KUALA LUMPUR (Jan 11): Malaysian palm oil futures rebounded from a one-week low on Friday, tracking rises in crude oil prices.
The market earlier fell on concerns of oversupply and overnight soyoil weakness on the Chicago Board of Trade (CBOT).
The benchmark palm oil contract for March delivery on the Bursa Malaysia Derivatives Exchange was up 0.4% to 2,171 ringgit (US$530.29) a tonne at the close of trade.
It earlier fell to 2,146 ringgit, its lowest since Jan 4, but traded flat for the week.
Trading volumes stood at 22,365 lots of 25 tonnes each at the end of the trading day.
"Palm prices rose on crude oil's gains," said a Kuala Lumpur based trader.
Oil prices rose 1% on Friday, on track for solid weekly gains after financial markets strengthened due to hopes the United States and China may soon resolve their trade dispute.
Tightened supply following OPEC-led cuts in crude output also aided gains, but fears of an economic slowdown have kept markets in check.
Palm oil prices are impacted by movements in crude oil, as it is used as feedstock to make biodiesel.
The Chicago March soybean oil contract fell 1.4% on Thursday, but was last up 0.5% on Friday.
In other related oils, the March soybean oil contract on the Dalian Commodity Exchange fell 0.5%, and the Dalian January palm oil contract rose 0.4%.
Palm, soy and crude oil prices at 1112 GMT:
Contract Month Last Change Low High Volume
MY PALM OIL JAN9 0 +6.00 0 0 3
MY PALM OIL FEB9 2122 +6.00 2103 2127 1902
MY PALM OIL MAR9 2173 +8.00 2146 2174 10591
CHINA PALM OLEIN JAN9 4370 -2.00 4370 4498 158
CHINA SOYOIL JAN9 5134 +34.00 5100 5200 840
CBOT SOY OIL JAN9 27.94 +0.00 0 0 0
INDIA PALM OIL JAN9 543.50 +3.10 539.50 543.5 1049
INDIA SOYOIL JAN9 761.2 -0.20 759.9 764.5 2680
NYMEX CRUDE FEB9 53.04 +0.45 52.14 53.31 169222
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 = 4.0940 ringgit)
(US$1 = 70.3710 Indian rupees)
(US$1 = 6.7491 Chinese yuan)