MARKET DEVELOPMENT
VEGOILS-Palm Up on Exports Data, Posts Best Weekly Gain Since Feb
VEGOILS-Palm Up on Exports Data, Posts Best Weekly Gain Since Feb
17/08/2013 (Reuters) - Malaysian palm oil futures hit their highest in more than a month on Friday and posted their best weekly performance since early February, as rising exports boosted investor optimism.
Malaysian palm oil exports for the Aug. 1-15 period rose 17.7 percent from the same period a month ago to 644,589 tonnes, cargo surveyor Intertek Testing Services said on Thursday.
Another surveyor, Societe Generale de Surveillance, reported an increase of 18.7 percent for the same period.
The latest end-stocks report by industry regulator Malaysian Palm Oil Board (MPOB) which indicated July levels were only 1 percent higher than the previous month's despite strong production also supported views for a robust demand.
"This (the MPOB report) suggested a good sign ... demand is partly fuelled by near-record biodiesel exports and growing demand for biodiesel for local consumption as crude oil prices continue to advance," said Singapore-based Phillip Futures in a note on Friday.
The new benchmark November contract on the Bursa Malaysia Derivatives Exchange hit a high of 2,336 ringgit, a level last seen on July 12, but gave up some gains on profit-taking to close at 2,305 ringgit ($704) per tonne. That represented a 0.3 percent rise from its previous day's close.
Total traded volume stood at 31,590 lots of 25 tonnes each, lower than the average 35,000 lots. For the week, the benchmark contract was up 4.4 percent, its best performance since the week ending Feb. 1.
The tropical oil is expected to pause or peak around a resistance of 2,348 ringgit per tonne, as indicated by its wave pattern and a Fibonacci ratio analysis, said Reuters analyst Wang Tao.
Malaysia, the world's No.2 palm oil producer has set its crude palm oil export tax for September at 4.5 percent, unchanged since March, a government circular showed on Friday.
In other markets, Brent crude oil steadied above $109 per barrel on Friday, consolidating after a week of strong gains as turmoil in Egypt and Libya stoked worries over the security of oil supplies from the Middle East and North Africa.
In vegetable oil markets, the U.S. soyoil contract for December lost 0.1 percent in late Asian trade. The most-active January soybean oil contract on the Dalian
Commodities Exchange rose 0.8 percent.
Palm, soy and crude oil prices at 1011 GMT
Contract Month Last Change Low High Volume
MY PALM OIL SEP3 2363 +14.00 2358 2382 1053
MY PALM OIL OCT3 2322 +4.00 2322 2352 7730
MY PALM OIL NOV3 2305 +6.00 2305 2336 13015
CHINA PALM OLEIN JAN4 5610 +60.00 5586 5678 517682
CHINA SOYOIL JAN4 7186 +60.00 7176 7282 903850
CBOT SOY OIL DEC3 43.38 -0.07 43.35 43.67 5974
NYMEX CRUDE SEP3 107.23 -0.10 107.03 107.57 17541
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=3.275 Malaysian ringgit)
Malaysian palm oil exports for the Aug. 1-15 period rose 17.7 percent from the same period a month ago to 644,589 tonnes, cargo surveyor Intertek Testing Services said on Thursday.
Another surveyor, Societe Generale de Surveillance, reported an increase of 18.7 percent for the same period.
The latest end-stocks report by industry regulator Malaysian Palm Oil Board (MPOB) which indicated July levels were only 1 percent higher than the previous month's despite strong production also supported views for a robust demand.
"This (the MPOB report) suggested a good sign ... demand is partly fuelled by near-record biodiesel exports and growing demand for biodiesel for local consumption as crude oil prices continue to advance," said Singapore-based Phillip Futures in a note on Friday.
The new benchmark November contract on the Bursa Malaysia Derivatives Exchange hit a high of 2,336 ringgit, a level last seen on July 12, but gave up some gains on profit-taking to close at 2,305 ringgit ($704) per tonne. That represented a 0.3 percent rise from its previous day's close.
Total traded volume stood at 31,590 lots of 25 tonnes each, lower than the average 35,000 lots. For the week, the benchmark contract was up 4.4 percent, its best performance since the week ending Feb. 1.
The tropical oil is expected to pause or peak around a resistance of 2,348 ringgit per tonne, as indicated by its wave pattern and a Fibonacci ratio analysis, said Reuters analyst Wang Tao.
Malaysia, the world's No.2 palm oil producer has set its crude palm oil export tax for September at 4.5 percent, unchanged since March, a government circular showed on Friday.
In other markets, Brent crude oil steadied above $109 per barrel on Friday, consolidating after a week of strong gains as turmoil in Egypt and Libya stoked worries over the security of oil supplies from the Middle East and North Africa.
In vegetable oil markets, the U.S. soyoil contract for December lost 0.1 percent in late Asian trade. The most-active January soybean oil contract on the Dalian
Commodities Exchange rose 0.8 percent.
Palm, soy and crude oil prices at 1011 GMT
Contract Month Last Change Low High Volume
MY PALM OIL SEP3 2363 +14.00 2358 2382 1053
MY PALM OIL OCT3 2322 +4.00 2322 2352 7730
MY PALM OIL NOV3 2305 +6.00 2305 2336 13015
CHINA PALM OLEIN JAN4 5610 +60.00 5586 5678 517682
CHINA SOYOIL JAN4 7186 +60.00 7176 7282 903850
CBOT SOY OIL DEC3 43.38 -0.07 43.35 43.67 5974
NYMEX CRUDE SEP3 107.23 -0.10 107.03 107.57 17541
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=3.275 Malaysian ringgit)