tag:blogger.com,1999:blog-89557143872915599782024-03-14T00:56:09.316+08:00JUTAWAN SAWIT - ONE STOP CPO TRADERS RESOURCESJutawan Sawit is the blog for Bursa Malaysia Derivative Futures Crude Palm Oil (FCPO) Traders. Jutawan Sawit provides news, information, trading signals, trading tips and trading experience for Crude Palm Oil, CPO, Unit Trust, Minyak Sawit Mentah, Kelapa Sawit, FKLI,FCPO, Futures, Palm Oil, Saham, jutawan, buat duit, commodity, BMD, CME, Dalian, NYMEX, CBOT, crude oil and soybeans oil. Jutawan Sawit makes your trading strategy easier.Jutawansawithttp://www.blogger.com/profile/02940626551782150826noreply@blogger.comBlogger613125tag:blogger.com,1999:blog-8955714387291559978.post-91978744872937744472013-12-30T11:53:00.001+08:002013-12-30T11:53:13.825+08:00Sepintas Lalu Urusniaga FCPO 2013Assalamualaikum wbt..<br />
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Tahun 2013 hampir melabuhkan tirainya. Kini tahun 2014 menjelang tiba.....<br />
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Sebagai seorang pedagang FCPO adakah matlamat kita untuk membuat keuntungan tahun 2013 telah tercapai? atau sebaliknya.<br />
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Jika anda telah berjaya membuat keuntungan saya ucapkan<span style="background-color: yellow;"> 'TAHNIAH'</span>. Terus kekalkan keuntungan anda bagi tahun 2014. Pertingkatkan usaha anda bagi mencapai matlamat bagi tahun hadapan....<br />
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Bagaimana pula bagi anda yang mengalami kerugian dalam urusniaga?<br />
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Saya ucapkan <span style="background-color: yellow;">"TAHNIAH" </span>kerana anda seorang yang berani mengharungi gelombang dan badai dalam bidang ini. Jangan jadikan kerugian anda satu penghalang untuk terus mencari rezeki. <span style="background-color: lime;">"JANGAN BERPUTUS ASA"</span> kerugian bukan titik noktah. Jadikan ia pembakar semangat untuk memahami, menimba dan memperhalusi selok belok urusniaga.<br />
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Apa yang perlu ANDA lakukan?<br />
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Perkara pokok yang mesti kita lakukan adalah menyemak kembali "jurnal urusniaga 2013".Kaji dan buat analisa dimana kesilapan dan kecuaian.<br />
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<span style="background-color: magenta;">Adakah kita mematuhi sistem urusniaga yang dirancang atau sebaliknya? </span><br />
<span style="background-color: magenta;">Adakah kita membuat urusniaga berdasarkan emosi?</span><br />
<span style="background-color: magenta;">Adakah kita sekadar mengikut tip dari pedagang lain tanpa mengkaji?</span><br />
<span style="background-color: magenta;">Adakah kita melakukan "money management" yang betul?</span><br />
<span style="background-color: magenta;">Adakah sistem urusniaga yang kita lakukan bersesuaian dengan kemampuan kita? </span><br />
<span style="background-color: magenta;">dll..... </span><br />
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<span style="background-color: magenta;"><span style="background-color: white;">Setelah kesilapan dikenalpasti anda perlu perbaiki dan atasi secepat yang mungkin...</span></span><br />
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<span style="background-color: magenta;"><span style="background-color: white;"> -Sekian-</span></span><br />
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"Selamat Maju Jaya"<br />
<br />Jutawansawithttp://www.blogger.com/profile/02940626551782150826noreply@blogger.com19tag:blogger.com,1999:blog-8955714387291559978.post-51237040309099834422013-12-14T19:04:00.001+08:002013-12-14T19:05:35.062+08:00PRESTASI KEUNTUNGAN FCPO TAHUN 2013Assalamualaikum,<br />
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Apa khabar rakan-rakan trader semua? Semoga berada dalam keadaan sihat dan bahagia. Sekian lama saya tidak kemaskini blog jutawansawit dan sukacita saya kongsikan prestasi FCPO 2013 bermula January 2013 hingga Oktober 2013. Pendedahan ini bukan bertujuan untuk menunjuk tetapi ingin memberi tahu bahawa FCPO trading boleh menjana pendapatan yang memuaskan jika kita berusaha dan menggunakan teknik/sistem yang betul. Tidak kira sistem apa yang kita gunakan, tetapi ia perlulah berakhir dengan keuntungan walaupun terdapat kerugian yang tidak dapat dielakkan.<br />
