Palm oil hits near 2-week top on stronger soy

Palm oil hits near 2-week top on stronger soy
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KUALA LUMPUR (Aug 11): Malaysian palm oil futures rose on Friday evening to chart a fourth consecutive day of gains, reaching its highest levels in nearly two weeks as it tracked gains in soyoil on the Chicago Board of Trade.     

The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange was up 0.7% at RM2,682 (US$624.67) at the close. It earlier rose to RM2,685, its strongest levels since Aug 1. The market was also up 2.8% for the week.

Traded volumes stood at 71,006 lots of 25 tonnes each in the evening.

"Palm tracked soyoil which rose after seeing sharp losses," said a trader from Kuala Lumpur, referring to a bearish US Department of Agriculture (USDA) report which pegged higher than previously forecast soybean yields.

The trader added that industry data from a growers' association showed declining output for the first 10 days of August.

Malaysia's palm oil stocks at end-July rose 16.8% to 1.78 million tonnes from the previous month, versus a Reuters poll which forecast a 6.5% rise in inventory levels, according to data from industry regulator the Malaysian Palm Oil Board on Thursday.

The official data also showed July output rising 20.7% to 1.83 million tonnes, compared with an outlook for a 11% gain to 1.68 million tonnes.

In other related oils, the October soybean oil contract on the Chicago Board of Trade rose 0.6%, while the January soybean oil on the Dalian Commodity Exchange lost 0.2%.

The January palm olein contract dipped as much as 0.4%.

Palm, soy and crude oil prices at 1128 GMT

Contract           Month    Last  Change     Low   High  Volume
MY PALM OIL        AUG7        +0.00       0 0 0
MY PALM OIL        SEP7     2678  +20.00    2618   2678    3879
MY PALM OIL        OCT7     2684  +19.00    2623   2685   28218
CHINA PALM OLEIN   JAN8     5376  -24.00    5346   5504  849954
CHINA SOYOIL       JAN8     6266  -14.00    6218   6426  865902
CBOT SOY OIL       DEC7    34.35   +0.00   33.95  34.41   15750
INDIA PALM OIL     AUG7   495.50   +0.60  489.00  496.8    1405
INDIA SOYOIL       AUG7      641   -2.30     637  641.9    5730
NYMEX CRUDE        SEP7    48.36   -0.23   48.01  48.69  208616

Palm oil prices in Malaysian ringgit per tonne
CBOT soy oil in US 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 US dollars per barrel

(US$1 = RM4.2935)
(US$1 = 64.1300 Indian rupees)
(US$1 = 6.6630 Chinese yuan)