* Palm oil hits 2,585 ringgit, on track for 3 percent weekly
* Malaysia's Oct 1-25 exports jump 11 pct from month ago -
* Exports up 9 pct for same period - SGS
By Chew Yee Kiat
SINGAPORE, Oct 25 Malaysian palm oil futures
rose to a near 1-month high on Thursday on encouraging export
data that showed firm demand and some short-covering ahead of a
holiday weekend in parts of Asia.
Cargo surveyor Intertek Testing Services reported on
Thursday an 11 percent jump in Malaysia's Oct. 1-25 palm exports
from a month ago. Another cargo surveyor, Societe Generale de
Surveillance, reported a 9 percent improvement for the same
Prices posted a 4.1 percent gain for the week although some
investors were still cautious, as after a two-day meeting of the
U.S. Federal Reserve there was no announcement of further
stimulus that could boost global economic growth and commodity
"At the moment, there's no cue that crude palm oil can take
on the macroeconomic front. On the vegetable oils front, rising
exports is something that is encouraging but that's not going to
set the price trend," said Ker Chung Yang, investment analyst
with Phillip Futures in Singapore.
"For the upcoming two weeks, the market will still be
directionless. We have U.S. elections and MPOB (Malaysian Palm
Oil Board) stocks data in early November, from now until then
there's still some time and there's no main theme that palm oil
can take its cue from," he added.
The benchmark January contract on the Bursa
Malaysia Derivatives Exchange rose 1 percent to close at 2,603
ringgit ($857) per tonne. Earlier, prices rose as high as 2,615
ringgit, a level last seen on Sept. 28.
Total traded volumes surged to 36,498 lots of 25 tonnes
each, compared with the usual 25,000 lots.
Malaysian financial markets will be closed on Friday for the
Eid al-Adha holiday.
Palm oil prices have recovered from the near 3-year low of
2,255 ringgit they touched this month, but Malaysia's Affin
Investment Bank warned in a research note that high stocks,
demand risks and vulnerable sentiment could limit further price
In a bullish sign for palm oil, Brent crude oil rose above
$108 per barrel on Thursday, consolidating after seven days of
falls as better-than-expected data suggested the world economy
was recovering, but analysts said the overall outlook for oil
prices was bearish.
In other vegetable oil markets, U.S. soyoil for December
delivery edged up 0.4 percent in late Asian trade. The
most-active May 2013 soybean oil contract on the Dalian
Commodity Exchange closed 0.4 percent lower.
Palm, soy and crude oil prices at 1005 GMT
Contract Month Last Change Low High Volume
MY PALM OIL NOV2 2500 +32.00 2445 2500 435
MY PALM OIL DEC2 2561 +22.00 2505 2570 3646
MY PALM OIL JAN3 2603 +25.00 2543 2615 21721
CHINA PALM OLEIN MAY3 7242 -52.00 7240 7350 295552
CHINA SOYOIL MAY3 9232 -38.00 9228 9300 415794
CBOT SOY OIL DEC2 52.06 +0.23 51.52 52.23 12148
NYMEX CRUDE DEC2 86.35 +0.62 85.62 86.62 21113
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
(Reporting By Chew Yee Kiat; Editing by Robert Birsel)