MARKET DEVELOPMENT
VEGOILS-Palm Ends Higher But Posts Biggest Weekly Drop in Three
VEGOILS-Palm Ends Higher But Posts Biggest Weekly Drop in Three
(Updates prices, tweaks headline and first paragraph, adds SGS data)
* Weekly prices fall 2.9 pct, biggest drop in three weeks
* Malaysia's April 1-10 palm oil exports up 24-29 pct m/m -cargo surveyors
* Palm to consolidate in 2,114-2,146 rgt range -technicals
* Malaysian March palm stocks rise to 1.87 mln T -MPOB
13/04/2015 (Reuters) - Malaysian palm oil futures ended higher on Friday, pulling up from a near 4-1/2-month low touched in late trade as robust export data boosted hopes that demand was improving, although weekly prices still posted their biggest loss in three weeks.
Despite ending a duty-free policy held since September, Malaysian palm exports in the first 10 days of April rose 24 percent to 324,545 tonnes from the corresponding period in March, as buyers booked more refined palm olein, according to cargo surveyor Intertek Testing Services.
Another cargo surveyor Societe Generale de Surveillance showed exports for the same period surged 29.4 percent.
"Exports are very strong even though there's the export tax - that surprised a lot of people, and that's the reason why market is firming up," said a trader with a foreign commodities brokerage in Kuala Lumpur.
After briefly touching 2,092 ringgit in late trade, its lowest since Dec. 1, the benchmark June contract on the
Bursa Malaysia Derivatives exchange clawed up 0.4 percent to settle at 2,128 ringgit ($580) a tonne by Friday's close. Prices were down 2.9 percent for the week.
Total traded volume stood at 51,659 lots of 25 tonnes, well above the usual 35,000 lots.
But gains may be hard to cling on to as higher production pushes up inventories in the world's No.2 producer, setting prices on a bearish trend, traders said.
Official data from the Malaysian Palm Oil Board showed that Malaysian palm stocks in March rose for the first time in four months to 1.87 million tonnes as a stronger-than-expected recovery in yields overtook exports.
March's production soared 33.3 percent to 1.49 million tonnes from 1.12 million in February, recording its biggest ever month-over-month rise, according to Reuters data. (MYPOMP-CPOTT)
A median forecast in a Reuters poll had pegged an 18 percent increase in output at 1.32 million tonnes, and for stocks to edge up to only 1.75 million tonnes.
In competing vegetable oil markets, the U.S. soyoil May contract was nearly flat in late Asian trade, while the most active September soybean oil contract on the Dalian Commodity Exchange dropped 0.2 percent.
In other markets, oil edged further below $57 a barrel on Friday, pressured by evidence of ample supplies including the biggest jump in U.S. inventories since 2001 and Saudi Arabian output reaching a record high.
Palm, soy and crude oil prices at 1022 GMT
Contract Month Last Change Low High Volume
MY PALM OIL APR5 2150 +42.00 2150 2150 4
MY PALM OIL MAY5 2139 +13.00 2100 2147 2518
MY PALM OIL JUN5 2128 +8.00 2092 2139 27645
CHINA PALM OLEIN SEP5 4626 -48.00 4620 4672 386470
CHINA SOYOIL SEP5 5368 -10.00 5346 5394 400348
CBOT SOY OIL MAY5 30.85 -3.60 30.60 30.99 10389
INDIA PALM OIL APR5 431.60 -3.60 426.50 436.00 1655
INDIA SOYOIL APR5 598.25 -4.25 596.40 602.30 10975
NYMEX CRUDE MAY5 50.44 -0.35 50.08 50.97 27223
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 = 3.6655 Malaysian ringgit)
($1 = 6.2080 Chinese yuan)
($1 = 62.32 Indian rupees)
* Weekly prices fall 2.9 pct, biggest drop in three weeks
* Malaysia's April 1-10 palm oil exports up 24-29 pct m/m -cargo surveyors
* Palm to consolidate in 2,114-2,146 rgt range -technicals
* Malaysian March palm stocks rise to 1.87 mln T -MPOB
13/04/2015 (Reuters) - Malaysian palm oil futures ended higher on Friday, pulling up from a near 4-1/2-month low touched in late trade as robust export data boosted hopes that demand was improving, although weekly prices still posted their biggest loss in three weeks.
Despite ending a duty-free policy held since September, Malaysian palm exports in the first 10 days of April rose 24 percent to 324,545 tonnes from the corresponding period in March, as buyers booked more refined palm olein, according to cargo surveyor Intertek Testing Services.
Another cargo surveyor Societe Generale de Surveillance showed exports for the same period surged 29.4 percent.
"Exports are very strong even though there's the export tax - that surprised a lot of people, and that's the reason why market is firming up," said a trader with a foreign commodities brokerage in Kuala Lumpur.
After briefly touching 2,092 ringgit in late trade, its lowest since Dec. 1, the benchmark June contract on the
Bursa Malaysia Derivatives exchange clawed up 0.4 percent to settle at 2,128 ringgit ($580) a tonne by Friday's close. Prices were down 2.9 percent for the week.
Total traded volume stood at 51,659 lots of 25 tonnes, well above the usual 35,000 lots.
But gains may be hard to cling on to as higher production pushes up inventories in the world's No.2 producer, setting prices on a bearish trend, traders said.
Official data from the Malaysian Palm Oil Board showed that Malaysian palm stocks in March rose for the first time in four months to 1.87 million tonnes as a stronger-than-expected recovery in yields overtook exports.
March's production soared 33.3 percent to 1.49 million tonnes from 1.12 million in February, recording its biggest ever month-over-month rise, according to Reuters data. (MYPOMP-CPOTT)
A median forecast in a Reuters poll had pegged an 18 percent increase in output at 1.32 million tonnes, and for stocks to edge up to only 1.75 million tonnes.
In competing vegetable oil markets, the U.S. soyoil May contract was nearly flat in late Asian trade, while the most active September soybean oil contract on the Dalian Commodity Exchange dropped 0.2 percent.
In other markets, oil edged further below $57 a barrel on Friday, pressured by evidence of ample supplies including the biggest jump in U.S. inventories since 2001 and Saudi Arabian output reaching a record high.
Palm, soy and crude oil prices at 1022 GMT
Contract Month Last Change Low High Volume
MY PALM OIL APR5 2150 +42.00 2150 2150 4
MY PALM OIL MAY5 2139 +13.00 2100 2147 2518
MY PALM OIL JUN5 2128 +8.00 2092 2139 27645
CHINA PALM OLEIN SEP5 4626 -48.00 4620 4672 386470
CHINA SOYOIL SEP5 5368 -10.00 5346 5394 400348
CBOT SOY OIL MAY5 30.85 -3.60 30.60 30.99 10389
INDIA PALM OIL APR5 431.60 -3.60 426.50 436.00 1655
INDIA SOYOIL APR5 598.25 -4.25 596.40 602.30 10975
NYMEX CRUDE MAY5 50.44 -0.35 50.08 50.97 27223
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 = 3.6655 Malaysian ringgit)
($1 = 6.2080 Chinese yuan)
($1 = 62.32 Indian rupees)