RTRS: Palm oil eases from 15-wk high, crude weighs
KUALA LUMPUR, Nov 26 (Reuters) - Malaysian crude palm oil futures ended flat on Thursday, easing from a 15-week high hit earlier in the session on some profit-taking after crude oil weakened in late Asian trade.
Palm oil climbed to its highest since Aug. 13 after top Asian buyers such as China and India bought more palm oil since the vegetable oil's discount to rival soyoil has widened to $130-$150 a tonne versus $100 generally.
Prospects of heavy rain cutting into production also lifted the market, which has risen 6.7 percent since Nov. 16.
The benchmark February contract KPOc3 on the Bursa Malaysia Derivatives Exchange rose as much as 39 ringgit to 2,521 ringgit ($746.5) before ending unchanged when profit taking settled in.
Palm oil markets in Malaysia are closed on Friday for a public holiday.
"The market is skimming off some profits on crude oil. It's hard to say if there will be a correction but the downside is limited on good exports," said a trader with a local commodities brokerage.
Cargo surveyor Societe Generale de Surveillance reported Nov. 1-25 palm oil exports rising by 6.4 percent to 1.18 million tonnes, driven by Chinese and European demand. [PALM/SGS]
Oil prices fell more than 1 percent to below $77 a barrel on Thursday, weighing on other vegetable oil markets. The most active Sept. soybean oil DBYU0 contract on China's Dalian Commodity exchange posted a gain of 0.5 percent.
U.S. soyoil markets were closed for the Thanksgiving holiday.
INDONESIAN PALM TRADES
In Indonesia, the state marketing centre, based in Jakarta, did not sell any of the 6,500 tonnes of palm oil it offered in an auction due to low bids. [OILS/TEND]
Producers in Medan, home to Indonesia's main palm oil export port of Belawan, sold palm oil at 7,148-7,185 rupiah per kg.
Refiners in Jakarta offered refined, bleached, deodorised (RBD) palm oil, used as cooking oil, at 7,050 rupiah per kg against 7,100 rupiah on Wednesday.
Palm, soy and crude oil prices at 1114 GMT Contract Last Net chg Settle Open High Low Volume PALM OIL DEC9 2458 + 3.00 2458 2490 2490 2438 252 PALM OIL JAN0 2472 + 3.00 2472 2500 2508 2447 2772 PALM OIL FEB0 2482 + 0.00 2482 2512 2521 2460 12620 PALM OIL MAR0 2486 + 6.00 2485 2513 2521 2465 5779 CBOT soyoil* 40.57 + 0.00 40.57 N/A 40.62 39.67 N/A NYMEX crude** 77.35 -0.61 77.96 N/A 77.94 76.85 N/A Palm oil prices in Malaysian ringgit per tonne * Soy oil in U.S. cents per pound ** Crude in USD per barrel
($1=3.377 Malaysian Ringgit)
(Reporting by Niluksi Koswanage) ((niki.koswanage@thomsonreuters.com; +603 2333 8035; Reuters Messaging: niki.koswanage.reuters.com@reuters.net)) ((If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com))
* For a table on Malaysian physical palm oil prices, including refined oil, Reuters Terminal users can double click on or type . * To view freight rates from Peninsula Malaysia/Sumatra to China, India, Pakistan and Rotterdam, please key in 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 -- Malaysian palm oil exports -- SGSPALM1 CBOT soyoil futures -- <0#BO:> CBOT soybean futures -- <0#S:> Indian solvent -- SOLVENT01 Weekly Indian vegetable oils -- [OILS/IN] Dalian Commodity Exchange -- Dalian soyoil futures -- <0#DBY:> Dalian refined palm oil futures -- <0#DCP:> Zhengzhou rapeseed oil -- <0#CRO:> European edible oil prices/trades -- [OILS/E]