October 13, 2015 / 11:15 AM / 3 years ago

VEGOILS-Malaysian palm oil sees 3 pct gain on short covering, China buying talk

* Palm oil up by nearly 3 pct in late trade
    * Sudden hike due to traders' short covering

    By Emily Chow
    KUALA LUMPUR, Oct 13 (Reuters) - Malaysian palm oil futures
saw a sharp rise in late trade on Tuesday, due to traders short
covering and speculation of buying from China.
    The benchmark December palm oil contract on the
Bursa Malaysia Derivatives Exchange closed up 2.9 percent at
2,320 ringgit ($555.42) a tonne.
    "The market went up on rumours that China is going to
replenish their edible oil stocks," said a trader based in Kuala
Lumpur. "That news, added with massive short covering, was the
reason behind the sudden spurt."
    Traded volume stood at 53,675 lots of 25 tonnes each, well
above the average 35,000 lots usually traded in a day.
    Palm prices saw a sharp dip last week on a stronger ringgit,
going from near 15-month highs of 2,444 ringgit to two-and-a-half
week lows of 2,216 ringgit.
    A bullish target at 2,349 ringgit per tonne has been aborted
for palm oil, as it failed to break a resistance at 2,283
ringgit, said Reuters market analyst for commodities and energy
technicals Wang Tao. 
    In other vegetable oil markets, both the U.S. December soyoil
contract and the January soybean oil contract on
the Dalian Commodity Exchange rose 1.2 percent.
    
  Palm, soy and crude oil prices at 1057 GMT
                                                                 
  Contract        Month    Last   Change     Low    High  Volume
  MY PALM OIL      OCT5       0   +60.00       0       0       0
  MY PALM OIL      NOV5    2285   +60.00    2206    2294    1243
  MY PALM OIL      DEC5    2323   +63.00    2240    2334   32943
  CHINA PALM OLEIN JAN6    4666   +98.00    4536    4674 1559070
  CHINA SOYOIL     JAN6    5648   +66.00    5554    5666  910656
  CBOT SOY OIL     DEC5   28.53    +5.80   28.12   28.71   10349
  INDIA PALM OIL   OCT5  429.40    +5.80  422.80  430.60    1973
  INDIA SOYOIL     OCT5  632.85    +6.20  624.60  636.00    9930
  NYMEX CRUDE      NOV5   47.08    -0.02   46.60   47.84   48981
                                                                 
  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 = 4.1770 ringgit)
($1 = 65.1100 Indian rupees)
($1 = 6.3417 Chinese yuan)

 (Reporting by Emily Chow; Editing by David Holmes)
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