Thursday, June 14, 2012

20120614 1553 Crude Palm Oil Related News. (Source: Reuters)

VEGOILS: Palm oil hits 2012 low on global economic woes DBYU2 FCPOc3 - RTRS
By Chew Yee Kiat
SINGAPORE, June 14 (Reuters) - Malaysian palm oil futures slumped to the lowest in 2012 on Thursday as the euro zone debt crisis and sluggish U.S. growth triggered a flight of capital from riskier assets.
Investors were keeping an eye on the results of an Italian debt auction and U.S. jobs data later in the day, as well as Greek polls this weekend that could precipitate the country's exit from the bloc for fresh trading cues. Uncertainty about the global economy pushed Asian shares down on Thursday. MKTS/GLOB
"On the weekend ahead we are going to see the Greek election and market participants are staying away from the market for the time being," said Ker Chung Yang, commodities analyst with Phillip Futures in Singapore.
"Fundamentals remain quite encouraging, we have a higher demand and lower stocks. But fundamentals are not taking the front seat as macroeconomic factors are still domineering at the moment."
By the midday break, benchmark August palm oil futures FCPOc3 on the Bursa Malaysia Derivatives Exchange lost 1.7 percent to 2,898 ringgit ($911) per tonne.
Prices dropped below the 2,900-ringgit mark for the first time this year to hit a low of 2,896 ringgit earlier in the session, a level unseen since Oct. 25, 2011.
Traded volumes stood at 15,239 lots of 25 tonnes each, higher than the usual 12,500 lots as investors rushed in to liquidate their positions.
Fundamentals were supportive with Malaysian palm oil stocks hitting a 13-month low in May, a sign that strong demand was eating into stocks. (Full Story)
Malaysian palm oil exports were lacklustre for June 1-10, but traders expect shipments to pick up as India and Pakistan restock ahead of the Muslim fasting month starting in mid-July.
Cargo surveyors will report export numbers for the first half of the month on Friday. PALM/ITS PALM/SGS
Lower soybean ending stocks reported by the U.S. Department of Agriculture on Wednesday also suggested tighter supply and provided support for palm oil prices.
Brent crude held above $97, trading in a narrow range with investors reluctant to take positions ahead of the outcome of a meeting of producer group OPEC and Greek elections. O/R
In other vegetable oil markets, U.S. soyoil for July BOc1 delivery gained 0.1 percent in Asian trade. The most active Jan 2013 soyoil contract DBYF3 on the Dalian commodity exchange lost 1.5 percent, tracking uncertainty in the global markets.

India's May vegoil imports fell 3.1 pct m/m -trade - RTRS
14-Jun-2012 15:16
NEW DELHI, June 14 (Reuters) - India's vegetable oil imports in May fell 3.1 percent to 896,921 tonnes as soyoil purchases declined, a leading trade body said on Thursday, while there was a jump of 70 percent in refined palm oil imports as worries over a duty hike dissipated.
The monthly imports were slightly higher than the average forecast in a Reuters survey.
India, the world's No. 1 importer of cooking oils, buys mainly palm oil from Indonesia and Malaysia and a small quantity of soyoil from Argentina and Brazil.
A Reuters survey had forecast average imports of 884,625 tonnes in May, with a high of 941,000 tonnes. (Full Story)
The imports in May were higher than 664,133 tonnes imported during the same month a year ago.

No comments: