* Palm previously fell for seven straight sessions
* Market also up on correction after losing streak – trader
* Palm oil may bounce towards 2,034 rgt/T – techs (Updates with closing prices, quote)
By Emily Chow
KUALA LUMPUR, May 7 (Reuters) – Malaysian palm oil futures jumped by nearly 3 percent on Tuesday, recovering from a more than five-month low in the previous trading session, tracking gains in related edible oils.
The benchmark palm oil contract for July delivery 1FCPOc3 on the Bursa Malaysia Derivatives Exchange rose 2.8 percent to 2,040 ringgit ($491.92) a tonne by the close for its strongest daily gain in two months. It had earlier risen as much as 2.9 percent to 2,042 ringgit.
Palm previously fell for seven days running, losing 5 percent of its value last week. POI/
It seems to have found a support range of 1,940-1,967 ringgit a tonne and could bounce towards 2,034 ringgit, said Wang Tao, a Reuters market analyst for commodities and energy technicals. market is up tracking soyoil and on the easing of trade tensions between the United States and China,” one Kuala Lumpur-based futures trader said, though he cautioned that concerns over the trade dispute lingered in the market.
Palm oil futures fell to their lowest in more than five months on Monday as U.S. President Donald Trump’s threats to increase tariffs on Chinese imports damaged prospects for a trade deal, sending global commodities and stock markets lower. of an escalation in the trade conflict eased after Beijing said on Tuesday that China’s vice premier would travel to the United States for trade talks. related oils, the Chicago July soybean oil contract BON9 fell 0.8 percent on Monday but rebounded with a 0.5 percent gain on Tuesday.
Meanwhile, the May soyoil contract on the Dalian Commodity Exchange DBYK9 rose 0.4 percent and the Dalian May palm oil contract DCPK9 slipped by 0.9 percent.
Palm oil prices are affected by movements in soyoil, with which it compete for global market share.
Palm, soy and crude oil prices at 1049 GMT Contract
Month Last Change
High Volume MY PALM OIL
27 MY PALM OIL
1753 MY PALM OIL
2042 15991 CHINA PALM OLEIN MAY9
3496 CHINA SOYOIL
542 CBOT SOY OIL
MAY9 26.97 +0.13 26.97 26.97
5 INDIA PALM OIL
MAY9 519.8 +6.30 516.50 521.7
MAY9 736.4 +5.20 732.55 737.9
JUN9 61.87 -0.38 61.73 62.49 145920 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
* For a table on Malaysian physical palm oil prices, including refined oil, Reuters Terminal users can double click on or type MYPALM/FLAT .
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