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RTRS:VEGOILS-Palm oil ends off 1-week top, record stocks cap gains
 
* September stocks jump 17 percent to record 2.48 mln T
* Palm oil to end rebound around 2,503 ringgit -technicals
* Malaysia's Oct 1-10 exports slip 1 pct on mth -ITS
* Nalaysia's Oct 1-10 exports fall 8.7 pct on mth -SGS

(Updates prices, adds SGS data)
By Chew Yee Kiat
SINGAPORE, Oct 10 (Reuters) - Malaysian palm oil futures
edged up on Wednesday to their highest in more than a week,
tracking other vegetable oil markets, although gains were
limited by record stockpiles.
Malaysia's palm oil stocks in September surged 17.4 percent
from a month ago to a record 2.48 million tonnes on strong
production, the Malaysian Palm Oil Board said after the midday
break.
The rise in stocks exceeded market expectations of 2.46
million tonnes, paring gains that had earlier sent futures to an
intraday high at 2,483 ringgit, a level last seen on Oct. 1.

Prices fell to a near 3-year low last week but have since
been recovering steadily on bargain-hunting and prospects of a
cut in export tax by the Malaysian government.
"The market is still rangebound, trading between 2,400 and
2,500 ringgit," said a trader with a foreign commodities
brokerage in Malaysia. "Prices were supported as U.S. soybean
oil was up last night and Dalian soybean oil was also up a bit."

The benchmark December contract on the Bursa
Malaysia Derivatives Exchange had edged up 0.8 percent to close
at 2,457 ringgit ($800) per tonne.
Total traded volumes stood at 45,198 lots of 25 tonnes each,
much higher than the usual 25,000 lots.
Malaysia's palm oil exports for Oct. 1-10 fell 1 percent to
448,624 tonnes from a month ago, cargo surveyor Intertek Testing
Services said on Wednesday.
Another cargo surveyor, Societe Generale de Surveillance,
reported a steeper 8.7 percent decline for the same period, but
traders say shipments could pick up later in the month.

Technical analysis showed palm oil was expected to end its
current rebound around a resistance at 2,503 ringgit per tonne,
and fall towards 2,230 ringgit, said Reuters market analyst Wang
Tao.
In a bullish sign for palm oil, Brent crude oil rose above
$114 a barrel as worries over the security of Middle East
supplies outweighed increasing evidence of slowing global
economic growth.
Palm oil prices were also supported by gains in other
vegetable oil markets.
By 1010 GMT, U.S. soyoil for December delivery was up
0.4 percent. The most active January 2013 soybean oil contract
on the Dalian Commodity Exchange ended the day 0.7
percent higher.

Palm, soy and crude oil prices at 1005 GMT

Contract Month Last Change Low High Volume
MY PALM OIL OCT2 2278 +0.00 2270 2278 80
MY PALM OIL NOV2 2385 +1.00 2359 2403 1986
MY PALM OIL DEC2 2457 +19.00 2417 2483 25435
CHINA PALM OLEIN JAN3 7022 +54.00 6962 7048 423594
CHINA SOYOIL JAN3 9240 +64.00 9134 9262 415276
CBOT SOY OIL DEC2 51.40 +0.15 50.76 51.55 11315
NYMEX CRUDE NOV2 91.72 -0.67 91.57 92.37 21703

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