17:22, 11.01.2012 — Новости
автор: OilWorld.Ru

DJ Asian Crude Palm Oil Rises In Light Trade; USDA Data In Focus


SINGAPORE (Dow Jones)--Crude palm oil futures on Malaysia's derivatives exchange rose Wednesday, largely tracking crude oil, as market participants awaited a key crop report by the U.S. Department of Agriculture due Thursday.

The benchmark March contract on the Bursa Malaysia Derivatives exchange ended MYR18, or 0.6%, higher at MYR3,233 a metric ton, the top of the day's trading range of MYR3,194-MYR3,233/ton.

February Brent crude on London's ICE Futures exchange traded at $113.49 a barrel, up $0.21, at 1000 GMT.

"There were no major cues from data releases Tuesday," a Kuala Lumpur-based trading executive said.

The Malaysian Palm Oil Board's estimates for December output mostly met industry expectations, he said.

Malaysia's Jan. 1-10 palm oil shipments declined by 16%-19% compared with the same period a month earlier, data from cargo surveyors Intertek Agri Services and SGS (Malaysia) Berhad showed. But the decline was only a little worse than expected, the executive said, because demand for Malaysian palm oil has been hit by a darkening global economic outlook and Indonesia's revised tax structure, which makes its refined, bleached and deodorized palm oil more price competitive.

Concern that hot, dry weather in Argentina and Brazil will hurt crops could continue to support CPO prices in the coming weeks, but prices will likely decline once Malaysia's palm production picks up after the effects of the La Nina weather event dissipate as March approaches, some analysts said.

BMD CPO futures may average MYR3,000/ton this year, down from MYR3,274/ton in 2011, reflecting ample supply, Alvin Tai, an analyst at Kuala Lumpur-based OSK Investment Bank, said in a research note.

Another Kuala Lumpur-based brokerage projected that CPO prices would average about MYR2,700/ton this year.

"For 2012, we think demand plays a more important role in setting the price direction," it said.

The earliest available estimate for the first 10 days of January points to slower demand, it said.

Malaysia's end-December palm oil inventories totaled 2.04 million tons, MPOB data showed Tuesday.

Some industry executives expect stocks to be flat in January amid continued weakness in export demand.

Market participants are focused on the USDA's estimates for global soybean production for this marketing year.

An output decline of 2 million tons each in Argentina and Brazil in the year that started Oct. 1 could be bullish, underpinning CPO prices in the coming sessions, said a second Kuala Lumpur-based trading executive, who tipped a test of MYR3,170/ton this week.

Meanwhile, cash CPO for prompt shipment rose MYR20 to MYR3,250/ton.

Open interest on BMD totaled 114,847 lots, up from 114,346 lots Tuesday. One lot is equivalent to 25 tons.

Trading volume totaled 16,062 lots of CPO, down from 18,847 lots Tuesday.

Closing BMD CPO futures prices in MYR/ton at 1030 GMT: 
 
Month   Close  Previous  Change   High    Low 
Jan'12  3,224     3,220     +04  3,215  3,200 
Feb'12  3,237     3,219     +18  3,240  3,205 
Mar'12  3,233     3,215     +18  3,233  3,194 
Apr'12  3,228     3,209     +19  3,228  3,190

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