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Urusniaga FCPO ibarat kita menjalankan perniagaan sendiri. Adakala kita untung dan rugi. Tetapi kerugian yang kita alami adalah dalam kawalan dan kurang risiko. Sebagai "businessman" kita perlu tahu selok-belok urusniaga bagi meminimakan kerugian dan memaksimakan keuntungan.<br />
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Semoga apa yang saya sampaikan disini dapat membakar semangat rakan-rakan semua untuk maju dalam urusniaga FCPO.<br />
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Sekian<br />
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-SELAMAT MAJU JAYA-<br />
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<a href="http://3.bp.blogspot.com/-UVoqdId1Iug/Uqw6SJ1oz4I/AAAAAAAAAoE/ZI6HOX9xdtA/s1600/FCPO+FYE+2013.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="257" src="http://3.bp.blogspot.com/-UVoqdId1Iug/Uqw6SJ1oz4I/AAAAAAAAAoE/ZI6HOX9xdtA/s400/FCPO+FYE+2013.jpg" width="400" /></a></div>
** Sila rujuk http://cpotradejournal.blogspot.com/ untuk malumat entry terperinci,Jutawansawithttp://www.blogger.com/profile/02940626551782150826noreply@blogger.com0tag:blogger.com,1999:blog-8955714387291559978.post-15665173079506671812013-05-23T09:03:00.001+08:002013-05-23T09:03:43.260+08:00New Stock: RBD Palm Olein (CP8)<h5 class="uiStreamMessage userContentWrapper" data-ft="{"type":1,"tn":"K"}">
<span style="font-weight: normal;"><span style="font-size: small;"><span class="messageBody" data-ft="{"type":3}"><span class="userContent">CP8 Offer.....To those who have <span style="background-color: yellow;"><b><u>POF BUYER</u></b></span> only. PM me....<br /> <br /> <span style="background-color: yellow;">SOFT CORPORATE OFFER (SCO)</span><br /> <br /> 1. Product: <b>CP8 RBD PALM OLEIN</b><br /> 2. Origin: MALAYSIA<br /> 3.<span style="background-color: lime;"> <b>Quantity Of Supply: MOQ 150,000 MT per order/transaction/month<span></span></b></span> for export/local. Current stock available 500k MT<br /> 4. Packaging: Bulk only<br /> 5. Trading Term FOB.<br /> 6. Inspection: At Loading Port by SGS<br /> 7. Loading Port: Port Klang & Pasir Gudang or preferred port by BUYER<br /> 8. Price Offered: MPOB price reviewed daily accordingly (PM if serious)<br /> 9. <span style="background-color: yellow;">Discounting: 5% - 10% from the MPOB price</span><br /> 10.Transportation: provided by BUYER<br /> 11. Price of transaction: MPOB price<br /> 12.Payment Terms Irrevocable, Confirmed, Auto-Revolving, Transferable LC 100% at sight.<br /> 13. Delivery Period: Delivery within 3 to 4 weeks after the confirmation of payment by handling bank of both parties.<br /> <br /> General Contract procedures :<br /> <br /> Preliminaries:<br /> i) Buyer send LOI on company letter head<br /> ii) Buyer show proof of fund (POF)<br /> iii) Seller show proof of product (POP)<br /> <br /> Upon agreed both parties:<br /> ii) Seller send SCO on company letter head<br /> iii) Seller send FCO and Buyer approved FCO<br /> iv) Seller send draft sales and purchase contract<br /> v) Buyer confirms by signing and returning the draft sales and purchase contract. <br /> vi) Both party sign the final contract<br /> vii) Buyer place the term of payment<br /> viii) Seller starts delivery</span></span></span></span></h5>
Jutawansawithttp://www.blogger.com/profile/02940626551782150826noreply@blogger.com3tag:blogger.com,1999:blog-8955714387291559978.post-328891959990720532013-02-18T07:52:00.003+08:002013-02-18T07:52:42.866+08:00Market Intelligence Crude Palm Oil 15th February, 2013 In domestic market CPO nudged higher tracking firm global cues. Spot market demand also improved which supported the up trend. Traders however remained cautious as stockpiles are still high. India's veg oil imports increased drastically in January and this may pressurize prices in the log run. Palm Oil prices are also supported by its discount to Soy Oil which boosted demand.<br /><br />CPO edged higher in the opening trade in international market supported by improving export demand in the first 15 days of February. The numbers suggest that Malaysia's new export tax structure has helped to boost shipments as Malaysian exporters enjoy tax advantage over Indonesia. Cargo surveyors said exports surged mainly due to an up tick in outbound sales to major Palm Oil buyers, China and the European Union.