Malaysian Palm Oil Wildlife Conservation Fund (MPOWCF)
palm oil futures hit more than a two-year high yesterday on a firmer
soy complex driven by lingering weather concerns and the weaker US
The palm oil market, which broke a two-day losing streak,
was also supported by the start of the annual monsoon season this month
that brings more rainfall and can hamper harvesting in major oil palm
growing areas in Indonesia and Malaysia.
The benchmark Jan 2011
crude palm oil contract on Bursa Malaysia Derivatives ended 1.6 per cent
higher at RM3,064, after rising as much as RM3,086 — its strongest
level since July 28, 2008.
Traded volume more than doubled to 20,472 lots of 25 tonnes each.
uptrend may continue as edible oil and grain market sentiment was high
on dollar weakness and weather concerns,” said a trader with foreign
brokerage in Kuala Lumpur.
“Palm oil will try to hit 3,100 the earliest today or next week.”
technical analysis showed Malaysian palm oil is poised to rise towards a
bullish target at RM3,194 per tonne, as the uptrend is still intact.
are also on the lookout for end-October exports data due on November 1,
which will give the market more direction. The weaker US dollar trend
will be keenly watched as palm oil priced in that currency will be
cheaper for overseas buyers.
“October exports could be either
plus or minus 2 percent because exports data for the first 25 days
showed a 4 per cent fall,” said a trader in Kuala Lumpur. “It is very
hard to predict.”
Crude oil crept higher yesterday, with all eyes on USweekly
jobless numbers due later for clues about the potential size and pace
of the US Federal Reserve’s stimulus package expected next week.
futures on the Chicago Board of Trade rallied late to close higher on
Wednesday as spillover strength from wheat helped offset pressure from a
In Asian trade yesterday, US soyoil for December
delivery rose 0.8 per cent and China’s most active September soyoil
contract gained half a per cent.Source : Business Times
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