VEGOILS-Palm rebounds from 3-year low as stocks rise below forecast
* Futures rebound after Malaysia palm oil stocks miss expectations * October palm oil stocks up 1.1 pct, versus expected 7.5 pct * Prices drop to 2,220 ringgit, a level last seen in Nov 2009 (Updates throughout) By Chew Yee Kiat SINGAPORE, Nov 12 (Reuters) - Malaysian palm oil futures recovered after falling to their lowest in three years on Monday, as a rise in Malaysian palm oil stocks in October missed market expectations and signalled a slowdown in inventory buildup. Prices fell to 2,220 ringgit ($725) per tonne before the midday break, a level last seen in November 2009, tracking steep drops in Dalian soybean oil and U.S. soybeans after a larger-than-expected production forecast from the U.S. Department of Agriculture (USDA) on Friday. But the benchmark January contract on the Bursa Malaysia Derivatives Exchange closed up 0.4 percent at 2,324 ringgit after industry regulator the Malaysian Palm Oil Board reported a 1.1 percent increase in palm oil stocks to a record 2.51 million tonnes. The rise missed market expectations that stocks in the world's No.2 palm oil producer likely climbed 7.5 percent to 2.67 million tonnes. "It is very bullish. Nobody expected this figure. Nobody. We were expecting a bigger glut than usual in stocks," said a trader with a foreign commodities brokerage in Malaysia. Total traded volumes stood at 48,969 lots of 25 tonnes each, much higher than the usual 25,000 lots despite expectations for a quiet market ahead of the Diwali and Awal Muharram holidays in Malaysia this week. Market participants will be looking out for Malaysia's Nov. 1-10 exports data from Societe Generale de Surveillance later, after another cargo surveyor Intertek Testing Services reported on Saturday a 16 percent rise from the previous month. In a bearish sign for palm oil, crude oil eased towards $109 per barrel on Monday, as concerns about the looming U.S. fiscal cliff and weak economic data from Japan offset signs that Chinese oil demand grew last month. In other vegetable oil markets, U.S. soyoil for December delivery was down 0.7 percent in late Asian trade. The most active May 2013 soybean oil contract on the Dalian Commodity Exchange closed 3.9 percent lower, after earlier hitting its 4-percent daily limit. Palm, soy and crude oil prices at 1020 GMT Contract Month Last Change Low High Volume MY PALM OIL NOV2 2240 -9.00 2200 2240 26 MY PALM OIL DEC2 2293 -21.00 2190 2294 1743 MY PALM OIL JAN3 2324 +8.00 2220 2330 20822 CHINA PALM OLEIN MAY3 6554 -198.00 6482 6630 735930 CHINA SOYOIL MAY3 8348 -342.00 8344 8518 1031644 CBOT SOY OIL DEC2 47.45 -0.32 46.52 47.74 17579 NYMEX CRUDE DEC2 85.92 -0.15 85.58 86.29 15884 Palm oil prices in Malaysian ringgit per tonne CBOT soy oil in U.S. cents per pound Dalian soy oil and RBD palm olein in Chinese yuan per tonne Crude in U.S. dollars per barrel ($1=3.06 ringgit) (Editing by Alison Birrane)
- Protesters fell Lenin statue, tell Ukraine's president 'you're next'
- Four dead in apparent Connecticut murder-suicide
- South Korea expands air defense zone to partially overlap China's |
- Singer Susan Boyle reveals she has Asperger's syndrome: paper
- Dynasty's Congress party punished in Indian state elections