(Bloomberg) -- Palm oil for May delivery rises as much as 1% to 2,860 ringgit/ton on Bursa Malaysia Derivatives, biggest intraday gain since Feb. 10.
- Trades +0.2% at 2,837 ringgit by 12:04pm in Kuala Lumpur; earlier -0.3%
- The market is testing the psychological support level at 2,800 ringgit and there some short covering at these levels, Donny Khor, deputy director of futures & commodities at RHB Investment Bank in Kuala Lumpur, says by phone. Expectations of tight supplies in Feb. will continue to underpin market in near term, he says
- Uncertainty about demand from consuming countries, anticipation for palm oil production to recover from March onward is capping price gains: Khor
- NOTE: Malaysia Feb. 1-20 palm oil exports -0.8% m/m to 733,288 tons: Intertek; shipments +1.7% m/m to 745,564 tons according to SGS
- NOTE: Palm Oil Output Seen Recovering as El Nino Effect Recedes: MPOC
- Soybean oil for May delivery on Chicago Board of Trade unchanged at 33.16c/lb; May soybeans +0.6% to $10.49 3/4 a bushel
- Soybean oils premium over palm oil at ~$95/ton vs avg ~$91 over past year: data compiled by Bloomberg
- Palm oil premium over gasoil at ~$141/ton vs avg ~$219 over past year: data compiled by Bloomberg
- May refined palm oil on Dalian Commodity Exchange -1.2% to 5,860 yuan/ton; May soybean oil -0.9% to 6,638 yuan/ton
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