Jun 8 2010 11:26AM
KUALA LUMPUR, June 8 (Reuters) - Malaysian crude palm oil futures made little headway on Tuesday as investors waited for cues on stocks and production data due this week although concern about Europe's debt crisis sapped sentiment.
* Traders are talking about a 5-6 percent rise in production as Malaysian yields improve, which might weigh on a market that has lost about 8 percent so far this year.
* Reuters will issue a palm oil poll later in the day, ahead of key stocks, production and export data due on Thursday.
* The benchmark August crude palm oil futures on the Bursa Malaysia Derivatives Exchange edged 0.2 percent lower to 2,444 ringgit ($733.3). Traded volume was light at 3,626 lots of 25 tonnes each.
* U.S. palm oil futures <0#cpo:>, which debuted last month, were untraded.
* "The Malaysian market is contained in a tight range, there may be some support if crude oil recovers," said a trader at a foreign brokerage.
* Oil edged higher towards $72 on Tuesday as a forecast for another drop in U.S. inventories helped stabilise a volatile market driven by concerns that Europe's debt crisis would cut into energy demand. [O/R]
* Higher crude oil supported other vegetable oil markets. In Asian hours, U.S. soyoil futures for July delivery edged higher. In China, the January 2011 soyoil contract on Dalian Commodity Exchange rose 0.4 percent.
Palm, soy and crude oil prices at 0541 GMT Contract Last Net chg Settle Open High Low Volume PALM OIL JUN0 2543 + 2.00 2541 2543 2543 2543 39 PALM OIL JUL0 2487 -9.00 2496 2496 2496 2480 245 PALM OIL AUG0 2444 -5.00 2449 2454 2456 2438 2393 PALM OIL SEP0 2419 + 0.00 2419 2427 2427 2413 556 CBOT soyoil* 36.63 + 0.16 36.47 N/A 36.63 36.48 N/A NYMEX crude** 71.80 + 0.36 71.44 N/A 71.95 70.75 N/A Palm oil prices in Malaysian ringgit per tonne
* Soy oil in U.S. cents per pound ** Crude in USD per barrel
($1=3.333 Malaysian Ringgit)
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