VEGOILS-Palm jumps 1 pct, tracking stronger U.S. soyoil
* Market sees sharpest daily jump in a week
* Palm however down 1.3 pct on weekly basis
(Updates with closing prices)
By Emily Chow
KUALA LUMPUR, Oct 12 (Reuters) - Malaysian palm oil futures
rose 1 percent on Friday evening, its sharpest daily gain in a
week, after two sessions of declines, tracking gains in soyoil
on the U.S. Chicago Board of Trade (CBOT).
The 1 percent rise in the benchmark palm oil contract for
December delivery on the Bursa Malaysia Derivatives
Exchange to 2,193 ringgit ($528.05) a tonne by the close was its
strongest daily gain since October 4.
In the previous session, it had hit a more than one-week low
of 2,153 ringgit and is down 1.3 percent for the week.
Trading volumes stood at 34,137 lots of 25 tonnes each at
the close. (1FCPO-TOT)
"Palm rose on firmer soyoil," said a Kuala Lumpur-based
futures trader, referring to CBOT soyoil.
Another trader said that a positive report from the U.S.
Agriculture Department was supportive for the soy and palm
markets.
The U.S. Agriculture Department surprisingly trimmed its
forecasts for both domestic corn and soybean production on
Thursday, with the soy cut stemming from a reduction in acres
while the corn harvest will be lower due to
smaller-than-expected yields.
The Chicago December soybean oil contract edged up
0.3 percent on Thursday, and was last up 0.7 percent on Friday.
In other related oils, the January soybean oil contract on
the Dalian Commodity Exchange was up by 0.1 percent
while the Dalian January palm oil contract rose 1.2
percent.
Palm oil prices are affected by movements of other edible
oils as they compete for a share in the global vegetable oils
market.
Palm, soy and crude oil prices at 1042 GMT
Contract Month Last Change Low High Volume
MY PALM OIL OCT8 2113 +17.00 2103 2116 40
MY PALM OIL NOV8 2146 +17.00 2135 2153 2259
MY PALM OIL DEC8 2194 +22.00 2179 2201 15874
CHINA PALM OLEIN JAN9 4798 +56.00 4720 4800 332286
CHINA SOYOIL JAN9 5918 +4.00 5864 5924 437254
CBOT SOY OIL DEC8 28.73 +0.00 0 0 0
INDIA PALM OIL OCT8 586.30 +0.50 583.70 588 360
INDIA SOYOIL OCT8 750.55 +1.25 749.9 753.8 1480
NYMEX CRUDE NOV8 71.39 +0.42 70.94 72.01 129076
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 = 4.1530 ringgit)
($1 = 6.9173 Chinese yuan)
($1 = 73.6700 Indian rupees)
(Reporting by Emily Chow; Editing by Vyas Mohan and Adrian
Croft)