CPO FUTURES
Malaysian crude palm oil futures edged up to a 34-week high yesterday on expectations that data due out Monday would show good palm oil exports during the first 25 days of April, traders said.
The market bounced back from early losses on talk that Malaysian palm oil exports for the first 25 days of April rose about 7 per cent to 970,000 tonnes, a trader at a Kuala Lumpur-based brokerage said, and closed slightly higher after some late profit-taking.
"It was a very healthy correction towards the closing.
Traders may have realised that the exports rise has been priced in," the trader said.
The benchmark July contract on the Bursa Malaysia Derivatives Exchange ended up RM5, or 0.2 per cent, at RM2,585, the strongest closing level since August 29.
The benchmark contract hit an intraday low of RM2,535 and a high of RM2,648, a level not seen since August 25.
Other traded months rose between RM3 and RM48.
Overall volume was more than double the usual level at 23,396 lots of 25 tonnes each.
The price of the tropical oil - used in various products from soap to biodiesel - has risen 53 per cent this year, supported by tightness in global vegetable oil supplies amid falling palm stock.
Palm oil prices may remain at around RM2,600 until August as robust demand cuts into declining stocks, the news agency Bernama reported yesterday, citing Malaysian Palm Oil Board director-general Mohammad Basri Wahid. Analysts said top producers Indonesia and Malaysia could see palm output fall in April-June, rather than a gradual increase as usually expected, driving total stocks down by more than half to below 2.5 million tonnes by the end of the period, from a record 5 million tonnes in November.
In the Malaysian physical market, palm oil for April and May delivery was sold at between RM2,750 and RM2,800 per tonne in the central and southern regions.
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