Tuesday, 14 April 2015

Palm Oil Climbs 2nd Day as MYR Extends - Bloomberg

Contract for June delivery climbs as much as 1.5% to 2,160 ringgit/mt on Bursa Malaysia Derivatives before trading at 2,143 ringgit by midday break in Kuala Lumpur.

* NOTE: Futures tumbled to 2,092 ringgit on April 10, lowest level since Dec. 1, after data showed monthly output in Malaysia surged most in 18 yrs

  • MYR May Fall to 3.80/USD in 2Q on Strong Dollar, Low Oil: Mizuho  
  • MYR posts biggest decline since Dec. 1 on USD strength  
  • “The ringgit’s weakness and the strength in soybean oil contributed to today’s gains” Gnanasekar Thiagarajan, head of trading and hedging strategies at Kaleesuwari Intercontinental Singapore, says by phone. “Once prices went below 2,100 ringgit, market saw it as a buying opportunity.” 
  • Palm oil exports from Malaysia +24% to 324,545 mt in April 1-10 m/m: Intertek; shipments +29% in same period: SGS * READ: Palm oil seen sinking to six-year low by Mistry as output swells * Soybean oil for May +0.6% at 31.26c/lb on CBOT after closing +0.8% on April 10; soybeans little changed at $9.50 3/4 a bushel 
  • Soybean oil’s premium over palm at $111.33/mt, highest since June: data compiled by Bloomberg * Palm oil’s premium over gas oil at $39.21/mt vs avg discount of ~$54 in past yr: data compiled by Bloomberg 
  • Refined palm oil for Sept. +1% to 4,674 yuan/mt on Dalian Commodity Exchange; soybean oil +1.5% to 5,448 yuan/mt
To contact the reporter on this story: Ranjeetha Pakiam in Kuala Lumpur at +60-3-2302-7856 or rpakiam@bloomberg.net To contact the editors responsible for this story: James Poole at +65-6212-1551 or jpoole4@bloomberg.net Thomas Kutty Abraham, Jake Lloyd-Smith