<br /><br />Prices eased from elevated levels in futures market soon after Malaysia's announcement came that it will raise export taxes on Crude Palm Oil shipments in March. In a circular issued on Friday Malaysia reported that it will set CPO export duties at 4.5% in March after two consecutive months of no duties that boosted crude shipments from Malaysia and helped to ease stockpiles. Crude Palm Oil witnessed a slight uptrend this year after falling heavily last year amid speculation that holdings will drop as exports gain and supply shrinks.<br /><br />Malaysia's CPO exports in March are likely to be much lower due to higher tax rate and Indian importers have bought quite a fair bit in January. Palm oil port stocks at Indian ports are also filing up and therefore buying may slow down soon. But at the same time buying from China may start buying again from next week after markets open after long new year holidays.<br /><br />Palm Oil shipments from Indonesia, may decline to the lowest level in four months in February as more buyers turn to Malaysia after it extended duty free shipments to clear record stockpiles. Indonesia will release its estimate for January exports at the end of this month, and follow with the February export tax figure of 9 % in March.<br /><br /><b>News for Use</b><br /><br />Robobank expects CPO futures to find support above MYR 2,400/ton for the remaining time in 1st quarter to encourage demand. They also said that current low prices will continue to stimulate export demand and draw down inventories supporting prices. The bank forecasts CPO prices to average MYR 2,700/ton in the second quarter of 2013, 12.5% from its projection for 1Q 2013.Jutawansawithttp://www.blogger.com/profile/02940626551782150826noreply@blogger.com4tag:blogger.com,1999:blog-8955714387291559978.post-677608338430873062013-02-08T23:05:00.000+08:002013-02-08T23:05:08.527+08:00Market Intelligence Crude Palm Oil 8th February, 2013 Market Intelligence<br /><br />Palm Oil prices in international as well as domestic markets traded steady. Prices were almost flat in range bound trade as traders remained cautious ahead of the Lunar New Year holidays. Market participants were also waiting for USDA monthly supply and demand report later in the day which may show tighter Soybean stocks. Lower production of Soybean and oil could shift demand variably to Palm Oil. Sentiments were positive on optimism that export demand could go up for the tropical oil. The wide discount between Palm Oil and rival Soy Oil continues to exist. This is attracting price sensitive buyers to the cheaper available option, Palm Oil.<br /><br />Malaysian markets will be closed on Monday and Tuesday for Lunar New year holiday. MPOB will publish January crop data after trading resumes on Wednesday. Market participants expect stockpiles to ease slightly from December's record high, as export demand has recovered. Traders are also eying export estimates for first 10 days by cargo surveyors scheduled on Feb. 13.<br /><br />Palm Oil may witness a range bound choppy trade next week amid key data releases. Major Palm Oil consumer China, will be closed for whole week for Lunar New Year holidays.<br /><br />News for Use<br /><br />Malaysia's prominent investment bank lowers the average CPO price for 2013 by 12% to MYR2,500/ton from a previous forecast of MYR2,850/ton, reiterating its underweight rating on the Palm Oil sector. They also forecast a surge in Malaysian Palm Oil inventories to 2.82 million tons by the end of the year, vs 2.38 million tons reached in 2012.Jutawansawithttp://www.blogger.com/profile/02940626551782150826noreply@blogger.com2tag:blogger.com,1999:blog-8955714387291559978.post-59093078132200152312013-02-05T22:22:00.000+08:002013-02-05T22:22:58.059+08:00Market Intelligence Crude Palm Oil 5th February, 2013 Market Intelligence<br /><br />Crude Palm Oil inched lower globally on concerns of uncertainty in Europe which stirred in negative sentiments. Political instability in Spain and Italy prompted investors to lock in gains. Downfall was, however, limited on fears of unpleasant weather in major Soybean growing regions in Argentina and expectations for improving Palm Oil exports.