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Senin, 31 Januari 2011

PalmOil HQ Crude Palm Oil Sharply Up; Weather Woes, External Factors

Crude palm oil futures on Malaysia’s derivatives exchange rose sharply Monday amid persistent fears that heavy rains continuing in Malaysia’s main southern state of Johor may cause further disruptions in harvesting and transportation of palm oil, market participants said.

Already, close to 40,000 metric tons of the oil have likely been held up by recent floods, said two trading executives in Singapore and Malaysia.
“General movement is affected and heavy vehicles are finding it to difficult to move in parts of Johor,” said the Singapore trader.

The benchmark April contract on the Bursa Malaysia Derivatives exchange ended MYR109, or 2.9% higher, at MYR3,809 a metric ton after trading in a range of MYR3,730-MYR3,809/ton.
“There’s been some short covering but also some purposeful buying today,” he said.
Cargo surveyors Intertek Agri Services and SGS (Malaysia) Bhd. released Malaysia’s palm oil export estimates for January earlier today.

The market isn’t reacting to lower export data, said an executive at a brokerage in Kuala Lumpur.
Malaysia’s palm oil exports fell 4.6% from the previous month to 1.20 million tons, according to SGS estimates; an earlier estimate by Intertek said exports fell 3.6% to 1.24 million tons.
External factors such as the strength in Dalian counterparts and the bullish outlook for crude oil amid concerns over turmoil in Egypt are also supporting palm oil prices, he said.

Trading volumes may be thin this week as most participants will be absent ahead of the Lunar New Year holidays. The BMD will be closed Tuesday, Thursday and Friday. It will be open only for half a day Wednesday.

From a technical perspective, palm oil’s support stands at MYR3,800/ton, with resistance capped at MYR3,850/ton this week, said a Kuala Lumpur-based trader.
Meanwhile, concerns about a slowdown in soybean and soy product exports from Argentina due to a port strike may support global vegetable oil prices, trade participants said.
“A daily close above 58.35 cents will open the way for a potential target of 61 cents on the upside,” said a brokerage in Mumbai.

CBOT March soyoil was trading 45 points higher at 57.72 cents a pound at 1010 GMT in screen trade.
In the cash market, many trades were reported, with palm olein for February traded at $1,270/ton, and July, August and September at $1,212.50ton free on board Malaysian ports, said a Singapore-based trading executive.

Cash CPO for prompt shipment was offered MYR60 higher at MYR3,840/ton.
Open interest on the BMD was 92,083 lots, versus 92,488 lots Friday. One lot is equivalent to 25 tons.
A total of 19,085 lots of CPO were traded versus 16,934 lots Friday.

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