VEGOILS-Palm oil jumps to two-month top as ringgit, rupiah weaken
* Palm charts strongest daily gains in nearly 6 weeks
* Strength in related edible oils also supports - trader
* Palm may rise to 2,322 rgt/T in a week - techs
(Updates with closing prices)
By Emily Chow
KUALA LUMPUR, Sept 4 (Reuters) - Malaysian palm oil futures
rose to a two-month high on Tuesday evening, charting a third
straight session of gains, as the Malaysian ringgit and
the Indonesian rupiah weakened and related edible oils
moved higher.
A weaker ringgit, palm oil's traded currency, makes it
cheaper for holders of foreign currencies. The ringgit fell 0.2
percent to 4.1370 against the dollar, its lowest since Nov. 22.
The benchmark palm oil contract for November delivery
on the Bursa Malaysia Derivatives Exchange was up 1.8
percent at 2,298 ringgit ($555.47) a tonne at the close of
trade. It earlier rose as much as 1.9 percent to 2,301 ringgit,
its strongest levels since July 5.
Traded volumes stood at 38,842 lots of 25 tonnes each at the
end of the day. (1FCPO-TOT)
"Palm opened higher taking cues from gains in competing
vegetable oils. Malaysia's ringgit and Indonesia's rupiah are
also both weak," said a futures trader in Kuala Lumpur.
Indonesia is the world's largest producer and exporter of
palm oil. It's currency fell 0.8 percent to 14,930 against the
dollar on Tuesday, its weakest in a decade.
In related oils, the Chicago December soybean oil contract
was up 0.6 percent, while January soybean oil on China's
Dalian Commodity Exchange jumped 1.7 percent.
Dalian January palm oil rose 2.1 percent.
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 rise to 2,322 ringgit per tonne in a week, as
suggested by its wave pattern and a projection analysis,
according to Wang Tao, a Reuters market analyst for commodities
and energy technicals.
Palm, soy and crude oil prices at 1103 GMT
Contract Month Last Change Low High Volume
MY PALM OIL SEP8 2240 +33.00 2215 2240 57
MY PALM OIL OCT8 2270 +33.00 2252 2275 4132
MY PALM OIL NOV8 2295 +40.00 2270 2301 17911
CHINA PALM OLEIN JAN9 4950 +90.00 4894 4962 478026
CHINA SOYOIL JAN9 5874 +98.00 5818 5878 411598
CBOT SOY OIL DEC8 28.95 +7.30 28.7 29 8322
INDIA PALM OIL SEP8 608.00 +7.30 601.40 608.1 1208
INDIA SOYOIL SEP8 747.5 +7.10 741.5 747.9 13790
NYMEX CRUDE OCT8 71.27 +1.47 69.53 71.40 300074
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 = 4.1370 ringgit)
($1 = 71.5200 Indian rupees)
($1 = 6.8362 Chinese yuan)
(Reporting by Emily Chow; Editing by Amrutha Gayathri and David
Evans)