20121016 1437 Palm Oil Related News.

VEGOILS-Palm oil edges up, industry outlook in focus
Tue Oct 16, 2012 2:01am EDT
* Market players eye comments from key industry speakers at
seminar
    * Palm oil neutral in 2,361-2,528 ringgit range -technicals
    * Malaysia palm oil exports higher than month ago

    By Anuradha Raghu
    KUALA LUMPUR, Oct 16 (Reuters) - Malaysian palm oil futures
inched up on Tuesday, although gains were capped by concerns
over rising stockpiles as investors digested news that export
tax cuts will only take effect next year.
    Traders were also waiting for top industry analysts Dorab
Mistry, Thomas Mielke and James Fry to give their outlooks for
palm oil prices at a seminar in Malaysia later in the day, as
well as any comments they make on the recently announced tax
changes.
    The government last week said it would slash crude palm oil
export taxes to boost shipments and ease stocks as well as grab
market share from neighbouring Indonesia, but that these reforms
would only be implemented in January.
    "The market is still trying to get a grip on how big stocks
can get in Malaysia, as well as digesting news that the export
taxes are not going to come through until early January," said
ANZ agricultural commodity strategist Victor Thianpiriya.
    "In the short term this will probably depress prices a
little bit, as consumers would prefer to wait until January and
potentially source from Indonesia to bridge that gap."
    By the midday break, the benchmark January contract
on the Bursa Malaysia Derivatives Exchange had risen 1.3 percent
to 2,502 ringgit ($819) per tonne.
    Total traded volumes stood at 13,345 lots of 25 tonnes each,
slightly higher than the usual 12,500 lots.
    Technical analysis showed palm oil will be neutral until it
gets out of a range of 2,361-2,528 ringgit per tonne, said
Reuters analyst Wang Tao.
    Palm oil stocks in Malaysia hit a record 2.48 million tonnes
in September, but strong export data in the first 15 days of
October could help support prices.
    Exports of Malaysian palm oil products for Oct. 1-15 rose
13.1 percent to 769,534 tonnes from 680,112 tonnes last month,
cargo surveyor Intertek Testing Services said on Monday.

    Another cargo surveyor Societe Generale de Surveillance
showed exports in the same period surged 16.3 percent to 768,550
tonnes.
    In a bullish sign for palm oil, Brent futures held steady
above $115, underpinned by supply concerns after the European
Union slapped more sanctions on Iran, while ample supplies and
healthy inventory at top consumer the United States capped
gains.
    In other vegetable oil markets, U.S. soyoil for December
delivery inched up 1.2 percent in early Asian trade.  
The most active January 2013 soybean oil contract on the
Dalian Commodity Exchange rose 1.2 percent.