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Jumat, 07 Januari 2011

PalmOil HQ Crude Palm Oil Ends Up On Speculative Buying, Fundamentals

Crude palm oil futures on Malaysia’s derivatives exchange rebounded Thursday on speculative buying and as traders worry about tight supplies amid a surging demand for vegetable oils.The market was due for a recovery after broad-based selling Wednesday that dragged palm oil prices to their lowest level in three weeks, trade participants said.

The benchmark March contract on the Bursa Malaysia Derivatives exchange ended MYR56 or 1.5% higher at MYR3,864 a metric ton after moving in a MYR3,857-MYR3,894 range.Palm oil’s outlook is “still bullish” as demand from palm oil-consuming countries will pick up in the next two months when winter ends, Govindlal Patel, director at Rajkot-based GGN International, told Dow Jones Newswires.

Demand for palm oil usually take a hit in winter as the oil tends to solidify in cold weather.
Some trade participants said tight palm oil supplies may boost prices towards MYR4,000/ton in the next few months.But analysts fear that slumping palm oil refining margins and the tropical oil’s narrowing discount to rival soyoil will curb the current rally.

Palm oil rose to MYR3,905/ton Tuesday, its highest level since March 2008.“We believe that the palm oil rally could be closer to its end, as Australia’s weather bureau has predicted that the La Nina will weaken in coming months, suggesting that the worst is over,” Credit Suisse said in a report.

Separately, Thailand plans to import 30,000 tons of CPO from Malaysia in a bid to end the domestic vegoil shortage, according to the Bangkok Post Thursday, quoting Apichart Jongskul, secretary-general at the Office of Agricultural Economics.

Retailers in Thailand have been rationing sales of bottled cooking oil in supermarkets since late December due to the lean production season at a time when demand is high.

In the cash market, palm olein for February was traded at $1,282.50/ton, March at $1,280/ton, April, May, June at $1,265/ton-$1,272.50. Shipments for October, November, December delivery were done at $1,230-$1,235/ton, said a Singapore-based physical market broker.

Cash CPO for prompt shipment was offered MYR70 higher at MYR3,880/ton.Open interest on the BMD was 89,274 lots, versus 87,872 lots Wednesday. One lot is equivalent to 25 tons.
A total of 20,333 lots of CPO were traded versus 22,852 lots Wednesday.
Posted by Saham Pilihan at 06.10

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