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Friday, October 26, 2012

Crude Palm Oil Rebounds on Chinese Data, Likely Higher Demand

Crude palm-oil futures on Malaysia’s derivatives exchange rebounded Wednesday supported by an improvement in manufacturing data from China, the world’s largest palm-oil consumer after India, and forecasts for higher demand for exports.

The benchmark January contract at Bursa Malaysia Derivatives ended 1.5% higher at 2,578 ringgit a metric ton after moving in a MYR2,551-MYR2,578 range.
The preliminary HSBC China Manufacturing Purchasing Managers Index rose to 49.1 in October compared with a final reading of 47.9 in September and is the highest reading since July, suggesting a likely further pick up in economic activity in the world's second-biggest economy on the back of more accommodative monetary conditions and increasing infrastructure investment.
Market sentiment also got a boost from expectations that palm-oil shipments between Oct. 1 and Oct. 25 probably rose 10% to around 1.29 million tons, a trading executive at a Singapore-based bank said. The executive tipped palm oil to trade in a MYR2,550-MYR2,600/ton range as investors may square off positions ahead of the long weekend. Malaysian markets will be closed Friday for a public holiday.
Firm exports along with potential disruption to harvests from annual floods in important growing regions of Malaysia may prevent further buildup of stockpiles. These hit an all-time high of 2.48 million tons at the end of September.
Cargo surveyors Intertek Agri Services and SGS (Malaysia) Bhd., issue Oct. 1-25 shipments Thursday.
In the cash market, refined palm olein for January/February/March shipment was traded at $875/ton, free on board Malaysian ports, a physical broker in Singapore said.
Cash CPO for prompt shipment was offered at MYR2,440/ton.
Open interest on the BMD was 140,311 lots, versus 151,330 lots Tuesday. One lot is equivalent to 25 tons.
A total of 20,953 lots of CPO were traded versus 33,116 lots Tuesday.
Ending BMD Crude Palm Oil (CPO) futures prices in MYR/ton: 

Month   Close  Previous  Change   High    Low
Nov'12  2,468     2,437     +31  2,468  2,440
Dec'12  2,539     2,496     +43  2,536  2,511
Jan'13  2,578     2,540     +38  2,576  2,551
Feb'13  2,614     2,571     +43  2,610  2,588 
Write to Shie-Lynn Lim at shie-lynn.lim@dowjones.com
(END) Dow Jones Newswires
October 24, 2012 07:58 ET (11:58 GMT)
Copyright (c) 2012 Dow Jones & Company, Inc.

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