VEGOILS-Palm oil gains on stronger export data
* Palm charts second consecutive daily gain
* Malaysian exports rose 13-15 pct on-month during March
1-15 -
surveyors
(Updates with closing prices)
By Emily Chow
KUALA LUMPUR, March 20 (Reuters) - Malaysian palm oil
futures climbed in Tuesday evening's trade to chart a second
straight session of gains on the back of stronger export data.
The benchmark palm oil contract for June delivery
on the Bursa Malaysia Derivatives Exchange rose 0.4 percent to
2,435 ringgit ($621.97) a tonne at the close of trade.
It rose as much as 0.9 percent earlier in its trading
session before paring some gains. Trading volumes stood at
50,459 lots of 25 tonnes each on Tuesday evening.
"The market is up on stronger export figures today," said a
palm oil futures trader, referring to data released by an
inspection company before the midday break.
Exports of Malaysian palm oil products for March 1-20 rose
15.3 percent to 913,091 tonnes from the 791,992 tonnes shipped
during Feb. 1-20, AmSpec Agri Malaysia said.
Cargo surveyor Societe Generale de Surveillance reported
that exports in the same duration rose 13.6 percent as shipments
to China, Pakistan and India improved.
Palm oil exports from Malaysia, the world's second largest
producer, are expected to pick up in the coming weeks as buyers
stock up ahead of Ramadan which begins in mid-May this year.
The Muslim holy month sees devotees break day-long fasts
with communal feasting, which incurs higher usage of palm oil
for cooking purposes. Buyers in regions such as the Middle East
usually start increasing purchases of palm oil one to two months
ahead of the festivities.
In other related oils, the Chicago Board of Trade's May
soybean oil contract was down 0.1 percent, while the May
soybean oil on China's Dalian Commodity Exchange fell
0.3 percent.
The Dalian May palm oil contract, however, rose 0.7
percent.
Palm oil prices are impacted by movements in rival edible
oils as they compete in the global vegetable oils market.
Palm, soy and crude oil prices as of 1040 GMT
Contract Month Last Change Low High Volume
MY PALM OIL APR8 2450 +17.00 2422 2462 936
MY PALM OIL MAY8 2447 +12.00 2420 2458 6532
MY PALM OIL JUN8 2439 +14.00 2410 2448 23204
CHINA PALM OLEIN MAY8 5130 +36.00 5054 5146 344162
CHINA SOYOIL MAY8 5660 -14.00 5606 5692 330320
CBOT SOY OIL MAY8 32.03 -0.03 31.89 32.15 4920
INDIA PALM OIL MAR8 641.80 +3.20 638.80 642.7 378
INDIA SOYOIL MAR8 765.1 -0.60 764.65 766.5 380
NYMEX CRUDE APR8 62.51 +0.45 62.08 62.78 2121
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 = 3.9150 ringgit)
($1 = 65.2175 Indian rupees)
($1 = 6.3289 Chinese yuan)
(Reporting by Emily Chow; Editing by Sunil Nair and Louise
Heavens)