Business Times
Wednesday - December 17, 2008
CPO FUTURES

Palm oil futures in Kuala Lumpur fell a third day after Malaysia, the second largest producer, reported record output and stockpiles for November at a time of seasonally low demand.

Reserves in Malaysia, the second largest producer, climbed to a record 2.27 million tons, the highest-ever, the country’s board said last week. Output reached a record 1.67 million tons.

“The stock-usage ratio increased to 1.68 times from 1.56 times in October,” said Penny Yaw, an analyst at Citigroup Inc in Kuala Lumpur.

Stocks won’t fall until “we enter a seasonally lower production period in the first half” of 2009, she said.

February-delivery palm oil fell 2 per cent to RM1,545 a ton (US$434) a metric ton on the Malaysia Derivatives Exchange.

The tropical oil is now 36 per cent cheaper than soybean oil, a rival, from the year’s average of 26 per cent,…

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Business Times
Tuesday, December 16, 2008,

CPO FUTURES

CRUDE palm oil (CPO) futures prices on Bursa Malaysia Derivatives closed mostly lower yesterday on lack of follow-through support, dealers said.

They said the market, which was up in the morning session on crude oil gains, failed to sustain its momentum as players chose to ignore the bullish export data for December 1-15 released yesterday.

According to Intertek Testing Services, the export of Malaysian palm oil from Dec 1-15 increased 39.3 per cent to 868,629 tonnes from 623,530 tonnes in the same period last month.

Another report from Societe Generale de Surveillance said the export figure for the period rose by over 30 per cent to 895,693 tonnes from 649,079 tonnes previously.

For the CPO contract prices, December 2008 added RM16 to close at RM1,580 per tonne while January 2009 dipped RM9 to settle at RM1,580 per tonne.

The…

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Business Times
Saturday - December 13, 2008
CPO FUTURES

Crude palm oil (CPO) futures prices on Bursa Malaysia Derivatives closed higher yesterday backed by strong buying interest, a dealer said.

He said the market was still reacting to the firmer exports data released on Wednesday.

The dealer noted that the strengthening of crude oil prices also helped boost the commodity further.

“The higher crude oil prices rise, the more attractive the CPO becomes as raw material for biofuel and hence greater demand for it,” he said.

Crude oil prices were traded at US$44 per barrel yesterday.

At the close of the CPO futures trading yesterday, December 2008 increased RM37 to RM1,620 per tonne, January 2009 climbed RM42 to RM1,645, February 2009 jumped RM49 to RM1,644 and March 2009 rose RM44 to RM1,638.

Yesterday’s volume stood at 11,579 lots versus 11,129 lots yesterday while open interests decreased to 88,513 contracts from…

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Business Times
Friday - December 12, 2008
CPO FUTURES
CRUDE palm oil (CPO) futures prices on Bursa Malaysia Derivatives closed higher yesterday backed by strong buying interest, a dealer said.

He said the market was still reacting to the firmer exports data released on Wednesday.

The dealer noted that the strengthening of crude oil prices also helped boost the commodity further.

“The higher crude oil prices rise, the more attractive the CPO becomes as raw material for biofuel and hence greater demand for it,” he said.

Crude oil prices were traded at US$44 per barrel yesterday.

At the close of the CPO futures trading yesterday, December 2008 increased RM37 to RM1,620 per tonne, January 2009 climbed RM42 to RM1,645, February 2009 jumped RM49 to RM1,644 and March 2009 rose RM44 to RM1,638.

Yesterday’s volume stood at 11,579 lots versus 11,129 lots yesterday while open interests decreased to 88,513 contracts from 88,618…

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Business Times
Friday - December 12, 2008
CPO FUTURES

Crude palm oil (CPO) futures prices on Bursa Malaysia Derivatives closed higher yesterday backed by strong buying interest, a dealer said.

He said the market was still reacting to the firmer exports data released on Wednesday.
The dealer noted that the strengthening of crude oil prices also helped boost the commodity further.

“The higher crude oil prices rise, the more attractive the CPO becomes as raw material for biofuel and hence greater demand for it,” he said.

Crude oil prices were traded at US$44 per barrel yesterday.

At the close of the CPO futures trading yesterday, December 2008 increased RM37 to RM1,620 per tonne, January 2009 climbed RM42 to RM1,645, February 2009 jumped RM49 to RM1,644 and March 2009 rose RM44 to RM1,638.

