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CRUDE palm oil (CPO) futures prices on Bursa Malaysia Derivatives closed mixed yesterday on lack of buying interest and profit-taking, said dealers.
"Buyers were sidelined, hoping futures prices would come off from their highs," said Interband Group's Senior Trader Jim Teh.
Overall, the market was in a consolidated mode, another dealer said, adding that traders shied away from the market as worries escalated that Malaysian palm oil stocks may hit a high of two million tonnes in November.
The Malaysian Palm Oil Board is expected to release production and stock data on tomorrow.
At close, spot month December 2009 was unchanged at RM2,490 per tonne while January 2010 fell RM7 to RM2,543 per tonne.
February 2010 eased RM1 to RM2,561 per tonne but March 2010 rose RM3 to RM2,560 per tonne.
Turnover dropped to 13,138 lots from 14,729 lots registered Monday while open interest declined to 87,061 from 91,399 contracts previously.
On the physical front, December South remained unchanged at RM2,500 per tonne.
JAKARTA: Malaysian crude palm oil futures tumbled yesterday as investors pocketed profits from the recent rally ahead of the release of end-November stocks data, traders said.
Industry regulator Malaysian Palm Oil Board (MPOB) is due to release end-November stocks data today.
“The market has been going up for many days, so it is normal to see some profit-taking especially prior to MPOB data,” said a trader at a Kuala Lumpur-based brokerage, adding that weak overseas markets further dented sentiment.
The benchmark February contract on the Bursa Malaysia Derivatives Exchange settled down RM35t, or1.4 per cent, at RM 2,526 a tonne. Overall volume at 20,978 lots of 25 tonnes each was double the usual 10,000 lots.
US soybean for January delivery dropped 1.04 per cent in Asian hours, while most-active September soybean oil contract in China’s Dalian exchange fell 2.4 per cent.
“The end (November) stocks are supposed to be higher and I think the market has anticipated it, so the price fall is temporary,” another Malaysian trader said.
A Reuters poll showed stocks hit a one-year high of 2.03 million tonnes in November as output was still higher than exports despite falling at a faster pace. Analysts have been bullish on a longer-term price outlook, with influential analysts James Fry and Dorab Mistry forecasting the palm oil price would go up to RM3,000 next year assuming that stocks will decline.
In the Malaysian physical palm oil market, asks/bids for December delivery were quoted at RM2,450/2,480
a tonne in the southern region and at RM2,450/2,470 in the central region.
PALM oil futures pared losses to end little changed yesterday after stockpiles in Malaysia, the second-largest producer, dropped in November as output declined the most in almost three years.
Inventories of the cooking oil declined 2 per cent to 1.93 million metric tons from a 10-month high in October, the
Malaysian Palm Oil Board said in a statement yesterday.
Production dropped 20 per cent to 1.6 million tons, while exports gained 1.5 per cent to 1.5 million tons, it said. The decrease in output was the most since December 2006, according to Bloomberg data.
February-delivery contract closed at RM2,521 a metric ton at the 6 pm close on the Malaysia Derivatives Exchange.
Futures pared losses and gained as much as 0.4 per cent to RM2,535 a ton yesterday afternoon session after the data was announced.
“Lower stockpiles will be supportive for prices and demand from India may stay particularly strong in the coming months,” Ben Santoso, an analyst at DBS Vickers Securities (Singapore) Pte Ltd, said by phone from Singapore.
"Inventory levels will continue to decline as the low production cycle kicks in.”
Palm oil, used as an alternative fuel, advanced 49 per cent this year as investors bought commodities as a haven from a weak dollar.
The commodity may climb to RM3,000 by March as drought disrupts supplies and demand grows in China and India, the biggest users, according to Dorab Mistry, director of Godrej International Ltd, one of India’s biggest edible oil buyers, last week.
Palm oil has lost 1.6 per cent this week and is headed for the first weekly loss in six.
Output in Malaysia may drop to 17.5 million tons this year from last year’s record 17.7 million tons, Mistry said. tree stress and dry weather from the developing El Nino has created a “pessimistic outlook” for output in the second half of 2010, he said on December 4.
The commodity will be supported early next year by lower- than-expected global soybean supply before coming under pressure as the South American harvest gets under way in the second quarter, DBS Vickers’ Santoso said.
Crude palm oil prices may average RM2,380 in 2010, compared with a forecast of RM2,300 this year, he said.
