KUALA LUMPUR (April 2): Malaysian palm oil futures rose 1.5% on Tuesday, tracking gains in related edible oils and on prospects of lower stockpiles due to better exports.
The benchmark palm oil contract for June delivery on the Bursa Malaysia Derivatives Exchange was up 1.5% at RM2,144 (US$525.23) a tonne at the midday break, its highest in a week.
The contract also posted its sharpest intraday gain in two weeks and was headed for a second straight session of gains.
"Palm took cues from overnight gains in soybean oil futures," said a Kuala Lumpur-based futures trader, adding that March export data from cargo surveyors also supported the market.
"Exports are good, it is possible that end-stocks will reduce."
Cargo surveyors Intertek Testing Services and AmSpec Agri Malaysia said on Monday Malaysia's palm oil exports in March rose around 22% from the previous month.
Another cargo surveyor, Societe Generale de Surveillance, reported a monthly rise of 28.1%.
Strong gains in exports could help reduce stockpiles in Malaysia, which rose to their highest in nearly two decades in December. Stockpiles had risen unexpectedly in February, by 1.3% to 3.05 million tonnes.
Official March data from the Malaysian Palm Oil Board is scheduled for release on April 10.
In other related oils, the Chicago May soybean oil contract gained 0.7% on Monday on optimism about a trade deal with China after the US Agriculture Department said private exporters reported the sale of 828,000 tonnes of soybeans to China. It was up 0.3% on Tuesday.
Meanwhile, the May soyoil contract on the Dalian Commodity Exchange edged up 0.3%, and the Dalian May palm oil contract rose 1%.
Palm oil prices are affected by movements in soyoil, as they compete for a share in the global vegetable oil market.
Palm, soy and crude oil prices at 0443 GMT
Contract Month Last Change Low High Volume MY PALM OIL APR9 2029 +20.00 2020 2029 66 MY PALM OIL MAY9 2106 +27.00 2090 2107 1493 MY PALM OIL JUN9 2144 +31.00 2124 2144 9688 CHINA PALM OLEIN MAY9 4380 +42.00 4330 4386 222366 CHINA SOYOIL MAY9 5408 +16.00 5376 5418 156748 CBOT SOY OIL MAY9 28.66 +0.09 28.53 28.75 2041 INDIA PALM OIL APR9 533.00 +6.30 529.40 534.3 462 INDIA SOYOIL APR9 732 +2.90 727.1 732 1020 NYMEX CRUDE MAY9 61.74 +0.15 61.67 62.02 50518 Palm oil prices in Malaysian ringgit per tonne CBOT soy oil in US 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 US dollars per barrel
(US$1 = RM4.0820) (US$1 = 6.7188 Chinese yuan) (US$1 = 69.2860 Indian rupees)
@racheal...one step at a time...step by step....1.25 resistance has been broken and I hope the price stays above it and close decisively today... Next target is to break 1.38 which was the highest price met before my last holiday to Europe.... Let's see how it progresses from here.... I need to review the charts and TA regularly...
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
Tongkarat
7,588 posts
Posted by Tongkarat > 2019-04-02 15:14 | Report Abuse
Kopang gibing kopang gibing kopang gibing