Palm rises on U.S. crude, soyoil gains
Malaysian crude palm oil futures rose as much as 2.4 percent on Thursday on the back of crude and soyoil rallies, but gave up some gains by the midsession on profit-taking.
By Agencies |
SINGAPORE: Malaysian crude palm oilfutures rose as much as 2.4 percent on Thursday on the back of crude and soyoilrallies, but gave up some gains by the midsession on profit-taking.
The benchmark August contract on the Bursa Malaysia DerivativesExchange ended morning trade up 1.4 percent at 3,656 ringgit ($1,118) a tonne,off a high of 3,691 ringgit.
"The market eased off the top on a bitof profit-taking," said one Kuala Lumpur-based trader.
Contracts forother months were all higher, trading up 40-63 ringgit Overall volumes stood at3,750 lots of 25 tonnes each, lower than the usual 5,000 lots.
Chicago Board of Trade soybean, soymeal and soyoil futures rose bytheir daily trading limits on Wednesday, following gains in corn amid U.S. cropand weather concerns.
July soybeans ended up the 70 centlimit at $15.16-�� a bushel, while soyoil for next month ended 2.35 cent perlb higher at 65 cents, after rising the 2.5 cent daily limit.
Crudeoil also lent support, with NYMEX futures jumping more than $5 to $136.38 abarrel on Wednesday, within sight of last week's record near $140, but easingback around $1 a barrel by 0505 GMT on Thursday.
"This morning, themarket was supported by external factors only -- soyoil and crude oil ... On thelocal front, demand and supply are not impressive yet," the trader said.
Malaysia's crude palm oil stocks rose 6.9 percent to 1,913,360tonnes in May, from a revised 1,789,799 tonnes in April, official crop agencyMalaysian Palm Oil Board said, much higher than the 0.6 percent increaseexpected in a Reuters poll.
On exports, Malaysian palm oil productsshipped out for June 1-10 fell 12 percent to 360,000 tonnes from 409,238 tonnesshipped between May 1-10, cargo surveyor Intertek Testing Services said.
Another surveyor, Societe Generale de Surveillance, said palm oilshipments for the period fell 4.3 percent to 389,300 tonnes.
"Wehave to see how exports will do in the next five days, whether it'll improvefurther, and especially for second-half June which will typically see animprovement as we head into the demand season," said the trader.
InMalaysia's cash market, crude palm oil for June in the southern region wastraded at 3,660-3,690 ringgit.
The benchmark August contract on the Bursa Malaysia DerivativesExchange ended morning trade up 1.4 percent at 3,656 ringgit ($1,118) a tonne,off a high of 3,691 ringgit.
"The market eased off the top on a bitof profit-taking," said one Kuala Lumpur-based trader.
Contracts forother months were all higher, trading up 40-63 ringgit Overall volumes stood at3,750 lots of 25 tonnes each, lower than the usual 5,000 lots.
Chicago Board of Trade soybean, soymeal and soyoil futures rose bytheir daily trading limits on Wednesday, following gains in corn amid U.S. cropand weather concerns.
July soybeans
Crudeoil also lent support, with NYMEX futures jumping more than $5 to $136.38 abarrel on Wednesday, within sight of last week's record near $140, but easingback around $1 a barrel by 0505 GMT on Thursday.
"This morning, themarket was supported by external factors only -- soyoil and crude oil ... On thelocal front, demand and supply are not impressive yet," the trader said.
Malaysia's crude palm oil stocks rose 6.9 percent to 1,913,360tonnes in May, from a revised 1,789,799 tonnes in April, official crop agencyMalaysian Palm Oil Board said, much higher than the 0.6 percent increaseexpected in a Reuters poll.
On exports, Malaysian palm oil productsshipped out for June 1-10 fell 12 percent to 360,000 tonnes from 409,238 tonnesshipped between May 1-10, cargo surveyor Intertek Testing Services said.
Another surveyor, Societe Generale de Surveillance, said palm oilshipments for the period fell 4.3 percent to 389,300 tonnes.
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"Wehave to see how exports will do in the next five days, whether it'll improvefurther, and especially for second-half June which will typically see animprovement as we head into the demand season," said the trader.
InMalaysia's cash market, crude palm oil for June in the southern region wastraded at 3,660-3,690 ringgit.
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