Crude palm oil futures on Malaysia's derivatives exchange rebounded Thursday, led by gains in commodities markets and due to projections of a marginal rise in export numbers, said trade participants.The benchmark January contract on the Bursa Malaysia Derivatives ended MYR37 or 1.7% higher at MYR2,189 a metric ton after moving in a MYR2,130-MYR2,195/ton range.
Traders and shipping executives said Malaysia's palm oil exports for October may rise 10%-14% on month.
Cargo surveyors Intertek Agri Services and SGS (Malaysia) Bhd. put September's exports at 1.23 million and 1.27 million tons, respectively.
Prices tumbled at the start of trading on overnight losses in crude and soyoil, but talk of a likely rise in exports trickled in, leading to a recovery in palm oil futures in the afternoon session.
Many investors also covered their shorts toward the end of trade on the BMD, taking their lead from a rise in commodity markets.
Light, sweet crude for December delivery on the New York Mercantile Exchange remained in positive territory in the afternoon, trading 32 cents higher at $77.78 a barrel at 1007 GMT.
December soyoil on the Chicago Board of Trade was 30 points higher at 37.16 cents a pound by the end of trading on the BMD.
The vessel line-up at East Malaysian ports has been fairly strong over the past few days, said a Kuala Lumpur-based shipping executive with operations in East Malaysia, indicating importers may have stepped up purchases when palm oil prices declined.
Cargo surveyors are expected to issue end-October export data Monday.
But even as exports may rise in October, gains on the BMD were capped by a likely rise in palm oil stocks, said traders.
"Even though market rumors of a rise in exports to 1.4 million tons are encouraging, the market is still fixated on ballooning stocks as (palm oil) production rises," said a senior executive from a Kuala Lumpur-based commodities brokerage.
Cash palm olein for January/February/March traded at $665/ton and $670/ton, free on board Malaysian ports, said a Singapore-based trading executive.
He added that the bid-offer gap was about $7.50 apart.
Cash CPO for prompt shipment was offered MYR20 higher at MYR2,180/ton.
A total of 14,429 lots of CPO were traded on the BMD versus 18,074 lots Wednesday.
Open interest stood at 84,210 lots Thursday, up from 82,330 lots. One lot is equivalent to 25 tons.
Closing BMD Crude Palm Oil (CPO) futures prices in MYR/ton at 1000 GMT:
Month Close Previous Change High Low
Nov 09 2,179 2,150 Up 29 2,179 2,129
Dec 09 2,170 2,150 Up 20 2,184 2,125
Jan 10 2,189 2,152 Up 37 2,195 2,130
Feb 10 2,199 2,157 Up 42 2,201 2,138
-By Shie-Lynn Lim, Dow Jones Newswires; +603 2026 1233; shie-lynn.lim@dowjones.com
(END) Dow Jones Newswires
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