<br /><br />Palm Oil exports are likely to improve in coming months, driven mainly by Malaysia's move to revamp its existing export duty structure as part of a plan to improve competitiveness and grab back market share from top producer Indonesia. Malaysia's export tax changes will aid refiners in the country as margins will improve. There are also forecasts of higher shipments to emerging markets such as Myanmar and Iran as consumption rises there.<br /><br />Malaysia expects brighter days for Palm refiners on account of better margins as they ramp up production. Indonesia's move of higher export taxes will act as a blessing for refiners in Malaysia. More exports will bring down the stockpiles which will ultimately raise the price of CPO. Exports may go up this year as the Malaysian government has already discontinued the duty free export quota beginning last month. The use of B10 bio diesel containing CPO from middle of next year is also expected to stabilize the prices.<br /><br />Palm Oil may trade volatile with range bound movement as traders may move to the sidelines ahead of the Lunar New Year holidays. The China markets are expected to slow down next week ahead of the Chinese New Year which falls on February 10, 2013. Investors also remain cautious over demand for Malaysian exports, even though Chinese authorities haven't refused shipments after imposing stricter quality control measures. Stockpiles in January are also close to December's record high.Jutawansawithttp://www.blogger.com/profile/02940626551782150826noreply@blogger.com0tag:blogger.com,1999:blog-8955714387291559978.post-1233739678069880132013-01-27T09:37:00.003+08:002013-01-27T09:37:54.108+08:00Weekly Crude Palm Oil Report January 27 2013Crude palm oil futures (FCPO) on Bursa Malaysia Derivatives ended the week higher, supported by weather concern in South America and firm soybean oil prices.<br /><br />The benchmark FCPO April contract rose RM45 or 1.88 per cent to settle at RM2,445 per tonne on Friday from RM2,400 per tonne last Friday.<br /><br />The trading range for the week was from RM2,404 to RM2,488.<br /><br />Total volume traded for the week amounted to 146,967 contracts, down 56,208 contracts from the previous week.<br /><br />The open interest as at Wednesday increased to 185,630 contracts from 182,124 contracts the previous Thursday. The palm oil market rallied during the beginning of the week due to dry weather concerns in South America.<br /><br />The market participants were very sensitive to any weather change during these few months as the soybean crops in South America are entering the critical planting development phase.<br /><br />The weather conditions in South America were generally favourable for soybean crops at the beginning of the year.<br /><br />The weather started to change to hot and dry pattern for the past two weeks drew attention of the market participants.<br /><br />If timely rains appear in the next two weeks, soybean crops could recover from the current condition.<br /><br />Some weather forecast reports showed that there would be beneficial rains in South America next week, capping further gains in soybean complex and prompted some speculators to take profits off the table.<br /><br />On the other hand, Malaysia was also having some weather problems where consistent heavy rains were falling in key palm oil producing states like Pahang and Johor.<br /><br />These two states alone produced about 30 per cent of the total palm oil production in Malaysia.<br /><br />There was no serious disruption or damage to the palm oil production at the current moment but close monitoring on the weather pattern would be observed from time to time.<br /><br />On the demand side, the exports were slowly improving but not strong enough to offset the high production levels.<br /><br />The exports to top importing countries remained lacklustre especially to the European Union countries due to seasonal factor.<br /><br />Cargo surveyor ITS released the palm oil export figures for the period of January 1 to 25 on Friday at 1,102,585 tonnes, a drop of 14.11 per cent while another surveyor SGS at 1,104,890 tonnes, a fall of 14.60 per cent from the same period last month.