Advertisement
Singapore markets closed
  • Straits Times Index

    3,224.01
    -27.70 (-0.85%)
     
  • Nikkei

    40,369.44
    +201.37 (+0.50%)
     
  • Hang Seng

    16,541.42
    +148.58 (+0.91%)
     
  • FTSE 100

    7,952.62
    +20.64 (+0.26%)
     
  • Bitcoin USD

    69,986.66
    -441.95 (-0.63%)
     
  • CMC Crypto 200

    885.54
    0.00 (0.00%)
     
  • S&P 500

    5,254.35
    +5.86 (+0.11%)
     
  • Dow

    39,807.37
    +47.29 (+0.12%)
     
  • Nasdaq

    16,379.46
    -20.06 (-0.12%)
     
  • Gold

    2,254.80
    +16.40 (+0.73%)
     
  • Crude Oil

    83.11
    -0.06 (-0.07%)
     
  • 10-Yr Bond

    4.2060
    +0.0100 (+0.24%)
     
  • FTSE Bursa Malaysia

    1,536.07
    +5.47 (+0.36%)
     
  • Jakarta Composite Index

    7,288.81
    -21.28 (-0.29%)
     
  • PSE Index

    6,903.53
    +5.36 (+0.08%)
     

VEGOILS-Palm flat at midday break as ringgit strengthens

* Palm down 1 percent so far on-week

* Weaker related edible oils also weigh on market - trader

* Palm may bounce to 2,274 ringgit/tonne - technicals

By Emily Chow

KUALA LUMPUR, Sept 14 (Reuters) - Malaysian palm oil futures

were flat at Friday's midday break after earlier hitting a

two-week low on the back of a stronger ringgit and weaker

related edible oils.

A stronger ringgit usually makes palm oil more expensive for

holders of foreign currencies. The ringgit, palm's currency of

trade, strengthened 0.1 percent to 4.1380 against the dollar on

Friday noon.

The benchmark palm oil contract for November delivery

ADVERTISEMENT

on the Bursa Malaysia Derivatives Exchange was flat at

2,243 ringgit ($541.85) a tonne at noon after falling to 2,230

ringgit earlier in the session, its weakest since Aug. 30.

The market is also down 1 percent for the week so far, in

line for its sharpest weekly decline since mid-July.

Trading volumes stood at 25,194 lots of 25 tonnes each at

noon. (1FCPO-TOT)

"The market eased earlier in the session tracking overnight

weakness in soyoil on the Chicago Board of Trade and weak

Dalian, along with a firmer ringgit," said a Kuala Lumpur-based

trader, referring to palm oil and soyoil on China's Dalian

Commodity Exchange.

"Covering interest ahead of a long weekend holiday pushed

prices up to end flat."

Malaysian markets will be closed on Monday for a national

holiday, and will resume trading on Sept. 18.

In other related oils, the Chicago September soybean oil

contract fell 0.7 percent on Thursday after U.S.

President Donald Trump said the United States was under no

pressure to make a trade deal with China, the biggest buyer of

the oilseed.

Meanwhile the January soybean oil contract on China's Dalian

Commodity Exchange dropped 0.2 percent, and the Dalian

January palm oil contract was 0.5 percent lower.

Palm oil prices are impacted by movements of other edible

oils, as they compete for a share in the global vegetable oils

market.

Palm oil may bounce to 2,274 ringgit, as it has stabilized

around a support at 2,227 ringgit per tonne, said Wang Tao, a

Reuters market analyst for commodities and energy technicals.

Palm, soy and crude oil prices at 0456 GMT

Contract Month Last Change Low High Volume

MY PALM OIL SEP8 2206 +1.00 2205 2219 206

MY PALM OIL OCT8 2227 +1.00 2217 2233 1642

MY PALM OIL NOV8 2243 +0.00 2230 2243 10877

CHINA PALM OLEIN JAN9 4868 -24.00 4864 4890 161264

CHINA SOYOIL JAN9 5846 -10.00 5832 5866 219554

CBOT SOY OIL SEP8 27.44 +0.00 0 0 5

INDIA PALM OIL SEP8 595.70 +0.00 594.90 596 42

INDIA SOYOIL SEP8 734.55 -2.35 734.45 736.55 820

NYMEX CRUDE OCT8 68.80 +0.21 68.70 68.91 16085

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 = 4.1395 ringgit)

($1 = 71.7950 Indian rupees)

($1 = 6.8528 Chinese yuan)

(Reporting by Emily Chow; Editing by Sunil Nair)