Soyoil futures ended higher, climbing to a 3 1/2 month high before profit taking emerged to trim advances. Soyoil was the upside leader of the products, buoyed by spillover support from soybeans and crude oil futures. Crude oil influences soyoil due to its use in making renewable fuels. December soyoil settled 0.55 cents or 1.5% higher at 40.55 cents per pound. (Source: CME)
Malaysia's July Palm Oil Exports To Pakistan Doubles On Month (Source: CME)
Pakistan's palm oil purchases from Malaysia in July doubled on month to meet demand for Ramadan, the Islamic holy month of fasting, trading executives said Monday. Pakistan's ongoing palm oil purchases also supported CPO prices, which rose 2.1% to a fresh three-month high of MYR2,570 a metric ton from Friday's close.
"CPO prices may rise to MYR2,600-MYR2,610/ton in the next few trading sessions as the rise in exports may reduce palm oil inventory levels, which is positive for prices," said a senior executive at Kuala Lumpur-based brokerage. Cargo surveyor SGS (Malaysia) Bhd. Monday said Malaysia's palm shipments to Pakistan are estimated at 231,316 tons, versus 116,670 tons the previous month.
The sharp rise in Pakistan's palm oil purchases is close to estimates by a Pakistan-based importer two weeks ago.
Palm oil hits 3-mth high on exports, soybean
JAKARTA, Aug 2 (Reuters) - Malaysian crude palm oil jumped by midday to hit a 3-month high on gains in soybean markets and good export figures, but a firmer ringgit may limit gains.
"We have the bad weather and good exports. At the same time, soybean markets are also higher, tracking gains in the wheat market," said a trader with a foreign commodities brokerage firm, adding the market was likely to test 2,600 ringgit this week.
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