March 6, 2009 2:00 GMT+8
Crude palm oil futures traded slightly higher yesterday as investors waited for more leads, beyond taking positions on strong crude oil and the higher US soybean complex.
US soybean prices have received support in the last few days from a showdown between farmers and the government in Argentina, the world’s third-largest soy exporter.
Oil eased below US$45 yesterday, after surging nearly 9 per cent overnight on government data showing a surprise drop in US crude stocks, which could signal recovering demand in the world’s top energy consumer.
“External factors are encouraging but traders need fresh direction and the Bursa Malaysia Palm Oil Conference is one of the main reasons for holding back,” said a trader with a foreign commodities brokerage.
The benchmark May contract on the Bursa Malaysia Derivatives Exchange settled up RM4 at RM1,906 (US$511.5) per tonne.
Exchange operator Bursa Malaysia holds its annual Palm Oil Conference from March 10-12 and will feature industry experts such as Dorab Mistry from Godrej International, LMC International head James Fry and Thomas Mielke of Oilworld.
Malaysia’s February palm oil stocks probably tumbled 8.6 per cent to 1.67 million tonnes, their lowest in 16 months, as output slowed further on floods in key growing regions, a Reuters poll showed on Wednesday.
Other traded contracts ranged between declines of RM5 to RM43 gains. Overall volume rose above 10,000 lots of 25 tonnes each to stand at 13,843 lots.
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