<br /><br />The Indian government has raised its base price for crude palm oil imports to US$802 per tonne on Wednesday on top of the 2.5 per cent import tax implemented the previous week.<br /><br />Again, the Indian government’s move was to protect the local industry and to avoid excessive cheap palm oil supplies in their market. The Malaysian markets will be closed on Monday and Friday celebrating Thaipusam and Federal Territory Day respectively.<br /><b><br />Technical View </b><br /><br />The benchmark April contract was slowly crawling up this week and the technical indicators were improving to supportive signals.<br /><br />If the market is able to stand firm above RM2,450 next week, the palm oil prices will have high potential to go up.<br /><br />If the market is able to further break RM2,490 level, the bull trend may resume in the medium term.<br /><br />Resistance would be pegged at RM2,450 and RM2,524 while support was set at RM2,330 and RM2,280.<br /><b><br />Major fundamental news this coming week </b><br /><br />Malaysian export data for January 1 to 31 by ITS and SGS on January 31.<br /><br />-courtesy of OPF-<br />
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<br />Jutawansawithttp://www.blogger.com/profile/02940626551782150826noreply@blogger.com0tag:blogger.com,1999:blog-8955714387291559978.post-85789422794554322722013-01-24T21:53:00.003+08:002013-01-24T21:53:37.575+08:00Market Intelligence Crude Palm Oil 24th January, 2013 <b>Market Intelligence </b><br /><br />CPO prices eased on profit booking by traders. Prices were also influenced by a fall in spot market demand. Speculators offloaded positions in tandem with weakening trend in other Edible Oils. Prices declined on concerns that exports from Malaysia may decrease this month as China is buying less after tightening quality regulations on imports. <br /><br />The benchmark price of Crude Palm Oil was raised today by India. This move was done as part of efforts to curb overseas purchases and protect domestic Oilseed farmers. The government last week decided to impose a tax in order to prevent a flood of cheap Palm Oil imports from Malaysia and Indonesia, which were previously tax-free. <br /><br />India's imports of Palm Oil have surged in the past few months after Indonesia and Malaysia cut exports taxes to reduce their large stocks. Global Edible Oil importers are likely to increase purchases of low priced Palm Oil in coming months, turning away from Soy Oil. Palm Oil is much cheaper than domestic branded vegetable oils and production is low because local mills lack the sophistication and infrastructure to boost output.Jutawansawithttp://www.blogger.com/profile/02940626551782150826noreply@blogger.com0tag:blogger.com,1999:blog-8955714387291559978.post-40289179488536347502013-01-20T09:03:00.000+08:002013-01-20T09:03:02.274+08:00Weekly Crude Palm Oil Report January 20 2013<div class="separator" style="clear: both; text-align: center;">
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Crude palm oil futures (FCPO) on Bursa Malaysia Derivatives ended the week higher in tandem with the rise in soybean oil prices and the anticipation of lower palm oil production in January.<br /><br />The benchmark FCPO April contract rose RM34 or 1.44 per cent to settle at RM2,400 per tonne on Friday from RM2,366 per tonne last Friday.<br /><br />The trading range for the week was from RM2,356 to RM2,444.<br /><br />Total volume traded for the week amounted to 203,175 contracts, down 30,477 contracts from the previous week.<br /><br />The open interest as at Thursday increased to 182,124 contracts from 173,776 contracts the previous Thursday.<br /><br />The weather in Argentina and southern Brazil turned drier this week had caused some concerns among the market participants. Even the situation was not serious yet, it raised concerns of the on-going dryness there.<br /><br />The hot and sunny weather was initially favoured after months of heavy rains and floods in Argentina. However, the crops fields were started to get too dry thereafter.<br /><br />The prospects for a large soybean crop in Brazil was still intact with some analysts revised their forecast higher.<br /><br />Most analysts predicted the soybean production in Brazil to be in the range of 82.5 million to 84 million tonnes.<br /><br />On the other hand, palm oil prices were unable to move up much due to poor export demand and an increase in Indian import tax on crude edible oils.