MARKET DEVELOPMENT
VEGOILS-Palm Rises as Ringgit Slumps to Four-year Low, Output Seen Easing
VEGOILS-Palm Rises as Ringgit Slumps to Four-year Low, Output Seen Easing
(Updates prices, adds quote and Indonesian output forecasts)
* Poll shows Malaysian palm output down 5-10 pct Nov 1-10
* Malaysian ringgit slides 0.5 pct to 3.347 per dollar
* No surprises in key data on palm stocks, soybean supplies
12/11/2014 (Reuters) - Malaysian palm oil futures rose on Tuesday after the ringgit slumped to a four-year low and on expectations of a drop in output of the commodity in the No.2 producer this month, traders said.
Prices ended higher after a poll conducted by palm traders showed that output from Nov. 1-10 at plantations in Malaysia was down by about 5-10 percent from a month earlier, a dealer with a local commodities brokerage said.
"The weaker ringgit provided the catalyst," he added.
The Malaysian ringgit lost as much as 0.5 percent to 3.3470 per dollar, its weakest since May 2010.
The benchmark January contract on the Bursa Malaysia Derivatives Exchange gained 1.2 percent to 2,262 ringgit ($676) per tonne by Tuesday's close.
Traded volume stood at 37,339 lots of 25 tonnes, above the usual 35,000 lots.
The Indonesian Palm Oil Association told Reuters that Indonesian palm output will grow by just over 3 percent in 2015, less than half the 7 percent growth rate this year, after prolonged drought in the main growing region of Sumatra.
Analysts and traders said key data on palm oil and soybeans released on Monday contained no big surprises and could keep palm futures rangebound in the short term.
Malaysian Palm Oil Board data showed October palm oil stocks rose to a 20-month high of 2.17 million tonnes, slightly above the 2.16 million tonnes estimated.
A much-watched U.S. Department of Agriculture report saw the U.S. soybean crop at a record 3.958 billion bushels, up less than 1 percent from October and just below trade forecasts averaging 3.967 billion.
Brent crude was trading below $82 per barrel on Tuesday after hitting a four-year low, as a firm dollar and robust production from U.S. shale oilfields outweighed a drop in Libyan output.
In other markets, the U.S. soyoil contract for December was up 0.4 percent in late Asian trade, while the most-active May soybean oil contract on the Dalian Commodities Exchange shed 0.3 percent.
Palm, soy and crude oil prices at 1047 GMT
Contract Month Last Change Low High Volume
MY PALM OIL NOV4 2225 +29.00 2191 2225 57
MY PALM OIL DEC4 2262 +29.00 2225 2266 1710
MY PALM OIL JAN5 2262 +27.00 2225 2271 21378
CHINA PALM OLEIN MAY5 5342 +22.00 5324 5426 838286
CHINA SOYOIL MAY5 5914 -20.00 5892 5930 378842
CBOT SOY OIL DEC4 32.52 +0.30 32.31 32.57 4752
INDIA PALM OIL NOV4 448.80 +0.30 444.20 449.80 699
INDIA SOYOIL NOV4 582.55 -0.70 579.00 585.00 11290
NYMEX CRUDE DEC4 77.15 -0.25 76.42 77.42 31440
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 = 3.3455 Malaysian ringgit)
($1 = 6.1252 Chinese yuan)
($1 = 61.60 Indian rupee)
* Poll shows Malaysian palm output down 5-10 pct Nov 1-10
* Malaysian ringgit slides 0.5 pct to 3.347 per dollar
* No surprises in key data on palm stocks, soybean supplies
12/11/2014 (Reuters) - Malaysian palm oil futures rose on Tuesday after the ringgit slumped to a four-year low and on expectations of a drop in output of the commodity in the No.2 producer this month, traders said.
Prices ended higher after a poll conducted by palm traders showed that output from Nov. 1-10 at plantations in Malaysia was down by about 5-10 percent from a month earlier, a dealer with a local commodities brokerage said.
"The weaker ringgit provided the catalyst," he added.
The Malaysian ringgit lost as much as 0.5 percent to 3.3470 per dollar, its weakest since May 2010.
The benchmark January contract on the Bursa Malaysia Derivatives Exchange gained 1.2 percent to 2,262 ringgit ($676) per tonne by Tuesday's close.
Traded volume stood at 37,339 lots of 25 tonnes, above the usual 35,000 lots.
The Indonesian Palm Oil Association told Reuters that Indonesian palm output will grow by just over 3 percent in 2015, less than half the 7 percent growth rate this year, after prolonged drought in the main growing region of Sumatra.
Analysts and traders said key data on palm oil and soybeans released on Monday contained no big surprises and could keep palm futures rangebound in the short term.
Malaysian Palm Oil Board data showed October palm oil stocks rose to a 20-month high of 2.17 million tonnes, slightly above the 2.16 million tonnes estimated.
A much-watched U.S. Department of Agriculture report saw the U.S. soybean crop at a record 3.958 billion bushels, up less than 1 percent from October and just below trade forecasts averaging 3.967 billion.
Brent crude was trading below $82 per barrel on Tuesday after hitting a four-year low, as a firm dollar and robust production from U.S. shale oilfields outweighed a drop in Libyan output.
In other markets, the U.S. soyoil contract for December was up 0.4 percent in late Asian trade, while the most-active May soybean oil contract on the Dalian Commodities Exchange shed 0.3 percent.
Palm, soy and crude oil prices at 1047 GMT
Contract Month Last Change Low High Volume
MY PALM OIL NOV4 2225 +29.00 2191 2225 57
MY PALM OIL DEC4 2262 +29.00 2225 2266 1710
MY PALM OIL JAN5 2262 +27.00 2225 2271 21378
CHINA PALM OLEIN MAY5 5342 +22.00 5324 5426 838286
CHINA SOYOIL MAY5 5914 -20.00 5892 5930 378842
CBOT SOY OIL DEC4 32.52 +0.30 32.31 32.57 4752
INDIA PALM OIL NOV4 448.80 +0.30 444.20 449.80 699
INDIA SOYOIL NOV4 582.55 -0.70 579.00 585.00 11290
NYMEX CRUDE DEC4 77.15 -0.25 76.42 77.42 31440
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 = 3.3455 Malaysian ringgit)
($1 = 6.1252 Chinese yuan)
($1 = 61.60 Indian rupee)