RTRS:VEGOILS-Palm oil climbs to 9-wk high, buoyed by rival vegetable oils
* Prices climb to 2,685 ringgit in Friday trade
* Palm oil targets 2,696 ringgit -technicals
By Michael Taylor
JAKARTA, Feb 14 (Reuters) - Malaysian palm oil futures rose
to their highest level in nine weeks on Friday, extending gains
into a fourth session as a climb in rival vegetable oils boosted
prices ahead of eagerly anticipated export data.
The U.S. soyoil contract for March advanced 0.7
percent in early Asian trade, while the most active May soybean
oil contract on the Dalian Commodities Exchange climbed
0.8 percent.
Higher soyoil prices may push buyers towards cheaper palm
instead.
By the midday break, the benchmark April contract
on the Bursa Malaysia Derivatives Exchange had edged up 1
percent to 2,682 ringgit ($810) per tonne. Prices earlier
touched 2,685 ringgit, the highest since Dec. 9, and have added
4 percent this week.
Total traded volume stood at 13,463 lots of 25 tonnes,
slightly above below the average 12,500 lots.
"The market is pretty strong," said a trader with a foreign
commodities brokerage. "Bean oil and Dalian is bottoming out,
and crude is up ... all these factors means a friendly market."
Palm oil export data from Cargo surveyors Intertek Testing
Services on Feb. 15 and Societe Generale de Surveillance on Feb.
17 for Feb. 1-15, is also being eyed, he added.
"Last month, the first ten days of export were very bad," he
said. "It should be higher than January, but whether it is
positive, it is largely factored in already."
Malaysia, the world's second-biggest palm oil producer, is
also set to announce its monthly export tax rate on Monday.
Technicals were bullish. Malaysian palm oil is expected to
rise to 2,696 ringgit per tonne, as it has broken above
resistance at 2,671 ringgit, said Reuters market analyst Wang
Tao.
In other markets, Brent crude held steady below $109 a
barrel, on track for a modest weekly decline, as supply
disruptions in Libya and Angola balanced downbeat U.S. economic
data.
Palm, soy and crude oil prices at 0556 GMT
Contract Month Last Change Low High Volume
MY PALM OIL FEB4 0 +0.00 0 0 0
MY PALM OIL MAR4 2677 +25.00 2656 2681 358
MY PALM OIL APR4 2682 +26.00 2666 2685 5256
CHINA PALM OLEIN MAY4 6006 +74.00 5962 6016 247466
CHINA SOYOIL MAY4 6736 +58.00 6722 6748 233708
CBOT SOY OIL MAR4 39.80 +0.27 39.46 39.83 3849
NYMEX CRUDE MAR4 100.16 -0.19 100.07 100.47 4343
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
Crude in U.S. dollars per barrel