AGL 38.50 Decreased By ▼ -0.25 (-0.65%)
AIRLINK 137.20 Increased By ▲ 0.10 (0.07%)
BOP 5.65 Increased By ▲ 0.28 (5.21%)
CNERGY 3.87 No Change ▼ 0.00 (0%)
DCL 8.04 Decreased By ▼ -0.05 (-0.62%)
DFML 45.85 Increased By ▲ 0.11 (0.24%)
DGKC 85.33 Increased By ▲ 2.03 (2.44%)
FCCL 30.70 Increased By ▲ 0.43 (1.42%)
FFBL 59.52 Increased By ▲ 1.92 (3.33%)
FFL 9.34 Increased By ▲ 0.20 (2.19%)
HUBC 107.75 Increased By ▲ 0.90 (0.84%)
HUMNL 14.42 Increased By ▲ 0.12 (0.84%)
KEL 4.77 Increased By ▲ 0.09 (1.92%)
KOSM 7.81 Decreased By ▼ -0.17 (-2.13%)
MLCF 38.65 Decreased By ▼ -0.28 (-0.72%)
NBP 67.50 Decreased By ▼ -0.10 (-0.15%)
OGDC 172.00 Increased By ▲ 3.01 (1.78%)
PAEL 25.39 Increased By ▲ 0.01 (0.04%)
PIBTL 5.87 Decreased By ▼ -0.07 (-1.18%)
PPL 133.86 Increased By ▲ 2.86 (2.18%)
PRL 24.09 Increased By ▲ 0.33 (1.39%)
PTC 16.24 Increased By ▲ 0.49 (3.11%)
SEARL 67.23 Increased By ▲ 2.48 (3.83%)
TELE 7.52 Increased By ▲ 0.12 (1.62%)
TOMCL 36.50 Increased By ▲ 0.41 (1.14%)
TPLP 7.88 Increased By ▲ 0.02 (0.25%)
TREET 14.66 Decreased By ▼ -0.27 (-1.81%)
TRG 47.19 Increased By ▲ 1.94 (4.29%)
UNITY 25.75 Decreased By ▼ -0.08 (-0.31%)
WTL 1.31 Increased By ▲ 0.02 (1.55%)
BR100 9,452 Increased By 105.3 (1.13%)
BR30 28,518 Increased By 404.9 (1.44%)
KSE100 88,121 Increased By 926.9 (1.06%)
KSE30 27,682 Increased By 285.3 (1.04%)

Malaysian palm oil futures hit their highest in almost six weeks on Friday as upbeat export data and broad gains across commodity markets buoyed sentiment. Cargo surveyor Intertek Testing Services said Malaysia shipped 794,322 tonnes of palm oil products during May 1-20, up 29.7 percent from the same period last month.
"Local export data is good and overseas markets have given extra support for Malaysian palm oil," said a trader with foreign brokerage in Kuala Lumpur. "The market is trying to test the level of 3,400 ringgit." By midday, the benchmark August crude palm oil contract on Bursa Malaysia Derivatives rose half percent to 3,375 ringgit ($1,113) a tonne after going as high as 3,389 ringgit - a level unseen since April 11.
Traded volumes stood at 10,381 lots at 25 tonnes each, a tad lower than the usual 12,500 lots that usually change hands. Palm oil, which has lost 11 percent so far this year, is erasing earlier losses as exports play catch up with growing production. But a higher stockpile scenario, thanks to strong output in Malaysia after two years of lacklustre yields and rising imports from Indonesia, is likely to curb gains, traders said.
"Imports this month will be great and we're expecting double digit growth in production," said another trader in Kuala Lumpur. He expects May's end-stocks to hit 1.8 million tonnes. Stocks in the world's No. 2 palm oil producer climbed to a six-month high of 1.67 tonnes in April as strong output outstripped exports, data from industry regulator Malaysian Palm Oil Board (MPOB) showed.
"Movement on the trading board is not in tandem with fundamentals, the only reason the palm oil market has support is that the funds came in because of the technicals," the trader added. A Reuters technical analysis said palm oil prices will rise to 3,435-3,454 ringgit per tonne, based on its wave pattern and a Fibonacci projection analysis. Stronger crude oil thanks to concerns over supply disruption from the Middle East bolstered other vegetable oils in Asian trading hours. US soyoil for July delivery inched up on Friday while the most active January 2012 soyoil contract on Dalian Commodity Exchange rose 0.3 percent.

Copyright Reuters, 2011

Comments

Comments are closed.