July 9, 2018 / 11:28 AM / 4 months ago

VEGOILS-Palm edges higher, snaps losing streak on U.S. soyoil

    * Palm edges up after four days of losses
    * Malaysian output seen rising from July until Sept - Trader
    * Palm seen neutral in 2,270-2,290 rgt/T range - Techs

 (Updates with closing prices)
    By Emily Chow
    KUALA LUMPUR, July 9 (Reuters) - Malaysian palm oil futures
ended the trading day slightly higher on Monday, tracking gains
in U.S. soyoil and snapping four previous sessions of losses.
    The benchmark palm oil contract for September delivery
 on the Bursa Malaysia Derivatives Exchange was up 0.1
percent at 2,268 ringgit ($563.48) a tonne at the close of
trade. 
    Trading volumes stood at 24,911 lots of 25 tonnes each in
the evening. 1FCPO-TOT
    "Palm is up, tracking U.S. soyoil overnight prices," said a
futures trader in Kuala Lumpur, referring to soyoil prices on
the Chicago Board of Trade which jumped 1.5 percent on Friday.
    U.S. soybean and soyoil futures surged on Friday on a market
recovery, after hitting lows prompted by concerns over an
escalating trade war with China. 
    "In the medium term, however, the market is expecting
production to rise from now until September on a seasonal
basis," added the palm oil trader, explaining that this could
further dampen benchmark prices.
    Palm oil production typically rises in the third quarter of
the year in line with the seasonal trend. Malaysian output for
June is forecast to slide 11.1 percent to 1.36 million tonnes,
its weakest figure for June since 2007, due to a labour
shortage, according to a Reuters poll.
    Official data will be released by the Malaysian Palm Oil
Board on Tuesday after 0430 GMT. 
    In other related oils, the Chicago December soybean oil
contract was down 0.2 percent, while the September
soybean oil on China's Dalian Commodity Exchange rose
0.1 percent.
    Meanwhile, the Dalian September palm oil contract
declined 0.7 percent.
    Palm oil prices track the performance of other edible oils
as they compete for a share in the global vegetable oils market.
    Palm oil looks neutral in a range of 2,270-2,290 ringgit per
tonne, and an escape could suggest a direction, said Wang Tao, a
Reuters market analyst for commodities and energy technicals.

            
    Palm, soy and crude oil prices at 1116 GMT
 Contract           Month    Last  Change     Low   High  Volume
 MY PALM OIL       JUL8      2200  -55.00    2200   2272       7
 MY PALM OIL       AUG8      2266   +2.00    2262   2290    1110
 MY PALM OIL       SEP8      2268   +2.00    2266   2288   11786
 CHINA PALM OLEIN  SEP8      4784  -32.00    4782   4842  200312
 CHINA SOYOIL      SEP8      5614   +6.00    5602   5652  250902
 CBOT SOY OIL      DEC8      29.4   +2.20   29.24  29.56    5550
 INDIA PALM OIL    JUL8    632.00   +2.20  627.10  632.4     647
 INDIA SOYOIL      JUL8     759.8   +4.75   756.8  759.9    8810
 NYMEX CRUDE       AUG8     73.83   +0.03   73.46  74.28  121464
  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 = 4.0250 ringgit)
($1 = 68.7300 Indian rupees)
($1 = 6.6152 Chinese yuan)
    

 (Reporting by Emily Chow; Editing by Sunil Nair and Mark
Potter)
  
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