Malaysian crude palm oil futures rallied to six-week highs on Wednesday after exports data for first-half November showed an encouraging growth over October 1-15. A rise in Chicago soyoil futures over the last week - when the palm oil exchange in Kuala Lumpur was shut from Thursday through Tuesday for religious festivities - also bolstered the market. The new benchmark third-month palm oil contract, February, ended up 56 ringgit, or 4 percent, at 1,467 ringgit ($386.05) a tonne after touching 1,476 - the highest since October 7.
Dealers pegged next resistance at 1,500 ringgit. Other traded contracts were up 46 to 59 ringgit. Overall trade was heavy at 12,545 lots of 25 tonnes each.
Soyoil futures on the CBOT, or Chicago Board of Trade, closed generally firm on Tuesday, with the nearby December contract gaining 0.26 cent a lb to 21.25 cents, as a crop "rust" raised prices of most soy products on the exchange over the last week. Soyoil and palm oil compete for the same export destinations and their prices often move in step.
Prices of physical crude palm oil also surged on Wednesday.
Physical oil for spot November saw buyers/sellers at 1,500/1,510 ringgit a tonne in Malaysia's southern and central regions, up from last Wednesday's close of 1,460/1,465.
Trades were reported at 1,480-1,500 ringgit in both regions. December saw bids/offers at 1,490/1,500 ringgit a tonne, against the previous close of 1,440/1,445. Deals were reported in the south at 1,480-1,490 ringgit.
PALM OIL FUTURES:
November (south): 1510.
Open/High/Low: 1470/1476/1434.
Previous close: 1465.
PALM OIL PHYSICALS:
February (3rd month): 1467.
Previous settlement: 1411.
FUTURES:
Benchmark February up 56 ringgit to 1,467 ringgit ($386.05) a tonne.
PHYSICALS:
November offered 45 ringgit a tonne higher.