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Kamis, 31 Maret 2011

Crude Palm Oil Ends Up On Soyoil Rally, Steady Demand - PalmOil HQ

Crude palm oil futures on Malaysia’s derivatives exchange rose Wednesday with support from a moderate rally in Chicago soyoil and a steady demand outlook.

The benchmark June contract on the Bursa Malaysia Derivatives ended MYR60 higher at MYR3,312 a metric ton, after trading in a MYR3,268-MYR3,323/ton range.

“Talk on the street put (March) export numbers between 1.09 million and 1.11 million tons,” said a trading executive in Kuala Lumpur. “Though the numbers may be unchanged from February, it is an indication that demand is improving as exports were in the red earlier this month.”

Cargo surveyors Intertek Agri Services and SGS (Malaysia) Bhd. are scheduled to issue March export estimates Thursday. They pegged February shipments at 1.11 million and 1.09 million tons, respectively.

May soyoil on the Chicago Board of Trade was trading 16 points higher at 57.18 cents a pound around the end of trade on the BMD.

Analysts expect further declines in palm oil, as production is expected to improve in the second half, likely boosting full-year production to around 18 million tons, after two consecutive years of declines.

“It is unlikely for palm oil prices to fall to MYR2,800/ton even as production rises, as demand is improving,” said Tsutomu Usui, chief executive at Malaysia-based Intercontinental Specialty Fats Sdn. Bhd.

“Palm oil is cheap and widely available and the increased usage for palm oil in a wide variety of products is an indication that demand will continue to grow,” said Tsutomu, who was previously a tropical oils trader with the Tokyo-based Mitsubishi Corp.

In the cash market, palm olein for April was traded from $1,165 to $1,175/ton, while July, August, September shipments and October, November, December shipments traded at $1,120/ton, free on board Malaysian ports, said a Singapore-based trading executive.

Cash CPO for prompt shipment was offered MYR30 higher at MYR3,380/ton.

The most-active rupiah-denominated June CPO contract on the Indonesia Commodity & Derivatives Exchange was up 1.9% at IDR9,605 a kilogram at 1040 GMT.

CME Group’s dollar-based palm oil contract for June was $8 higher at $1,090/ton at 1040 GMT.

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