BMD CPO Dips; Slowing Exports, Supply Cues Weigh

01 Oct 2012

BMD CPO futures fall to a two-year low in early Asian trade, reflecting rising supplies of vegetable oils following higher USDA soy supply figures.  Also weighing on the palm oil market is "continued speculative selling combined with seasonal [CPO] production pressure," a vegoil exporter in Pasir Gudang says, tipping the palm oil contract to fall to MYR2,400/ton this week, weighed by ample supplies and a 0.7% drop in September exports to 1.44 million tons by cargo surveyor Intertek.  The benchmark December CPO is down 2.2% at MYR2,490/ton, after falling 2.7% to MYR2,478/ton, a level not seen since August 2010; CBOT October soyoil dips 1.7% to 51.74 cents/lb in screen trade.

BMD CPO May Edge Lower; MYR3,052/Ton Support

28 Aug 2012

BMD CPO futures may retreat at the start of trading, as investors are likely to lock in profits on Monday's gains to the highest levels in six weeks.  "In the absence of any fresh news on weather in Southeast Asia, the market is unlikely to rise past Monday's intraday high," a trading executive in Jakarta says; he tips support for the benchmark contract at MYR3,052/ton.  Still, firm export demand for palm oil in August and a likely drawdown in Malaysian stockpiles could limit downside, says a trading executive at a KL-based plantation firm. Benchmark November ended up 0.7% at MYR3,091/ton Monday.

BMD CPO Down Midday; Palm Stockpiles Hit 14-Month Low

10 Jul 2012

BMD CPO futures are lower at midday, tracking weakness in CBOT soyoil;  though declines are likely to be limited after industry regulator MPOB says  End-June stockpiles drop to a 14-month low of 1.70 million tons due to strong exports at a time when production remains tepid, a commodities broker in Kuala Lumpur says.  MPOB says June output is up 6.3% on month at 1.47 million tons, while exports have risen 8.7% to 1.53 million tons in June. Benchmark September CPO is down 0.8% at MYR3,129/ton; CBOT August soyoil is down 0.6% at 54.23 cents/lb in screen trade.

BMD CPO Higher; Market 'Overbought' - Broker

02 Apr 2012   BMD CPO Higher; Market 'Overbought' - Broker

CPO futures are pushing higher, supported by gains in CBOT soy futures and improving demand prospects for the tropical oil as supplies for rival soyoil may remain tight.  Still, the BMD may be poised for a pullback toward MYR3,490/ton as the market is "overbought," a Kuala Lumpur-based broker says; "investors will also look to CPO production in April and a slew of industry data next week to gauge Malaysia's inventory levels," he adds.  Benchmark June CPO is up 2.9% at MYR3,532/ton. CBOT May soyoil rises 0.6% at 55.43 cents/lb in screen trade.