Malaysian palm futures rose 2.2 per cent today as traders chased tight supplies, possibly restarting a rally that saw palm widen its premium to rival soyoil.“The underlying tone is panic because there is too little supply available. The funds know this and they are back,” said a trader with a local commodities brokerage.
The physical market was on the boil with dealers willing to fork out higher prices for palm oil as there appeared to be a shortage of supplies for April and May delivery.
The benchmark July contract on the Bursa Malaysia Derivatives Exchange rose RM52 to RM2,410 (US$670) per tonne by the midday break.
Other traded months rose between RM52 and RM64. Overall volume stood at 7,642 lots of 25 tonnes each.
Front month crude palm oil futures are up 52 per cent since January, while US soyoil is up only 11 per cent.
Vegetable oil markets are taking more guidance from weak soy stocks and droughts in South America rather than oil prices, which usually wield influence as soyoil and rapeseed are used as a feedstock for biofuels that compete with petroleum diesel.
US soybean prices rose 0.3 per cent to a fresh six-month high today on concerns that US supplies may hit a five-year low by August because of strong Chinese demand for American soy.
The most active September soyoil contract on China’s Dalian Commodity Exchange fell 1.3 per cent. Soyoil for May delivery at the Chicago Board of Trade rose 0.6 per cent after edging lower in the previous session.
In the Malaysian physical market, trades for April and May in the southern were done between RM2,550 and RM2,570. - Bloomberg
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