on the Dalian Commodity Exchange.

The benchmark palm oil contract for January delivery 1FCPOc3 on the Bursa Malaysia Derivatives Exchange rose to 2,787 ringgit ($657.93) a tonne by the evening.

Traded volumes at the end of Monday stood at 55,937 lots of 25 tonnes each.

Traders said the upward movements on rival edible oil markets have buoyed palm prices.

"Looks like the market is responding to ... bean oil gains last week due to a U.S. Environmental Protection Agency (EPA) decision," a Kuala Lumpur-based futures trader said.

The December soybean oil contract BOZ7 on the Chicago Board of Trade (CBOT) rose 0.4 percent on Monday after last week's retreat by the EPA from a series of proposed changes to the nation's biofuels policy that would have reduced demand last week. prices are affected by movements of related oils that compete for a share in the global vegetable oils market.

"Strong bean oil and Dalian (prices) are holding up the market now, but sentiment could fall back to being cautious ahead of Oct. 1-20 production figures from the Malaysian Palm Oil Association," another trader said.

Data from the Southern Palm Oil Millers Association (SPPOMA) on Monday showed that production for the Oct. 1-20 period rose 20.6 percent from the same period last year, the trader added.

Two Kuala Lumpur-based futures traders also attributed palm market gains to strong exports.

Exports of palm oil products for Oct. 1-20 rose 11.6 percent to 951,339 tonnes from 852,206 tonnes shipped a month earlier, cargo surveyor Intertek Testing Services said on Friday. January soybean oil contract on the Dalian Commodity Exchange DBYF8 was up 0.9 percent at the end of Monday, while the January palm olein contract DCPF8 rose 2 percent.

Palm, soy and crude oil prices at 1036 GMT

Contract

Month

Last

Change

Low

High Volume MY PALM OIL

NOV7

2769

+43.00

2731

2769

1283 MY PALM OIL

DEC7

2775

+45.00

2731

2777

6789 MY PALM OIL

JAN8

2787

+46.00

2742

2790

24270 CHINA PALM

JAN8

5654 +108.00

5586

5660 413692 OLEIN

CHINA SOYOIL JAN8

6066

+52.00

6036

6090 314102 CBOT SOY OIL DEC7

34.31

+0.15 34.04 34.42

8421 INDIA PALM

OCT7 541.80

-1.30 540.10 544.8

954 OIL

INDIA SOYOIL NOV7

674.6

+2.70 672.8

676

11580 NYMEX CRUDE

DEC7

51.85

+0.01 51.74 52.30 126176

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 = 4.2360 ringgit) ($1 = 65.0300 Indian rupees) ($1 = 6.6380 Chinese yuan renminbi)

VEGOILS-Palm soars, tracking gains in soy oil markets
 

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