Palm oil exports from Malaysia fell 5.2 per cent to 399,575 tons in the first 10 days of December from the same period in November, independent market surveyor Societe Generale de Surveillance said in an e-mailed report in Kuala Lumpur.
That compares with 2.2 per cent increase in exports at 412,166 tons estimated by Intertek, a rival surveyor.
CRUDE palm oil futures contract on Bursa Malaysia Derivatives ended slightly higher on renewed interest from China, dealers said.
Trading was however cautious ahead of the weekend and coming holidays.
"Continued heavy rain in central and southern oil palm growing states in the country also encouraged many investors to take on new positions," said a dealer.
At the close, both December 2009 and January 2010 each rose RM7 to RM2,441 per tonne and RM2,494 per tonne, respectively.
February 2010 increased RM9 to RM2,530 per tonne while March 2010 added RM17 to RM2,537 per tonne.
Turnover was reduced at 13,327 lots from 20,308 lots on Thursday while open interest declined to 85,822 contracts from 86,950 contracts, previously.
On the physical market, December South rose RM20 to close at RM2,460 per tonne
Palm eases on crude price drop
Published: 2009/12/15
CPO FUTURES
JAKARTA: Malaysian crude palm oil futures fell 0.7 per cent yesterday, after short-covering narrowed a loss of as much as 2 per cent due to a drop in crude oil prices and talk of lower exports for the first half of December, traders said.
“The market tried to move down below the RM2,500 level when rumours came out but then we saw some short-covering,” said a trader at a Kuala Lumpur-based brokerage.
The benchmark February contract on the Bursa Malaysia Derivatives Exchange settled down RM17 at RM2,513, after going as low as RM2,488 in early trade. Overall volume was 11,673 lots of 25 tonnes each.
Oil headed lower for a ninth straight session yesterday to trade below US$70 a barrel, pressured by concerns over weak fuel demand and brimming inventories.
There was talk in the market that cargo surveyor Intertek Testing Service (ITS) estimates, due out today, may put Malaysia’s December 1-15 palm oil exports at 609,000-610,000 tonnes, compared to 674,148 shipped for Nov.ember 1-15, traders said.
Another cargo surveyor, Societe Generale de Surveillance (SGS), will also announce its estimate. “It may turn out that SGS is a bit lower than” ITS’s estimate, the same trader said.
Firm exports are key to using up palm oil inventories in the world’s number 2 producer. Exports dropped 2.02 per cent to 1.93 million tonnes in November.
In the Malaysian physical market, palm oil for December delivery was traded at RM2,445-2,455 per tonne in the southern region, and at RM2,435-2,445 in the central region.
CRUDE palm oil (CPO) futures contracts on Bursa Malaysia Derivatives ended slightly firmer on short covering yesterday, despite lower crude oil prices and possibly lower exports for the first half of December, dealers said.
According to a senior palm oil trader, the price should go down to RM2,300 per tonne by end of the month before it could see robust trading again.
In New Delhi yesterday, London-based Dorab Mistry, whose forecasts are keenly watched, said at an industry conference that CPO futures in Malaysia are expected to rise to RM2,800-3,000 per tonne by March.
“I believe CPO prices must rise very soon. CPO futures will trade between RM2,800-3,000 by March 2010,” he said.
At the close, December 2009 was unchanged at RM2,420 per tonne while January 2010 gained RM41 to RM2,493 per tonne.
February 2010 rose RM37 to RM2,525 per tonne and March 2010 increased RM40 to RM2,530 per tonne.
However, turnover was reduced at 8,251 lots from 11,673 lots previously, and open interest declined to 84,371 contracts from 85,135 contracts previously.
On the physical market, December South added RM5 to settle at RM2,445 per tonne.
JAKARTA: Malaysian crude palm oil futures surged 2.3 per cent to their highest closing level in six and a half months yesterday, supported by a crude oil price rebound and fresh buying in the physical market, traders said.
“After crude oil moved above $71, people get excited again. We also heard that a big buyer has been chasing olein again since the morning,” said a trader at a Kuala Lumpur-based brokerage firm.
The benchmark March contract on the Bursa Malaysia Derivatives Exchange settled up RM57 to RM2,587 per tonne, the highest finishing since June 2.