Yesterday’s volume stood at 11,579 lots versus 11,129 lots yesterday while open interests decreased to 88,513 contracts from 88,618…

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Business Times
Thursday - December 11, 2008
CPO FUTURES
Malaysian palm oil futures jumped as much as 3.2 per cent to touch one-week highs yesterday after cargo surveyors reported that exports for the first 10-days of the month nearly doubled.

Palm oil prices appear to be recovering after plummeting about 65 per cent in the past 10 months from a peak of RM4,486 in the financial crisis that started in the US subprime markets.

The benchmark February palm oil contract on Bursa Malaysia’s Derivatives Exchange rose as much as RM50 to RM1,605 per tonne, a level last seen on Dec. 2, before settling at RM1,595.

“There appears to be some massive buying from India ahead of the possible imposition of an import duty on palm oil,” said a head trader from a foreign commodities brokerage.

Exports of Malaysian palm oil products for December 1-10 surged 93 per cent to 619,180 tonnes from…

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Business Times
Wednesday - December 10, 2008
CPO FUTURES
Crude palm oil (CPO) futures prices ended higher on Bursa Malaysia Derivatives Bhd yesterday influenced by expectation of stronger export data for the first 10 days of December.

Cargo surveyors Societe Generale de Surveillance and Intertek Testing Services release the export data today, a dealer said.

The dealer said another reason for higher CPO prices was the rising concern on heavy rains in most of the key palm oil growing areas.

“Heavy rains and flood have pushed prices higher and the trend is expected to continue,” he said.

He said the support level may hover at RM1,500 to RM1,600 today.

At the close of the CPO futures trading yesterday, December 2008 increased RM55 to RM1,540 per tonne, January 2009 climbed RM64 to RM1,559, February 2009 jumped RM56 to RM1,555 and March 2009 rose RM63 to RM1,560.

However, the day’s volume stood at 10,803 lots, lower…

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Business Times
Saturday - December 06, 2008
CPO FUTURES
Crude palm oil (CPO) futures prices on Bursa Malaysia Derivatives Bhd ended higher yesterday on short-covering ahead of the long weekend, dealers said.

They said the market was also waiting for fresh leads as the Malaysian palm Oil Board was expected to release key data next week.

A dealer said earlier in the day, CPO prices dropped in line with the downtrend in soyabean oil prices despite the crude oil prices steadying around US$44 per barrel (US$1 = RM3.63).

Palm oil prices ususally track the crude oil market as vegetable oils are increasingly used as feedstock for biodisel.

An analyst, James Fry, told a palm industry conference in Indonesia on Thursday the Malaysian palm oil futures could drop by another 13-15 per cent to under RM1,300 per tonne by April, if the price of Brent crude slipped below US$35 a barrel.

December 2008…

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Business Times
Friday - December 05, 2008
CPO FUTURES
Malaysian palm futures closed down nearly 5 per cent yesterday following bearish forecasts from top industry analysts and signs of slowing demand.

The benchmark February palm oil contract on the Bursa Malaysia’s Derivatives Exchange settled down RM74 or 4.82 per cent at RM1,462 ringgit a tonne, coming off from a low of RM1,457 a tonne.

“Everybody is bearish. They are talking of a level of RM1,300, so there is room for prices to go down further,” said a dealer in a Malaysian brokerage firms.

“Many players looked at that as an opportunity to sell the market down and start fresh next week,” the dealer said.

Other traded contracts fell between RM65 and RM94. Overall volume was 9,133 lots of 25 tonnes each. – Reuters

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Business Times
Thursday - December 04, 2008
CPO FUTURES
Malaysian palm futures ended lower by over 4 per cent yesterday in quiet trade with buyers largely sidelined.

The benchmark February palm oil contract on the Bursa Malaysia’s Derivatives Exchange was down 4.18 per cent, or RM67, at RM1,536 per tonne. It reached a high of RM1,590 and a low of RM1,527 in the session.

Other traded months ranged from RM51 to RM72 lower. Overall trade stood at 6,243 lots of 25 tonnes each.

“The market is very quiet. They are waiting for more leads, more developments. It was following the overall weakness in crude oil and soybeans,” said a dealer at a Malaysian brokerage firm.

Dealers said they expected demand ahead of year-end holidays and from key buyers in China and Europe to offer some support for the price of palm oil, which is down nearly two-thirds from a record high of…

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