<br /><br />Cargo surveyor ITS released the palm oil export figures for the period of January 1 to January 15 on Tuesday at 570,510 tonnes, a drop of 20.74 per cent while another surveyor SGS at 571,481 tonnes, a fall of 22.20 per cent from the same period last month.<br /><br />The demand from China and European Union countries remained significantly low.<br /><br />There will be a visit by the officials from China to Malaysia end of January, opening up the opportunity to get more insights on the new quality control imposed by the Chinese government.<br /><br />India implemented a 2.5 per cent import duty on crude edible oils on Thursday which could dampen the demand for crude palm oil.<br /><br />This move by the Indian government was to protect the interest of its local oilseed farmers.<br /><br />However, the import duty imposed was less than the earlier expectation of five per cent.<br /><br />The Malaysian government announced on Tuesday that its crude palm oil export tax for February would be remained at zero per cent, hoping to boost more demand for the tropical oil.<br /><br />The US grain markets will be closed on Monday celebrating Martin Luther King Junior day while the Malaysian markets will be closed on Thursday for Prophet Muhammad’s Birthday.<br /><br />Technical view <br /><br />The benchmark April contract was basically trapped in a range market this week. The market will remain in the sideway of RM2,330 to RM2,450 levels until there is a significant break out from the current range.<br /><br />Resistance would be pegged at RM2,450 and RM2,524 while support was set at RM2,330 and RM2,280.<br /><br />Major fundamental news this coming week <br /><br />Malaysian export data for January 1 to January 20 by ITS and SGS on January 21 and the export figures for January 1 to January 25 by ITS and SGS on January 25.<br />
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-courtesy of OPF-Jutawansawithttp://www.blogger.com/profile/02940626551782150826noreply@blogger.com0tag:blogger.com,1999:blog-8955714387291559978.post-91441337770335857052013-01-18T21:56:00.004+08:002013-01-18T21:56:53.117+08:00Market Intelligence Crude Palm Oil 18th January, 2013 <b>Market Intelligence </b><br /><br />CPO closed with mild gains in domestic stop markets on rising demand. Fresh positions were created by speculators in futures market on the back of a firming trend in the domestic market and a pick up in demand mainly. The government enhanced import duty on Crude Edible Oils, while retaining the present import duty on all Refined Edible Oils. This has been done with the objective to shore up the price payable to farmers for Fresh Fruit Bunches of Oil Palm, which is linked to the landed price of CPO. With enhanced duty on CPO, price payable to farmers will increase by around Rs. 150 per MT. Impact of enhanced duty on prices of Edible Oils would be negligible at less than Rs. 1 per kg. The price may be further moderated on account of the huge stocks of Palm Oil in Malaysia and Indonesia, which may force these countries to lower the export duty currently levied in an effort to boost their exports. The CCEA also approved a plan to de freeze the tariff values of all Edible Oils including Palm Oil and notify their tariff values on the basis of their prevailing international prices. An alignment of notified tariff values with international prices will have a positive impact on the duty collected from import of Edible Oils and will provide an even field to the domestic refining industry. <br /><br />In international markets CPO eased initially reacting to India's import duty structure on Crude Palm Oil imports, a move which is considered will hurt demand and leave stocks near record highs. However, prices recovered from lower levels on short covering by traders and speculators ahead of weekend. India, yesterday set a 2.5 % import duty on Crude Edible Oils to stem imports and protect domestic Oilseed growers. Some traders believe that the duty may be too small to really have an impact on Crude Palm Oil demand. The impact of higher duty was minimal in the local market as traders expect that Malaysia and Indonesia may be forced to lower export duty to clear stockpiles. Slightly better than expected