Market Flash: iSHARES MSCI Indonesia Investable Market Index Fund (EIDO:US) PRICE: 28.530 USD Down -0.360 (-1.246%) >>> BI: Rupiah Melemah Akibat Kondisi Eropa >>> Pertemuan FED pertimbangkan langkah baru dorong ekonomi >>> KIJA akan Terbitkan MEN Valas USD150 Juta >>> PT Indika Energy Perusahaan Teladan Dunia 2011 >>> Govt Promises Revision of Cost Recovery Regulation >>> BPMigas Demands PGN to Pay US$6 per MMBTU >>> Jababeka to Raise US$150 Million from Debt Markets >>> SCG Chemicals buys Chandra Asri >>> Solusi Tunas eyes Rp380 bio IPO >>> SMR Utama scouts Rp300 bio IPO >>> Alam Sutera picks two bond arrangers >>> ASII Tetap Rajai Penjualan Mobil Agustus 2011 >>> Perusahaan Thailand kuasai Saham TPIA senilai Rp 3,76 Triliun >>> Agis Main ke Tambang, Sahamnya Masuk Dalam Pengawasan >>> ACES Mendekati The Northern Agar Mau Kurangi Kepemilikan >>> IHSG masih harus berjuang terus bertahan diatas MA200 >>> Melirik Peluang Akumulasi di Saham Perbankan >>> Analisa Saham BUMI: Kuat Bertahan & Berpeluang Kembali Uptrend >>> Analisa Saham JSMR: Bertahan Di Support, What Next? >>> INDF Tertahan Di Area Support Kuat, Berpeluang Rebound >>> ASII Break Minor Support, Sell on Strength >>> ADRO Membentuk Descending Wedges, Berpeluang Rebound Terbatas >>> Wall Street ends flat as early gains evaporate >>> Fed begins policy meeting, tiptoes toward easing >>> Fed meeting to help decide on long-term Treasuries >>> Greece Makes 'Good Progress' in Reform Talks: EC >>> China worried Europe debt crisis will hit trade >>> China could roll out 4.65tr yuan stimulus package >>> IMF sees Mideast stagnation >>> NYMEX-Crude ends higher at Oct contract expiry >>> Asian Crude Palm Oil Up On Technical Buying, Soyoil >>> Foreign net Sell - 61.785.746

Kamis, 08 September 2011

Crude Palm Oil At Two-Week High On Lower Output, Soy Crop - PalmOil HQ

Crude palm oil futures on Bursa Malaysia Derivatives extended gains Wednesday, as traders covered short positions due to concerns about U.S. soybean crop conditions, though expectations of slower export demand capped gains.

Benchmark November CPO settled at MYR3,042 a metric ton, up 1.9% from Tuesday's settlement, after rising 2.3% to MYR3,053/ton intraday, the highest since Aug. 24.

Lending support to the palm oil market are expectations of a drop in Malaysia's production that could reduce palm oil stock levels by 2%-3% to 1.93 million-1.95 million tons at the end of August, trade participants said.

Traders and planters said August output was likely 1.73 million tons compared with July's level of 1.75 million tons, as workers marked holidays during the Islamic fasting month, disrupting some harvesting rounds.

But the marginal fall in production will be temporary, as harvesting will gather pace this month, "when workers return to the estates," a planter in Johor said.

This could weigh on palm oil prices, which have dropped 22% since the beginning of the year, as rising output coincides with softening export demand, following months of strong outbound sales.

Exports could fall further in September, towards 1.40 million-1.50 million tons, as stocks at ports in major vegoil consuming countries, including China, are high, a trading executive in Singapore said.

Total palm oil stocks in Chinese ports reached 526,000 as of Sept. 6, a trading executive in Guangzhou said.

Still, bullish trade participants said the wide price gap of around $110-$140/ton between refined palm olein and crude soyoil could spur further buying interest over the next few days.

"Importers are purchasing the bare minimum where soyoil is concerned, as most have shifted to palm oil," said Vijay Mehta, a director at Singapore-based Commodity Link Pte. Ltd.

"Demand should pick up from next week, as more traders from Pakistan, Bangladesh and the Middle East return to the trading desk after the Eid holidays," Mehta said.

In the cash market, refined palm olein for January/February/March traded at $1,087.50/ton, free on board Malaysian ports, a Singapore-based broker said.

Cash CPO for prompt shipment was offered MYR40 higher at MYR3,150/ton.

Traded volume on the BMD reached 16,192 lots, compared with 22,974 lots Tuesday. One lot equals 25 tons.

Open interest was 133,068 contracts compared with 131,127 contracts Tuesday.

Tidak ada komentar:

Poskan Komentar