Vegoils: Palm surges nearly 6% on higher soyoil prices, strong India demand

MMTec

13/09/2022 11:38

* Palm rises for third consecutive session 
    * Sept stocks could rise to 2.29 mln T - analyst
    * India's Aug palm oil imports rise over 87% m/m

 (Updates with midday prices, adds quotes)
    KUALA LUMPUR, Sept 13 (Reuters) - Malaysian palm oil futures
rose nearly 6% on Tuesday, tracking gains in rival soyoil on
bleak forecast for U.S. soybean harvest, while strong demand
from key buyer India provided an added boost. 
    The benchmark palm oil contract  FCPOc3  for November
delivery on the Bursa Malaysia Derivatives Exchange extended
gains to a third straight session, rising 217 ringgit, or 5.89%,
to 3,900 ringgit ($865.51) a tonne, its highest daily rise in
more than 6 weeks.
     India's palm oil imports in August jumped 87% from a month
ago to the highest level in 11 months as a sharp drop in prices
prompted refiners to ramp up purchases, a leading trade body
said on Tuesday.  urn:newsml:reuters.com:*:nL1N30K0LW
    Demand from India, the world's biggest vegetable oil
consumer, is expected to ramp up this month ahead of the festive
season in October.
    Exports during Sept. 1 to 10 rose between 9.3% and 25.5%
from the same period in August, cargo surveyors said.
 urn:newsml:reuters.com:*:nL4N30H01Q urn:newsml:reuters.com:*:nAZN0IXD38 urn:newsml:reuters.com:*:nAPN0PLHHL  
    Malaysia's palm oil stocks at end-August climbed to their
highest in 33 months, as output rose with peak production season
getting underway, palm oil board data showed on Monday.
 urn:newsml:reuters.com:*:nL1N30J03W 
    Production is expected to keep rising in September and may
push inventories 9.2% higher to 2.29 million tonnes, Ivy Ng,
regional head of plantations research at CGS-CIMB Research, said
in a note. 
    CGS-CIMB Research projected crude palm oil prices to trade
in the 3,500-4,500 ringgit per tonne range due to tougher
competition from top producer Indonesia, although palm's high
discount against soyoil will encourage demand. 
    Soyoil prices on the Chicago Board of Trade  BOcv1  rose
1.9%, extending overnight gains after the U.S. Agriculture
Department said soybean supplies will fall to seven-year lows as
hot and dry weather during August in western growing areas hits
harvest potential.  urn:newsml:reuters.com:*:nL1N30J193 
    Dalian's most-active soyoil contract  DBYcv1  rose 3%, while
its palm oil contract  DCPcv1  gained 3.2%. 


($1 = 4.5060 ringgit)

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cpo    https://tmsnrt.rs/3Dmd25q
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 (Reporting by Mei Mei Chu; editing by Uttaresh.V and Vinay
Dwivedi)
 ((Meifong.chu@thomsonreuters.com))
 
((For a table on Malaysian physical palm oil prices, including refined oil, Reuters Terminal users can double click on or type  OILS/MY01 .
* To view freight rates from Peninsula Malaysia/Sumatra to China, India, Pakistan and Rotterdam, please key in  OILS/ASIA2  and press enter, or double click between the brackets. 
* Reuters Terminal users can see cash and futures edible oil prices by double clicking on the codes in the brackets: To go to the next page in the same chain, hit F12. To go back, hit F11.
Vegetable oils                        OILS/ASIA1 
Malaysian palm oil exports            SGSPALM1   
CBOT soyoil futures                   0#BO:      
CBOT soybean futures                  0#S:       
Indian solvent                        SOLVENT01  
Dalian Commodity Exchange             DC/MENU   
Dalian soyoil futures                 0#DBY:   
Dalian refined palm oil futures       0#DCP:   
Zhengzhou rapeseed oil                0#COI:   
European edible oil prices/trades     OILS/E    ))