(Updates prices)
* Malaysia stocks to ease for first time since June -Reuters
survey
* Brazil dry spell could shift edible oil demand to palm
-trader
* Palm oil may break resistance at 2,560-2,569 ringgit
-technicals
By Anuradha Raghu
KUALA LUMPUR, Feb 6 (Reuters) - Malaysian palm oil futures
ended higher on Thursday on prospects of seasonally lower output
of the tropical oil as well as a dry spell in soy-growing Brazil
that would potentially squeeze global edible oil supplies.
A Reuters survey of planters and traders showed that
Malaysian palm oil production last month likely fell to 1.52
million tonnes, down 8.8 percent from December as trees enter a
resting period which results in smaller yields.
The poll also showed that end-stocks are expected to ease
for the first time in seven months, although sluggish export
demand would curb the drop and likely keep inventories in the
second-largest producer little changed at 1.98 million tonnes.
"There are forecasts that January palm output will be lower
by almost 10 percent, and that is helping to prop up the
market," said a trader with a local commodities brokerage.
The benchmark April contract on the Bursa Malaysia
Derivatives Exchange closed up 0.9 percent at 2,568 ringgit
($773) per tonne. Prices were locked in a range between
2,552-2,575 ringgit.
Total traded volume stood at 25,141 lots of 25 tonnes, below
the average 35,000 lots.
Technicals were bullish. Malaysian palm oil may break a
resistance zone of 2,560-2,569 ringgit per tonne and rise
further to 2,581 ringgit, Reuters market analyst Wang Tao said.
Dry spells over parts of Brazil signalled that the major soy
grower might not be able to produce the bumper harvest initially
expected. Tighter supplies of the competing oilseed for crushing
would lift soyoil prices and channel demand to rival palm oil.
"There was some speculative selling earlier in anticipation
of huge crops from Brazil. But now the factors are turning
friendly, so there's a lot of short-covering in the palm
market," the Malaysia-based trader added.
"If the dry spell continues, there will be a lot of supply
constraints ... consumers could turn to palm."
The U.S. soyoil contract for March rose 0.4 percent
in late Asian trade. The Dalian Commodities Exchange is closed
for the Lunar New Year and will re-open on Feb. 7.
In other markets, Brent crude held steady above $106 a
barrel as worries over global economic growth dented the demand
outlook, with its premium to U.S. crude continuing to narrow as
more cold weather hit the United States.
Palm, soy and crude oil prices at 1005 GMT
Contract Month Last Change Low High Volume
MY PALM OIL FEB4 2565 +25.00 2555 2571 139
MY PALM OIL MAR4 2565 +23.00 2550 2572 1073
MY PALM OIL APR4 2568 +22.00 2552 2575 11985
CHINA PALM OLEIN MAY4 5672 -28.00 5630 5704 209596
CHINA SOYOIL MAY4 6390 -76.00 6370 6432 299596
CBOT SOY OIL MAR4 38.36 +0.13 38.15 38.39 4756
NYMEX CRUDE MAR4 97.82 +0.44 97.25 97.85 9511
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
($1 = 3.32 Malaysian ringgit)
(Editing by Richard Pullin and Himani Sarkar)
Refiners hike palmolein rates on strong global cues
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Mumbai, February 6:
Extended gain in the futures market kept the sentiment positive in the
edible oils market on Thursday, despite lower volumes. Local refineries
increased their rates for palmolein by ₹4-5 for 10 kg, tracking firm
Malaysian palm oil futures.
On the Bombay Commodity Exchange, imported palmolein and soyabean
refined oil rose by ₹4 and ₹2 each. Rapeseed and cotton refined oil also
rose by same margin. Groundnut and sunflower oil ruled unchanged.
Domestic soya oil futures closed higher by over one per cent as
speculators increased their positions on improved demand in physical
markets, said sources.
In Mumbai, volumes were lower due to limited demand. Most of activities
were limited in resale. During the day, hardly 300-350 tonnes of
palmolein were resale traded in the range of ₹580-583. Indigenous edible
oils were under pressure on expectation of higher Rabi crops but
arrivals of kharif crops have not picked up as expected till now.
Towards the day’s close, Liberty was quoting palmolein at ₹589, super
palmolein ₹609, super deluxe palmolein ₹629 and soyabean refined oil
₹657. Ruchi quoted palmolein ₹590, soyabean refined oil ₹650 and
sunflower refined oil ₹663. Allana was quoting palmolein at ₹589, super
palmolein ₹605, soyabean refined oil ₹655 and sunflower refined oil
₹670.
