Crude palm oil futures on Malaysia’s derivatives exchange ended off lows Wednesday, with weather worries in South America and a recovery in Chicago soyoil futures limiting declines.
The benchmark April contract on the Bursa Malaysia Derivatives exchange ended 0.2 lower at MYR3,197 metric ton after moving between positive and negative territory.
March soyoil on the Chicago Board of Trade was trading 0.4% higher at 53.22 cents a pound by the end of trade on BMD.
"Investor sentiment turned positive after China indicated its support to Europe, which helped Malaysian palm oil pare losses," a vegoil exporter in Johor said. "On the demand side, CPO shipments have improved in the current period, which lent support."
Data from cargo surveyor SGS (Malaysia) Bhd. put CPO shipments during the first 15 days in February at 31,796 tons, compared with a mere 4,000 tons shipped during the Feb. 1-10 period.
Exporters said the increase was a result of Malaysia issuing a quota for duty-free export of some 3.6 million tons of crude palm oil, after several weeks of delay.
"The resumption of CPO shipments may help draw down high stockpiles at Malaysian ports," a physical market broker in Kuala Lumpur said.
End-January palm oil stocks were 2.01 million tons, the Malaysian Palm Oil Board said in a Feb. 10 crop report.
In the cash market, refined palm olein for February/March shipment was offered at $1,092.50/ton while cash CPO for prompt shipment was offered at MYR3,160/ton.
Open interest on the BMD was 126,857 lots, versus 122,792 lots Tuesday. One lot is equivalent to 25 tons.
A total of 23,479 lots of CPO were traded versus 25,490 lots Tuesday.
Closing BMD Crude Palm Oil (CPO) futures prices in MYR/ton at 1000 GMT: Month Close Previous Change High Low Feb'12 3,153 3,160 -7 3,153 3,130 Mar'12 3,180 3,190 -10 3,200 3,176 Apr'12 3,197 3,205 -8 3,213 3,182 May'12 3,201 3,206 -5 3,215 3,185
-By Shie-Lynn Lim, Dow Jones Newswires; +603 2026 1233; shie-lynn.lim@dowjones.com
(END) Dow Jones Newswires
February 15, 2012 06:09 ET (11:09 GMT)
Copyright (c) 2012 Dow Jones & Company, Inc.
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