economic data from China also acted as a positive cue and capped prices on downside. China's Q4 GDP growth data showed a 7.9% on-year rise vs expectations of 7.8% growth. Investors have shifted attention now to the South American weather pattern. Concerns over dry weather in major Soybean producer Argentina will likely support rival Palm Oil's prices. <br /><br />Malaysia and Indonesia, are struggling with record stocks since September due to tepid global economic conditions and the euro zone crisis, which have stifled demand and caused prices to tumble in recent past. End stocks are expected to slowly shrink in the first quarter of this year on the back of seasonally slowing production, sluggish exports could crimp any recovery in prices. CPO prices in domestic markets are likely to decline in near term as demands from Indian refiners are probably going to decline. But the downside may not be significant because Palm Oil is still far cheaper than alternatives. <br /><br /><b>News for Use </b><br />At current prices Refined Palm products are offered $350-$370/ton cheaper than rival Soy Oil and a hefty $400/ton discount to Rapeseed Oil. <br /><br /><b>Events to Watch </b><br /><br />January 1-20 export estimates by cargo surveyors Intertek Agri Services and SGS (Malaysia) Bhd. due on 21st January, 2013.Jutawansawithttp://www.blogger.com/profile/02940626551782150826noreply@blogger.com0tag:blogger.com,1999:blog-8955714387291559978.post-34097466901686431822013-01-18T12:13:00.001+08:002013-01-18T12:13:31.597+08:00Market Intelligence Crude Palm Oil 17th January, 2013 <span style="font-size: small;"><b>Market Intelligence </b><br /><br />CPO prices in the domestic markets remained steady paring recent gains as speculators offloaded their positions, taking negative cues from overseas. In international markets, Palm Oil declined on concerns that inventories may stay near record levels as exports dropped and India imposes to tax imports to protect local growers. CPO in futures market eased from recent highs due to a lack of buying momentum and concern about Refined Palm Oil shipments to China. <br /><br />CPO prices fell immediately after India imposed a 2.5% import tax on Crude Edible Oils in a bid to protect its farmers against a surge of cheap imports. Investors turned bearish on Palm Oil after India's import tax announcement on concerns that this could slow export demand and keep Palm Oil stockpiles near record levels. Malaysian Palm Oil stockpiles at end-December reached an all-time high. Still, some traders are hopeful that India's tax imposition may not be completely negative for Malaysia. Palm Oil prices tumbled from highs as inventories in Indonesia and Malaysia surged because of low demand amid an economic slowdown in China and Europe. Investors locked in profits after steady gains in prices. Traders also took cues from hints of recovering demand from major buyers as temperatures become warmer and more suitable for Palm Oil. <br /><br />Indian government has decided to lift a freeze on the taxable value of Edible Oils including CPO. India will revise the base price used to calculate import taxes for CPO on a fortnightly basis now onwards as result of this revision. The current base price for CPO is unchanged from last six years. The Cabinet has approved to de freeze the tariff values of all Edible Oils including Palm Oil & Soy Oil and notify their tariff values on the basis of their prevailing international prices. An alignment of notified tariff values with international prices will have a positive impact on the duty collected from import of Edible Oils and will provide an even field to the domestic refining industry. <br /><br />Indonesia, will not change its export tax structure for the Edible Oil or follow rival producer Malaysia by cutting tariffs on crude grades to zero. The Malaysian tax changes were aimed at clawing back market share from Indonesia. Rising inventories would increase pressure on Indonesia to cut its export tax to compete with Malaysia. If the government cuts the export tax, it will definitely help boost shipments. Attempts by Indonesian exporters to cut reserves are hampered by the zero tariff in Malaysia, causing inventories to stay high. <br /><br />Palm Oil is expected to rebound, as investors likely to square off riskier positions ahead of the weekend. However, in longer view traders are still cautious on concerns of stock piles. <br /><br /><b>News For Use </b><br /><br />JPMorgan cut its Palm Oil price forecast by 10 % to 2,600 Ringgit a ton for 2013-2014 from 2,900 a ton earlier, citing an overhang of inventories. <br /><br />Vietnam is considering putting emergency import tariffs on Soy Oil and Palm Oil to prevent a flood of imports damaging its own producers. Under WTO rules, countries may temporarily impose such tariffs known as "safeguard measures" if they can show that there is a serious threat to domestic producers.