Home

 
India Bullion iPhone Application
  Quick Links
Currency Futures Trading

MCX Strategy

Precious Metals Trading

IBCRR

Forex Brokers

Technicals

Precious Metals Trading

Economic Data

Commodity Futures Trading

Fixes

Live Forex Charts

Charts

World Gold Prices

Reports

Forex COMEX India

Contact Us

Chat

Bullion Trading Bullion Converter
 

$ Price :

 
 

Rupee :

 
 

Price in RS :

 
 
Specification
  More Links
Forex NCDEX India

Contracts

Live Gold Prices

Price Quotes

Gold Bullion Trading

Research

Forex MCX India

Partnerships

Gold Commodities

Holidays

Forex Currency Trading

Libor

Indian Currency

Advertisement

 
RTRS:VEGOILS-Palm oil edges up on exports, Bernanke remarks
 
* Sentiment positive on further stimulus hopes
* Malaysia's August exports jump 17.7 pct -ITS
* Palm oil to end rebound below 3,067 ringgit -technicals

(Updates prices)
By Anuradha Raghu
KUALA LUMPUR, Sept 3 (Reuters) - Malaysian crude palm oil
futures rose on Monday, following strong exports last month and
after U.S. Federal Reserve chief Ben Bernanke kept the door open
for further stimulus that could prop up global growth and
support commodity demand.
Palm oil exports posted a gain of 18 percent in August from
a month ago to the highest level this year, cargo surveyor
Intertek Testing Services said on Friday, in part boosted by the
edible oil's huge discount to competing soyoil.
"Exports were very good, the market is going for a temporary
upward trend," said a trader with a foreign commodities
brokerage in Malaysia. "Bear in mind that soyoil is still
trading at a premium over palm oil of $285. All these factors
are a plus for palm oil."
The benchmark November 2012 contract on the Bursa
Malaysia Derivatives Exchange rose 1.8 percent to close at 3,073
ringgit ($985) per tonne. Futures posted a loss of 1.6 percent
last week, snapping two straight weeks of gains.
Total traded volume stood at 31,968 lots of 25 tonnes each,
higher than the usual 25,000 lots.
Technicals look bearish as palm oil is expected to end its
current rebound in a resistance zone of 3,050 to 3,067 ringgit,
followed by a drop towards 2,978 ringgit, said Reuters analyst
Wang Tao.
But market sentiment remained positive on healthy export
demand for palm oil and after the minutes of the last meeting of
Fed policymakers suggested the central bank was leaning towards
further stimulus to boost the economy.
Exports surged to 1.45 million tonnes in August, bolstered
by higher shipments of crude products and a demand recovery in
major food buyers China and India.
Another cargo surveyor, Societe Generale de Surveillance,
will delay issuing August exports data to Tuesday.
Crude oil was almost flat on Monday after Chinese data
showed a deepening slowdown in the world's biggest energy
consumer, but prices were supported by hopes of global stimulus
measures as central banks try to revive economic growth.
In other vegetable oil markets, the most active January 2013
soyoil contract on the Dalian Commodity Exchange ended
2.4 percent higher after hitting a contract-high. The U.S.
soybean futures markets were closed for the Labor Day holiday.

Palm, soy and crude oil prices at 1005 GMT

Contract Month Last Change Low High Volume
MY PALM OIL SEP2 2961 +41.00 2890 2961 310
MY PALM OIL OCT2 3027 +58.00 2991 3027 3396
MY PALM OIL NOV2 3073 +54.00 3039 3076 16658
CHINA PALM OLEIN JAN3 8230 +134.00 8072 8280 339806
CHINA SOYOIL JAN3 10238 +240.00 9950 10278 1002206
CBOT SOY OIL DEC2 57.08 +0.00 0.00 0.00 0
NYMEX CRUDE OCT2 96.22 -0.25 96.01 96.54 10042

Palm oil prices in Malaysian ringgit per tonne
CBOT soy oil in U.S. cents per pound
Dalian soy oil and RBD palm olein in Chinese yuan per tonne
Crude in U.S. dollars per barrel
Source