Malaysian crude palm oil futures closed up more than half a percent on Monday, returning to the psychologically important 1,450 ringgit mark, as the market chased a rebound in rival soyaoil. Cargo surveyor Interlake Testing Services also excited the market initially by reporting a 3.4 percent jump in export of Malaysian oil palm products for April 1 to 25, compared with March 1 to 25. But Society General de Surveillance, another cargo tracker more closely watched by the trade, doused the market's enthusiasm by putting a 2.7 percent drop on estimates for the same period.
Bursar Malaysia Derivatives' benchmark third-month palm oil contract, July, closed up 10 ringgit at 1,454 ringgit ($382.63) a tonne. The intrude high was 1,456 ringgit, while the low was 1,450. Other traded months settled up 9 to 10 ringgit. Overall volume was 3,129 lots just over half of that seen on a typically active day. Soyaoil futures on the Chicago Board of Trade were up on Monday's after-hours e-trade, with the May contract rising 0.30 cent to 23.11 cents a pound.
It had closed down 0.14 cent on Monday's day trade. Soyaoil and palm oil compete for similar export destinations, and their prices often move in step.
In trade of physical crude palm oil, April saw bids at 1,452.50 ringgit a tonne, against offers at 1,455 ringgit. May saw bids/offers at 1,455/1,460 ringgit.
Trades for April were reported at 1,450-1,452.50 ringgit in the south and 1,450 ringgit in the central region. Trades for May were done at 1,452.50-1,455 ringgit in the south and 1,452.50 ringgit in the central zone.
PALM OIL FUTURES:
April (south): 1455.
Open/High/Low: 1450/1456/1450.
Previous closes: 1450.
PALM OIL PHYSICALS:
July (third month): 1454.
Previous settlement: 1444.
FUTURES:
Benchmark third-month July up 10 ringgit at 1,454 ringgit ($382.63) a tonne.
PHYSICALS:
Offers for April at 1,455 ringgit a tonne, up 5 ringgit from Friday.
Comments
Comments are closed.