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Tuesday, July 31, 2007
Source from The Star
The Crude Palm Oil Futures Closing: Monday, July 30, 2007
(Prices are in RM/tonne)
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“We hope to launch the contracts later this year, hopefully in the next two or three months,” he said at the sidelines of the Securities Industry Development Corp’s incorporation and the unveiling of the Industry Transformation Initiative programme yesterday.
“Although the market is volatile, things are looking good as the fundamentals here are still intact.
“There is huge interest in crude palm oil and we are quite hopeful that it will complement our ringgit contract, especially for traders who wish to trade in US dollars.
“For international investors, this should be more appealing,” he added.
Reuters noted that
by Hanim Adnan
Petaling Jaya
Consumer nations seen stocking up for festive season
Crude palm oil (CPO) futures prices on Bursa Malaysia Derivatives re-crossed the RM2,600 per tonne level yesterday on strong demand as consumers in India, China and the Middle East were seen stocking up for the festive season beginning next month.
Higher soyabean prices and weaker ringgit also helped support the bullish market sentiment.
The actively-traded benchmark October CPO contract rose RM53 to settle at RM2,636 while both September and August contracts closed RM43 higher at RM2,667 and RM2,723 per tonne respectively.
A local dealer said the market would remain bullish with demand likely to exceed supply, particularly in the next one month.
He said
“I will not…
CPO FUTURES
Crude palm oil (CPO) futures prices on Bursa Malaysia Derivatives Bhd closed higher yesterday following the steadier soyaoil futures on the Chicago Board of Trade (CBOT), dealers said.
They said some of the traders stayed on the sidelines, anticipating good export figures for the July 1-31 period, which is due to be released by two major cargo surveyors today.
The market was also supported by the weakening of the ringgit as this encouraged strong interest from overseas buyers because it makes ringgit-based palm oil cheaper, a dealer said.
At close, August 2007 and September 2007 increased RM43 each to settle at RM2,723 per tonne and RM2,667 per tonne respectively.
October 2007 went up RM53 to settle at RM2,636 and November 2007 surged by RM66 to settle at RM2,621 per tonne.
Volume went down to 27,119 lots from 64,174 lots last Friday while open interest was higher at…
Stocks at the end of July are expected to climb 5.2 percent to 1.26 million tonnes from 1.20 million tonnes in June, a median estimate of five plantation houses polled by Reuters shows.
The poll showed exports were likely to jump 13.9 percent to 1.08 million tonnes for the whole of July, but not enough to cut into growing reserves. Palm oil output in
“Exports seem to be recovering in July because buyers just cannot delay purchases for the festive season any longer,” said one contributor to the poll.
Palm oil shipments have begun to pick up after slow sales in June, as buyers…
Traders said palm oil prices were also helped by steady crude oil, which remained well above $75 a barrel. The benchmark October contract on the Bursa Malaysia Derivatives Exchange finished up 53 ringgit, or 2.1 per cent, to 2,636 ringgit ($762) per tonne.
“Palm oil is getting all the help from soybean oil gains on Chicago Board of Trade and from the ringgit falling even further today (Monday),” said a leading trader. “Crude oil may have gone lower but it is still above $75 a barrel, which has brought the palm biofuel story back to life all over again.”
Other traded months rose between 43 and 80 ringgit. Overall trading volume shot up to 27,119…
“We expect to see output grow by 8 to 9 per cent until 2009. But we have yet to see if we can sustain the growth beyond that period,” Derom Bangun, executive chairman of the Indonesian Palm Oil Producers Association, said in an interview.
“Expansion plans have been hampered by uncertainties in the legal status of the available land,” said Bangun, adding that…
The Crude Palm Oil Futures Closing: Friday, July 27, 2007
(Prices are in RM/tonne)
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by G. M. Teoh
Monday - Prices ended higher on hedge buying and short-covering last week
CRUDE PALM OIL
Crude palm oil (CPO) futures prices on Bursa Malaysia Derivatives dipped in early trading in sympathy with sharply lower soyoil prices and then rebounded on India’s import duty reduction to close the week with big gains.
Bullish factors aiding the market last week were the sharply higher
Supporting the bullish sentiment was the cargo surveyor Societe Generale de Surveillance’s (SGS) estimates of Malaysia’s palm oil exports for the…
by W.Q. Mun
Monday - This market should rise to around RM2,600 before it starts bumping up against overhead resistance
Long-term: RM2,300 to RM2,700 Consolidation phase
Short-term: Technical upward price momentum should be sustainable early this week
Momentum index: +203
Relative strength index: 62
Observations: Investor sentiment on the Kuala Lumpur CPO futures market took a decided turn for the better last week, following the release of palm oil export estimates which showed that the export fortunes for the crop had improved considerably.
The actively-traded October 2007 contract closed last Friday at RM2,583 a tonne, up RM80 or 3.20 per cent over the week.
The release of July 1–25 export estimates by export monitors Societe Generale de Surveillance (SGS) and Intertek Technical Services (ITS) was the main catalyst that catapulted this market back into an upward price trajectory last week.
SGS and ITS put July 1–25 exports of…