MARKET DEVELOPMENT
VEGOILS-Palm Oil Falls on Weak Export Data After Touching Near 21-month High
VEGOILS-Palm Oil Falls on Weak Export Data After Touching Near 21-month High
* Palm falls from near 21-month top on weak export data
* Shipments from Malaysia fell by 13.8 percent in January - MPOB
(Updates latest prices, adds cargo surveyor data)
10/02/2016 (Reuters) - Malaysian palm oil futures reversed gains from a near 21-month high on Wednesday as bearish sentiment over weak exports overrode declining production.
Government data showed that January's exports dropped 13.8 percent, while cargo surveyors Intertek Testing Services and Societe Generale de Surveillance reported fall of 22.7 percent and 38.8 percent respectively in shipments during the first 10 days of February as compared with last month.
The palm oil contract for April delivery on the Bursa Malaysia Derivatives Exchange was down 0.5 percent at 2,566 ringgit ($623.12) per tonne at the end of the trading session. It reached 2,604 ringgit on Friday, its strongest level since May 16, 2014. Traded volume stood at 43,237 lots of 25 tonnes each.
"The market traded on a cautious note today, with subdued activities in the cash market. The MPOB numbers are bullish with production dipping almost 20 percent," said a trader from a brokerage firm in Kuala Lumpur, referring to government data from Malaysian Palm Oil Board (MPOB).
"However, the lower 10 days exports in February... may keep the range tight."
Malaysian end-stocks and output for the month of January fell by 12.4 percent and 19.3 percent respectively, according to MPOB data. (MYPOMS-TPO) (MYPOMP-CPOTT)
Leading vegetable oil analysts at a conference in Pakistan forecast a slowdown in Southeast Asian palm oil production in 2016, as the dry weather impact of El Nino kicks in. In competing vegetable oil markets, the U.S. March soyoil contract gained 0.6 percent.
Palm, soy and crude oil prices at 1010 GMT
Contract Month Last Change Low High Volume
MY PALM OIL FEB6 2500 +3.00 2496 2515 267
MY PALM OIL MAR6 2512 -11.00 2510 2538 957
MY PALM OIL APR6 2566 -14.00 2560 2600 23077
CHINA PALM OLEIN MAY6 0 +0.00 0 0 0
CHINA SOYOIL MAY6 0 +0.00 0 0 0
CBOT SOY OIL MAR6 30.89 -1.60 30.64 30.97 5840
INDIA PALM OIL FEB6 468.50 -1.60 467.40 474.00 1330
INDIA SOYOIL FEB6 609.30 -5.00 608.50 614.50 12230
NYMEX CRUDE MAR6 28.50 +0.56 28.27 28.73 40137
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 = 4.1180 ringgit)
($1 = 67.8350 Indian rupees)
($1 = 6.5710 Chinese yuan)
* Shipments from Malaysia fell by 13.8 percent in January - MPOB
(Updates latest prices, adds cargo surveyor data)
10/02/2016 (Reuters) - Malaysian palm oil futures reversed gains from a near 21-month high on Wednesday as bearish sentiment over weak exports overrode declining production.
Government data showed that January's exports dropped 13.8 percent, while cargo surveyors Intertek Testing Services and Societe Generale de Surveillance reported fall of 22.7 percent and 38.8 percent respectively in shipments during the first 10 days of February as compared with last month.
The palm oil contract for April delivery on the Bursa Malaysia Derivatives Exchange was down 0.5 percent at 2,566 ringgit ($623.12) per tonne at the end of the trading session. It reached 2,604 ringgit on Friday, its strongest level since May 16, 2014. Traded volume stood at 43,237 lots of 25 tonnes each.
"The market traded on a cautious note today, with subdued activities in the cash market. The MPOB numbers are bullish with production dipping almost 20 percent," said a trader from a brokerage firm in Kuala Lumpur, referring to government data from Malaysian Palm Oil Board (MPOB).
"However, the lower 10 days exports in February... may keep the range tight."
Malaysian end-stocks and output for the month of January fell by 12.4 percent and 19.3 percent respectively, according to MPOB data. (MYPOMS-TPO) (MYPOMP-CPOTT)
Leading vegetable oil analysts at a conference in Pakistan forecast a slowdown in Southeast Asian palm oil production in 2016, as the dry weather impact of El Nino kicks in. In competing vegetable oil markets, the U.S. March soyoil contract gained 0.6 percent.
Palm, soy and crude oil prices at 1010 GMT
Contract Month Last Change Low High Volume
MY PALM OIL FEB6 2500 +3.00 2496 2515 267
MY PALM OIL MAR6 2512 -11.00 2510 2538 957
MY PALM OIL APR6 2566 -14.00 2560 2600 23077
CHINA PALM OLEIN MAY6 0 +0.00 0 0 0
CHINA SOYOIL MAY6 0 +0.00 0 0 0
CBOT SOY OIL MAR6 30.89 -1.60 30.64 30.97 5840
INDIA PALM OIL FEB6 468.50 -1.60 467.40 474.00 1330
INDIA SOYOIL FEB6 609.30 -5.00 608.50 614.50 12230
NYMEX CRUDE MAR6 28.50 +0.56 28.27 28.73 40137
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 = 4.1180 ringgit)
($1 = 67.8350 Indian rupees)
($1 = 6.5710 Chinese yuan)