Monday, November 19, 2012

20121119 1553 Palm Oil Related News.

SGS CPO export down 1.2% to 759,452 tonnes for the period of 1~15 Nov 2012.

VEGOILS-Palm oil rises to 2-week high, export data eyed
Mon Nov 19, 2012 1:05am EST
* Palm oil tracking gains in soybeans, soybean oil
    * China to halt regular state soy sales from this week
    * Traders eye Nov. 1-15 export data from SGS later in day
    * Palm oil to rise to 2,588 ringgit -technicals

 (Updates prices, adds detail)
    By Chew Yee Kiat
    SINGAPORE, Nov 19 (Reuters) - Malaysian palm oil futures
rose to their highest in two weeks on Monday, tracking climbs in
soybeans and rival soybean oil, although caution ahead of export
data later in the day kept gains in check.    
    China, the world's top soy buyer, will temporarily halt
regular state soy sales from this week as Beijing starts a
stockpiling programme for the oilseed, an official think tank
said on Monday.
    The move came after heavy crush losses and weak demand that
prompted Chinese buyers to cancel purchases of some 600,000
tonnes of U.S. soybeans over the past weeks.
    Dalian soybean oil prices rose as analysts said some
crushers could use a possible shortage of supply as an excuse to
start hiking their soy product prices, a move that could benefit
competing palm oil.  
    "Palm oil is just tracking soybean oil's move, and
technicals are looking bullish as well," said a dealer with a
foreign commodities brokerage in Malaysia.
    By the midday break, the benchmark February contract
 on the Bursa Malaysia Derivatives Exchange had advanced
1.4 percent to 2,462 ringgit ($804) per tonne. Prices earlier
touched 2,479 ringgit, the highest since Nov. 5.
    Total traded volumes stood at 16,431 lots of 25 tonnes each,
higher than the usual 12,500 lots.  
    Technicals showed palm oil could rise to 2,588 ringgit per
tonne as it has broken above resistance at 2,447 ringgit, said
Reuters market analyst Wang Tao.
    Exports of Malaysian palm oil products for Nov. 1-15 fell
0.1 percent to 769,087 tonnes from 769,534 tonnes a month ago,
cargo surveyor Intertek Testing Services said on Friday.

    Traders will be looking out for export data for the same
period from another cargo surveyor, Societe Generale de
Surveillance, later in the day.
    U.S. soybeans rose 1 percent on Monday, buoyed by
expectations of renewed buying after prices slid to their lowest
in five months in the previous session as the world's top buyer
China cancelled purchases.
    The gains in soybeans supported U.S. soyoil for December
delivery, which climbed 0.9 percent in early Asian trade,
while the most active May 2013 soybean oil contract on
the Dalian Commodity Exchange was up 0.2 percent.  
    In related markets, Brent crude edged up to above $109 a
barrel on Monday as escalating tensions between Israelis and
Palestinians fuelled concerns about supply from the Middle East.

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