At Rajkot, groundnut oil dropped to ₹1,160 (₹1,175) for telia tin
and loose (10 kg) declined to ₹740 (₹750).Vikram Global Commodities (P)
Ltd quoted ₹612/10 kg for Malaysia super palmolein February delivery.
Malaysia BMD crude palm oil’s February contracts settled higher at MYR
2,565 (MYR 2,540), March at MYR 2,563 (MYR 2,542) and April at MYR 2,568
(MYR 2,546).
The Bombay Commodity Exchange spot rates (Rs/10 kg) were: groundnut oil
760 (760), soya refined oil 650 (648), sunflower exp. ref. 605 (605),
sunflower ref. 663 (663), rapeseed ref. oil 697 (693), rapeseed expeller
ref. 667 (663) cottonseed ref. oil 622 (620) and palmolein 579 (573).
(This article was published on February 6, 2014)
Keywords: Extended gain, edible oils, local refineries
Plantations advance on gains by crude palm oil
KUALA LUMPUR: Plantation stocks advanced on Thursday, with Kuala Lumpur Kepong (KLK) and PPB Group Bhd among the gainers as crude palm oil (CPO) prices rose for the second day.
At 3.57pm, KLK was up 60 sen to RM23.70 with 560,200 shares done. PPB Group added 18 sen to RM15.24.
The FBM KLCI rose 6.84 points to 1,792.72. Turnover was 1.37 billion shares valued at RM1.49bil. There were 413 gainers, 301 losers and 295 counters unchanged.
CPO futures for third month delivery rose RM24 to RM2,570 per tonne.
Bloomberg reported the higher CPO price was due to speculation that dry weather in South America may cut soybean production and potentially reduce global cooking oil supplies.
The FBM KLCI rose 6.84 points to 1,792.72. Turnover was 1.37 billion shares valued at RM1.49bil. There were 413 gainers, 301 losers and 295 counters unchanged.
CPO futures for third month delivery rose RM24 to RM2,570 per tonne.
Bloomberg reported the higher CPO price was due to speculation that dry weather in South America may cut soybean production and potentially reduce global cooking oil supplies.
Palm oil price firms, but stronger ringgit curbs gains
KUALA
LUMPUR: Malaysian palm oil futures ended higher on Wednesday as
investors short-covered positions following some speculative selling in
the previous session, but a stronger ringgit curbed gains and kept
prices locked in range-bound trade.
The Malaysian ringgit inched up 0.29 percent to trade at 3.3190
against the greenback late Wednesday, eating into margins for overseas buyers
and refiners.
Trade volumes were still thin with many market players away for the Lunar
New Year holidays.
"The market is still staying within the 2,500-2,600 ringgit range," said a
trader with a foreign commodities brokerage in Kuala Lumpur.
"When prices get closer to 2,500 ringgit, people see it as an opportunity to
buy. And when it moves to 2,600 ringgit it's a sell. I don't think the market is
really going anywhere for now," the trader said.
By Wednesday's close, the benchmark April contract on the Bursa
Malaysia Derivatives Exchange had gained 0.6 percent to 2,544 ringgit ($769) per
tonne. Prices held in a range of 2,533 to 2,553 ringgit.
Total traded volume stood at only 21,861 lots of 25 tonnes, much below the
average 35,000 lots.
Technicals showed that Malaysian palm oil seems to have stabilised around
its Jan. 28 low of 2,514 ringgit per tonne, and is expected to test resistance
at 2,570 ringgit, said Reuters market analyst Wang Tao.
Lingering concerns of weak demand for the tropical oil also weighed on
investor sentiment.
Malaysia's January palm oil exports fell 11 percent from a month ago to
about 1.3 million tonnes shipped, cargo surveyor data showed, raising worries
that end-stocks in the second-largest producer will continue to climb from the
current 1.99 million tonnes.
Some market participants are hoping that palm oil supply in January would
have fallen as well, as trees enter a seasonally slower production cycle that is
expected to last through the first half of the year.
"Some say production could even go down by double digits compared with last
month," said another trader with a foreign commodities brokerage. "If that is
true then stocks should be much lower than December."
In other markets, Brent crude rose above $106 a barrel on Wednesday
following gains in the U.S. oil benchmark after an industry report showed lower
inventories at the U.S. delivery point and robust heating fuel demand from cold
weather.
In other competing vegetable oil markets, the U.S. soyoil contract for March
rose 0.5 percent in late Asian trade. The Dalian Commodities Exchange is
closed for the Lunar New Year and will re-open on Feb. 7.
Palm, soy and crude oil prices at 1003 GMT
Contract Month Last Change Low High Volume
MY PALM OIL FEB4 2545 +24.00 2528 2545 279
MY PALM OIL MAR4 2543 +16.00 2532 2548 2577
MY PALM OIL APR4 2544 +15.00 2533 2553 8097
CHINA PALM OLEIN MAY4 5672 -28.00 5630 5704 209596
CHINA SOYOIL MAY4 6390 -76.00 6370 6432 299596
CBOT SOY OIL MAR4 37.88 +0.17 37.50 37.95 7590
NYMEX CRUDE MAR4 98.19 +1.00 97.53 98.26 13608
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
($1 = 3.31 Malaysian ringgit)- Reuters
The Malaysian ringgit inched up 0.29 percent to trade at 3.3190
against the greenback late Wednesday, eating into margins for overseas buyers
and refiners.
Trade volumes were still thin with many market players away for the Lunar
New Year holidays.
"The market is still staying within the 2,500-2,600 ringgit range," said a
trader with a foreign commodities brokerage in Kuala Lumpur.
"When prices get closer to 2,500 ringgit, people see it as an opportunity to
buy. And when it moves to 2,600 ringgit it's a sell. I don't think the market is
really going anywhere for now," the trader said.
By Wednesday's close, the benchmark April contract on the Bursa
Malaysia Derivatives Exchange had gained 0.6 percent to 2,544 ringgit ($769) per
tonne. Prices held in a range of 2,533 to 2,553 ringgit.
Total traded volume stood at only 21,861 lots of 25 tonnes, much below the
average 35,000 lots.
Technicals showed that Malaysian palm oil seems to have stabilised around
its Jan. 28 low of 2,514 ringgit per tonne, and is expected to test resistance
at 2,570 ringgit, said Reuters market analyst Wang Tao.
Lingering concerns of weak demand for the tropical oil also weighed on
investor sentiment.
Malaysia's January palm oil exports fell 11 percent from a month ago to
about 1.3 million tonnes shipped, cargo surveyor data showed, raising worries
that end-stocks in the second-largest producer will continue to climb from the
current 1.99 million tonnes.
Some market participants are hoping that palm oil supply in January would
have fallen as well, as trees enter a seasonally slower production cycle that is
expected to last through the first half of the year.
"Some say production could even go down by double digits compared with last
month," said another trader with a foreign commodities brokerage. "If that is
true then stocks should be much lower than December."
In other markets, Brent crude rose above $106 a barrel on Wednesday
following gains in the U.S. oil benchmark after an industry report showed lower
inventories at the U.S. delivery point and robust heating fuel demand from cold
weather.
In other competing vegetable oil markets, the U.S. soyoil contract for March
rose 0.5 percent in late Asian trade. The Dalian Commodities Exchange is
closed for the Lunar New Year and will re-open on Feb. 7.
Palm, soy and crude oil prices at 1003 GMT
Contract Month Last Change Low High Volume
MY PALM OIL FEB4 2545 +24.00 2528 2545 279
MY PALM OIL MAR4 2543 +16.00 2532 2548 2577
MY PALM OIL APR4 2544 +15.00 2533 2553 8097
CHINA PALM OLEIN MAY4 5672 -28.00 5630 5704 209596
CHINA SOYOIL MAY4 6390 -76.00 6370 6432 299596
CBOT SOY OIL MAR4 37.88 +0.17 37.50 37.95 7590
NYMEX CRUDE MAR4 98.19 +1.00 97.53 98.26 13608
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
($1 = 3.31 Malaysian ringgit)- Reuters
Palm oil prices rise on prospects of tighter edible oil supply
KUALA
LUMPUR: Malaysian palm oil futures ended higher on Thursday on prospects
of seasonally lower output of the tropical oil as well as a dry spell
in soy-growing Brazil that would potentially squeeze global edible oil
supplies.
A Reuters survey of planters and traders showed that Malaysian palm oil production last month likely fell to 1.52 million tonnes, down 8.8 percent from December as trees enter a resting period which results in smaller yields.
The poll also showed that end-stocks are expected to ease
for the first time in seven months, although sluggish export
demand would curb the drop and likely keep inventories in the
second-largest producer little changed at 1.98 million tonnes.
"There are forecasts that January palm output will be lower
by almost 10 percent, and that is helping to prop up the
market," said a trader with a local commodities brokerage.
The benchmark April contract on the Bursa Malaysia
Derivatives Exchange closed up 0.9 percent at 2,568 ringgit
($773) per tonne. Prices were locked in a range between
2,552-2,575 ringgit.
Total traded volume stood at 25,141 lots of 25 tonnes, below
the average 35,000 lots.
Technicals were bullish. Malaysian palm oil may break a
resistance zone of 2,560-2,569 ringgit per tonne and rise
further to 2,581 ringgit, Reuters market analyst Wang Tao said.
Dry spells over parts of Brazil signalled that the major soy
grower might not be able to produce the bumper harvest initially
expected. Tighter supplies of the competing oilseed for crushing
would lift soyoil prices and channel demand to rival palm oil.
"There was some speculative selling earlier in anticipation
of huge crops from Brazil. But now the factors are turning
friendly, so there's a lot of short-covering in the palm
market," the Malaysia-based trader added.
"If the dry spell continues, there will be a lot of supply
constraints ... consumers could turn to palm."
The U.S. soyoil contract for March rose 0.4 percent
in late Asian trade. The Dalian Commodities Exchange is closed
for the Lunar New Year and will re-open on Feb. 7.
In other markets, Brent crude held steady above $106 a
barrel as worries over global economic growth dented the demand
outlook, with its premium to U.S. crude continuing to narrow as
more cold weather hit the United States.
Palm, soy and crude oil prices at 1005 GMT
Contract Month Last Change Low High Volume
MY PALM OIL FEB4 2565 +25.00 2555 2571 139
MY PALM OIL MAR4 2565 +23.00 2550 2572 1073
MY PALM OIL APR4 2568 +22.00 2552 2575 11985
CHINA PALM OLEIN MAY4 5672 -28.00 5630 5704 209596
CHINA SOYOIL MAY4 6390 -76.00 6370 6432 299596
CBOT SOY OIL MAR4 38.36 +0.13 38.15 38.39 4756
NYMEX CRUDE MAR4 97.82 +0.44 97.25 97.85 9511
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
($1 = 3.32 Malaysian ringgit)
- Reuters
A Reuters survey of planters and traders showed that Malaysian palm oil production last month likely fell to 1.52 million tonnes, down 8.8 percent from December as trees enter a resting period which results in smaller yields.
The poll also showed that end-stocks are expected to ease
for the first time in seven months, although sluggish export
demand would curb the drop and likely keep inventories in the
second-largest producer little changed at 1.98 million tonnes.
"There are forecasts that January palm output will be lower
by almost 10 percent, and that is helping to prop up the
market," said a trader with a local commodities brokerage.
The benchmark April contract on the Bursa Malaysia
Derivatives Exchange closed up 0.9 percent at 2,568 ringgit
($773) per tonne. Prices were locked in a range between
2,552-2,575 ringgit.
Total traded volume stood at 25,141 lots of 25 tonnes, below
the average 35,000 lots.
Technicals were bullish. Malaysian palm oil may break a
resistance zone of 2,560-2,569 ringgit per tonne and rise
further to 2,581 ringgit, Reuters market analyst Wang Tao said.
Dry spells over parts of Brazil signalled that the major soy
grower might not be able to produce the bumper harvest initially
expected. Tighter supplies of the competing oilseed for crushing
would lift soyoil prices and channel demand to rival palm oil.
"There was some speculative selling earlier in anticipation
of huge crops from Brazil. But now the factors are turning
friendly, so there's a lot of short-covering in the palm
market," the Malaysia-based trader added.
"If the dry spell continues, there will be a lot of supply
constraints ... consumers could turn to palm."
The U.S. soyoil contract for March rose 0.4 percent
in late Asian trade. The Dalian Commodities Exchange is closed
for the Lunar New Year and will re-open on Feb. 7.
In other markets, Brent crude held steady above $106 a
barrel as worries over global economic growth dented the demand
outlook, with its premium to U.S. crude continuing to narrow as
more cold weather hit the United States.
Palm, soy and crude oil prices at 1005 GMT
Contract Month Last Change Low High Volume
MY PALM OIL FEB4 2565 +25.00 2555 2571 139
MY PALM OIL MAR4 2565 +23.00 2550 2572 1073
MY PALM OIL APR4 2568 +22.00 2552 2575 11985
CHINA PALM OLEIN MAY4 5672 -28.00 5630 5704 209596
CHINA SOYOIL MAY4 6390 -76.00 6370 6432 299596
CBOT SOY OIL MAR4 38.36 +0.13 38.15 38.39 4756
NYMEX CRUDE MAR4 97.82 +0.44 97.25 97.85 9511
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
($1 = 3.32 Malaysian ringgit)
- Reuters
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