Monday, November 26, 2012

20121126 1514 Palm Oil Related News.

SGS CPO export down 1.9% to 1,256,492 tonnes for the period of 1~25 Nov 2012.

Indonesia Sets palm olein export tax at 3% and crude palm oil export tax at 9% remained unchanged from Nov 2012 - Trade Ministry

VEGOILS-Palm oil inches up on stocks, euro zone hopes
Mon Nov 26, 2012 12:37am EST
* Exports for Nov. 1-25 inches down 1.8 pct -ITS
    * SGS export data to be released later in the day
    * Palm oil to rise to 2,485 ringgit -technicals

 (Updates prices, adds detail)
    By Anuradha Raghu
    KUALA LUMPUR, Nov 26 (Reuters) - Malaysian palm oil futures
edged up on Monday on expectations stocks might grow at a slower
pace with the market also focusing on Greek financial aid deal
set to be signed later in the day that may cheer markets.
    Data from a cargo surveyor showed Malaysian exports declined
at a much slower pace, putting some pressure on stocks and
supporting palm oil prices that have fallen 24.2 percent so far
this year on roiling financial markets.
    "If exports maintain its two percent drop for the full
month, it means that although inventory levels are poised to go
higher, it may be growing at a slower rate than expected," said
Kenanga Investment Bank analyst Alan Lim.
    By the midday break, the benchmark February contract
 on the Bursa Malaysia Derivatives Exchange rose 0.5
percent to 2,406 ringgit ($787) per tonne.
    Total traded volumes stood at 12,460 lots of 25 tonnes each,
slightly lower than the usual 12,500 lots.
    Technicals showed that a new bullish target of 2,485 ringgit
per tonne has been established, aborting its more bearish 2,321
ringgit target previously, said Reuters market analyst Wang Tao.
    Cargo surveyor Intertek Testing Services said palm oil
exports in Nov. 1-25 fell 1.8 percent to 1,276,792 tonnes from a
month ago, showing slight improvement from a 3.3 percent drop in
the first twenty days of this month.
    Another cargo surveyor, Societe Generale de Surveillance,
will release export data for the same period later in the day.
    The market expects weaker palm oil prices in October and
November to stimulate demand from price-sensitive countries like
India and Pakistan, translating to higher exports in the weeks
to come.
    Financial markets across the world were generally optimistic
about a euro zone finance ministers meeting on Monday which is
pushing for international lenders to release emergency aid and
stem the region's debt crisis.
    Brent crude held above $111 a barrel on Monday. U.S. soyoil
for December delivery inched up 0.2 percent in early
Asian hours, resuming trade after Thanksgiving holidays.
    The most-active May 2013 soybean oil contract on
the Dalian Commodity Exchange rose 1.1 percent by the midday

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