The contract briefly hit an intraday high of RM2,596, a level not seen since Dec. 7 before some profit-taking emerged.
Overall volume was at 16,437 lots of 25 tonnes.
Oil rose above $71 a barrel on Wednesday, extending gains after snapping a nine-day losing streak a day earlier, as industry data showing a steep fall in U.S. distillate stockpiles overshadowed signs of weak demand. Energy prices tend to influence vegetable oil markets as petroleum diesel competes with biodiesel.
In the Malaysian physical market, palm oil for December delivery was traded at RM2,500-2,510 per tonne in the southern and central regions.
JAKARTA: Malaysian crude palm oil futures jumped 1.3 per cent yesterday to the highest closing level in six and a half months as investors continued to bet on good demand and prospects of tight supply, traders said.
“The market momentum has picked up after the recent brief retracement, so on technical grounds it looks like heading towards higher level,” said Donny Khor, senior vice president for futures and options at OSK Investment Bank Bhd.
The benchmark March contract on the Bursa Malaysia Derivatives Exchange settled up RM34 at RM2,620 ($762.74) per tonne, the highest closing level since June 1.
Overall volume shot up to 22,564 lots of 25 tonnes each, more than double the usual 10,000 lots.
Traders and analysts remained bullish on palm oil fundamentals going into next year, with Malaysia’s end-December palm oil stocks, which usually correlate inversely with palm oil price, unlikely to rise above 2.0 million tonnes because of falling output.
Khor also said that the palm oil market was not affected by last week’s decision by Unilever, the world’s largest user of palm oil, to suspend new purchases from Indonesia’s top palm oil firm PT SMART on environmental concerns.
“If they don’t buy from Indonesia, they have to buy from somewhere else from those who are qualified to sell to them,” he said.
In the Malaysian physical market, palm oil for December delivery was traded at RM2,535 per tonne in the southern and central regions.
Palm oil plays catch up with soyoil declines last week
Published: 2009/12/22
CPO FUTURES
KUALA LUMPUR: Malaysian crude palm oil futures dropped 2.5 percent on Monday, retreating from last week’s six-and-a-half month highs on Friday’s drop in U.S. soyoil prices as well as slowing exports.
U.S. soyoil edged up 0.2 percent on Monday, after falling heavily last week thanks to a report on higher soybean output.
The benchmark March contract on the Bursa Malaysia Derivatives Exchange settled down RM65 ringgit at RM2,555 ($744.5) per tonne, its sharpest one-day drop since Oct. 2.
The contract on Friday hit RM2,628, a level unseen since June. 2.
“Palm oil was playing catch up with the declines in U.S. bean oil markets last week and slower exports have raised fears again of higher stocks in December,” a trader with a foreign commodities brokerage said.
“Also, the market was overbought last week and caught in a bear trap,” the trader said, referring to last week’s surge, where market participants, who were initially bearish, triggered stop-loss short covering when prices ran up quickly.
Exports of Malaysian palm oil products for Dec. 1-20 fell 7.7 percent to 858,307 tonnes from 930,133 tonnes shipped between Nov. 1 and 20, cargo surveyor Intertek Testing Services said.
Another surveyor, Societe Generale de Surveillance, reported a 7.4 percent drop to 884,042 tonnes in the same period from a month ago.
KUALA LUMPUR: Malaysian crude palm oil futures slipped yesterday, extending losses for a second day, as a firmer U.S. dollar weighed.
But the pace of the decline was muted compared to the previous day due to expectations of stock drawdown this month as exports were still resilient, despite falling about 7 percent for the first 20 days of December.
“Even though exports are slightly weak, there should be a decline of up to 250,000 tonnes in stocks because of demand and poor production,” a trader with a foreign commodities broker said.
A stock reduction of 250,000 tonnes represents a 13 percent decline to 1.68 million tonnes in December from a month ago, signalling the end of the high production season.
The benchmark March contract on the Bursa Malaysia Derivatives Exchange fell RM16 to RM2,539 by the midday break in light trading.
“The market is quiet but there are some who are making moves based on the U.S. dollar,” the trader said.
The Malaysian ringgit slipped against the greenback, trading at RM3.435. A firmer U.S. dollar makes exports of the vegetable oil priced in that currency more expensive for overseas buyers.
Other vegetable oil markets were mixed. U.S. soyoil for January delivery rose 0.6 percent along with much of the soybean complex.
