MARKET DEVELOPMENT
VEGOILS-Palm Hits Near 2-week Low Before Turning Positive As Exports Eyed
VEGOILS-Palm Hits Near 2-week Low Before Turning Positive As Exports Eyed
(Repeats to fix formatting)
* Palm earlier hit 2,143 ringgit, lowest since March 18
* Positive expectations ahead of Malaysian export data
30/03/2015 (Reuters) - Malaysian palm oil futures touched a near two-week low on Monday, before reversing losses to end positive as traders positioned themselves ahead of export data due later this week.
The benchmark June contract on the Bursa Malaysia Derivatives ended 1 percent higher at 2,190 ringgit ($590) a tonne. Prices earlier hit 2,143 ringgit, its lowest levels since March 18 before climbing as high as 2,196 ringgit.
Total traded volume stood at 37,613 lots of 25 tonnes, just above the average 35,000 lots.
"The market is anticipating good exports tomorrow and this is the only bullish factor we have in the market right now,"said a trader with foreign commodities brokerage.
"Dalian is down ... and crude oil is also down ... chances are, people are anticipating a better export figure for the endof the month."
Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance are due to release data on Malaysia'sMarch palm oil exports on Tuesday.
Data earlier this month showed that exports of Malaysian palm oil products for March 1-25 rose 3.5 percent and traders see this as a possible sign of more positive numbers this week.
In other vegetable oils, the U.S. soyoil May contract was little-changed, while the most active September soybean oil contract on the Dalian Commodity Exchange lost 1.4percent.
Crude oil prices fell as officials from Iran and six world powers discussed a possible deal over Tehran's nuclear programme that could bring an end to sanctions and allow an increase in Iranian oil exports.
"Earlier the market was down and following external factors like lower soyoil and crude oil," said a second KualaLumpur-based trader. "The market is trading a range between2,100 ringgit and 2,300 ringgit. There are no new leads to get the market out. Seems like some physical buying this afternoon."
Offering support, the ringgit hit a one-week low as sliding oil prices renewed concerns that lower crude may hurt the country's current and fiscal accounts.
Palm prices are expected to trade lower in the comingmonths, however, traders added, with the monsoon season endingin dominant Southeast Asian producers and production likely torise.
In related news, The share of palm in India's growing edibleoil imports is expected to drop to the lowest since 2005/06 inthe current year to October.
Indonesia, the world's top palm producer, set its crude palmoil export tax for April at zero.
Palm, soy and crude oil prices at 1026 GMTContract Month Last Change Low High VolumeMY PALM OIL APR5 2156 +5.00 2078 2158 343MY PALM OIL MAY5 2195 +20.00 2149 2199 1995MY PALM OIL JUN5 2190 +21.00 2143 2196 22632CHINA PALM OLEIN SEP5 4664 -52.00 4642 4706 469874CHINA SOYOIL SEP5 5372 -74.00 5360 5446 437892CBOT SOY OIL MAY5 30.63 +0.70 30.44 30.76 4994INDIA PALM OIL MAR5 434.50 +0.70 433.90 435.30 109INDIA SOYOIL APR5 582.20 +2.30 581.00 584.00 12645NYMEX CRUDE MAY5 47.76 -1.11 47.65 48.69 52492Palm oil prices in Malaysian ringgit per tonneCBOT soy oil in U.S. cents per poundDalian soy oil and RBD palm olein in Chinese yuan per tonneIndia soy oil in Indian rupee per 10 kgCrude in U.S. dollars per barrel($1 = 3.7115 ringgit)($1 = 6.2065 Chinese yuan)($1 = 62.6200 Indian rupee)
* Palm earlier hit 2,143 ringgit, lowest since March 18
* Positive expectations ahead of Malaysian export data
30/03/2015 (Reuters) - Malaysian palm oil futures touched a near two-week low on Monday, before reversing losses to end positive as traders positioned themselves ahead of export data due later this week.
The benchmark June contract on the Bursa Malaysia Derivatives ended 1 percent higher at 2,190 ringgit ($590) a tonne. Prices earlier hit 2,143 ringgit, its lowest levels since March 18 before climbing as high as 2,196 ringgit.
Total traded volume stood at 37,613 lots of 25 tonnes, just above the average 35,000 lots.
"The market is anticipating good exports tomorrow and this is the only bullish factor we have in the market right now,"said a trader with foreign commodities brokerage.
"Dalian is down ... and crude oil is also down ... chances are, people are anticipating a better export figure for the endof the month."
Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance are due to release data on Malaysia'sMarch palm oil exports on Tuesday.
Data earlier this month showed that exports of Malaysian palm oil products for March 1-25 rose 3.5 percent and traders see this as a possible sign of more positive numbers this week.
In other vegetable oils, the U.S. soyoil May contract was little-changed, while the most active September soybean oil contract on the Dalian Commodity Exchange lost 1.4percent.
Crude oil prices fell as officials from Iran and six world powers discussed a possible deal over Tehran's nuclear programme that could bring an end to sanctions and allow an increase in Iranian oil exports.
"Earlier the market was down and following external factors like lower soyoil and crude oil," said a second KualaLumpur-based trader. "The market is trading a range between2,100 ringgit and 2,300 ringgit. There are no new leads to get the market out. Seems like some physical buying this afternoon."
Offering support, the ringgit hit a one-week low as sliding oil prices renewed concerns that lower crude may hurt the country's current and fiscal accounts.
Palm prices are expected to trade lower in the comingmonths, however, traders added, with the monsoon season endingin dominant Southeast Asian producers and production likely torise.
In related news, The share of palm in India's growing edibleoil imports is expected to drop to the lowest since 2005/06 inthe current year to October.
Indonesia, the world's top palm producer, set its crude palmoil export tax for April at zero.
Palm, soy and crude oil prices at 1026 GMTContract Month Last Change Low High VolumeMY PALM OIL APR5 2156 +5.00 2078 2158 343MY PALM OIL MAY5 2195 +20.00 2149 2199 1995MY PALM OIL JUN5 2190 +21.00 2143 2196 22632CHINA PALM OLEIN SEP5 4664 -52.00 4642 4706 469874CHINA SOYOIL SEP5 5372 -74.00 5360 5446 437892CBOT SOY OIL MAY5 30.63 +0.70 30.44 30.76 4994INDIA PALM OIL MAR5 434.50 +0.70 433.90 435.30 109INDIA SOYOIL APR5 582.20 +2.30 581.00 584.00 12645NYMEX CRUDE MAY5 47.76 -1.11 47.65 48.69 52492Palm oil prices in Malaysian ringgit per tonneCBOT soy oil in U.S. cents per poundDalian soy oil and RBD palm olein in Chinese yuan per tonneIndia soy oil in Indian rupee per 10 kgCrude in U.S. dollars per barrel($1 = 3.7115 ringgit)($1 = 6.2065 Chinese yuan)($1 = 62.6200 Indian rupee)