Breaking News

VEGOILS-Palm soars, tracking gains in soy oil markets

CommoditiesOct 23, 2017 16:30
Saved. See Saved Items.
This article has already been saved in your Saved Items
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






High Volume MY PALM OIL




















5654 +108.00


5660 413692 OLEIN





6090 314102 CBOT SOY OIL DEC7


+0.15 34.04 34.42


OCT7 541.80

-1.30 540.10 544.8

954 OIL



+2.70 672.8





+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

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Are you sure you want to delete this chart?
Write your thoughts here
Replace the attached chart with a new chart ?
Post also to:
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Are you sure you want to delete this chart?
Replace the attached chart with a new chart ?
Post 1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
Sign up with Email