Crude palm oil futures on Malaysia’s derivatives exchange stumbled Monday as investors booked profits following export figures that fell short of market expectations. The benchmark March contract on the Bursa Malaysia Derivatives exchange ended MYR33 or 0.9% lower at MYR3,730 a metric ton after moving in a range of MYR3,730-MYR3,807/ton.
Surveyors Intertek Agri Services and SGS (Malaysia) Bhd., estimated shipments during the first 10 days of January at 300,250 tons and 331,655 tons, respectively.
The figure is sharply lower than expected. Traders had anticipated that outbound sales would reach 400,000 tons.
Investors also trimmed risky positions due to concerns that surging prices and a narrow price gap with rival soyoil would curtail demand for the tropical oil. CPO prices have risen 45% in the last six months.
Persistent concerns about an annual index-fund rebalancing exercise in most commodity markets, which is expected induce selling, also weighed on sentiment.
"Traders also booked profits as many had expected stock levels to fall more," said an executive at Kuala Lumpur-based commodities brokerage.
The government-linked Malaysian Palm Oil Board said in a monthly report that end-December inventory levels were at 1.61 million tons, just 1.3% lower than 1.64 million tons in November.
However, Malaysia's palm oil output is likely to remain weak during the current lean-output period, "and keep the palm oil rally intact until March," an executive at a regional agribusiness trading firm said.
December's crop data from the MPOB brought Malaysia's 2010 output to 17 million tons–below the industry regulator's revised forecast of 17.2 million tons–marking a second consecutive year of declining output after 2009's 17.6 million tons and 2008's 17.7 million tons.
Persistent weather conditions and supply issues could keep CPO prices at higher levels in the first quarter this year, Hong Leong Investment Bank Research also said in a note.
The bank said the intensifying fight for acreage between corn and soybeans in the U.S., with farmers favoring corn production due to rising prices, may further tighten global oilseed and vegetable oil supply.
"With more farmers switching to corn from soybeans, this will eventually push soybean prices higher and in turn result in a spillover effect on CPO prices," HLIB Research said.
In the cash market, palm olein for January was offered at $1,260/ton while cash CPO for prompt shipment was offered MYR40 lower at MYR3,780/ton.
Open interest on the BMD was 90,093 lots, versus 90,806 lots Friday. One lot is equivalent to 25 tons.
A total of 22,432 lots of CPO were traded versus 30,156 lots Friday.
Tidak ada komentar:
Posting Komentar