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Malaysian crude palm oil (CPO) futures bounced back above the psychologically-important 1,900-ringgit-a-tonne level on Thursday, spurred by a surge in rival Chicago soyaoil.
Export estimates for April 1-15 from leading cargo surveyor Society General de Surveillance (SGS) also fell within market expectations, preventing another liquidation like that seen on Wednesday.
But dealers said the market had few leads going forward and direction until the next exports data on April 20 would depend on the performance of rival Chicago soyaoil.
"I'd say there's very little out there to predict the market's next course except that the yo-yo patterns of the last few days may continue," said a trader.
The Malaysia Derivatives Exchange's benchmark third-month CPO contract, June, closed 12 ringgit up at 1,904 ringgit ($501.05) a tonne, off the day's high of 1,926.
Dealers pegged the contract's closest resistance at 1,930 ringgit.
Overall market volume stood at 5,109 lots, little changed from Wednesday's 5,645 lots.
SGS put exports of Malaysian palm oil for April 1-15 at 501,730 tonnes against the 501,440 tonnes it calculated for March 1-15.
With the export numbers not creating any ripples, the market was left to follow the broader trend in rival Soya. Palm and Soya compete for the same export markets and their prices often move in step.
Soyaoil futures on the Chicago Board of Trade (CBOT) rallied overnight, with the key may contract closing 1.34 cents a lb. up at 32.83 cents, after data showing a drop in US soyaoil stocks.
The momentum was kept up in Asian trade of soyabeans on Thursday, with the e-CBOT may contract rising 16 cents a bushel to $10.29 in trade.
In physical CPO trade, the April contract saw bids/offers at 1,975/1,980 ringgit a tonne in the southern region, against on Wednesday's close of 1,960/1,970. Trade was done at 1,980-1,975.
The April contracts for the central region was bid/offered at 1,970/1,975 ringgit a tonne. Trade was reported at 1,975-1,970.
May saw bids/offers at 1,955/1,965 ringgit a tonne in both the southern and central zones. No trades were reported.
PALM OIL FUTURES:
April (south): 1980.
Open/High/Low: 1924/1926/1903.
Previous closes: 1970.
PALM OIL PHYSICALS:
June (3rd month): 1904.
Previous settlement: 1892.
FUTURES: Benchmark third-month June up 12 ringgit to 1,904 ringgit ($501.05) a tonne.
PHYSICALS: Also up.

Copyright Reuters, 2004

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