</span>Jutawansawithttp://www.blogger.com/profile/02940626551782150826noreply@blogger.com0tag:blogger.com,1999:blog-8955714387291559978.post-6003215054402252612013-01-16T21:09:00.002+08:002013-01-16T21:09:29.966+08:00Market Intelligence Crude Palm Oil 16th January, 2013 <b>Market Intelligence </b><br /><br />CPO climbed on speculation that stockpiles in Malaysia may drop from a record as output falls and demand recovers in India and Pakistan. Rising imports from India supported Palm Oil prices at a time when demand from China is being affected by new quality control rules. Cooking Oil imports by India jumped last month after a decline in prices of the tropical commodity and domestic Oilseed supplies spurred demand. Heavy discount of Palm products over other Oils and lower domestic production of Vegetable Oils due to slowdown in crushing pushed up the import of Palm products even during the winter season. India's consumption of Palm Oil could rise by 750,000 metric tons in the marketing year that ends Oct. 31, driven by a drop in the prices of the tropical oil and as demand for other vegetable oils eases. India may continue to buy huge quantities of Palm Oil in February also. India is showing escalating interest towards sustainable Palm Oil. The number of Indian RSPO members, has increased over five times from 2011 to 2012 comprising leading players within the Palm Oil sector in India. <br /><br />Malaysia will allow shipments of the Crude Oil at zero duty for another month in February as it seeks to reduce inventory. Indonesia will not aggressively slash its CPO export tax as an effort to boost competition with Malaysia as the number of raw Palm Oil exported by the country to overseas was small. Indonesia has set up a progressive Palm Oil export structure in line with policy to boost the Palm Oil downstream industry. Increased competition from Indonesia may erode Malaysian exports, while benefiting importers such as India, China and Pakistan. <br /><br />Thai Oil Palm and Palm Oil exports are in trouble, as shipments of local products are less competitive because of high prices as a result of the government's price intervention scheme. Demand also remains weak there as the economy has yet to fully recover. Fresh Palm nut prices in Thailand tumbled to only two baht per kg due to oversupply, caused by unusually wet weather that boosted output. <br /><br />Palm Oil prices are likely to remain firm in future on increasing demand. Palm Oil's large discount to rival Soy Oil and increased competitiveness of Malaysia's downstream Palm Oil sector which will help to drive demand. <br /><br /><b>News For Use </b><br /><br />Officials from China's food safety to visit Malaysia at the end of January to shed light on new quality control rules imposed by the country. The visit will give some clarity to Malaysian refiners with businesses in China. Malaysian Palm Oil Board has proposed China to grant a six-month exemption to exporters and refiners to give them time to adjust to the new rules. <br /><br />Conference on the Global Trends in Sustainable Production and sourcing of Edible Oils to be held on February 1st, 2013 at Delhi.Jutawansawithttp://www.blogger.com/profile/02940626551782150826noreply@blogger.com0tag:blogger.com,1999:blog-8955714387291559978.post-38691163106470754522013-01-13T21:17:00.002+08:002013-01-13T21:17:26.912+08:00Market Intelligence Crude Palm Oil 11th January 2013CPO traded lower, as investors build short positions in futures due to ample Palm Oil supplies in Malaysia. Further selling pressure is expected as higher than expected CPO output and relatively flat outbound sales pushed stocks to a record high. Palm oil shipments to China surprisingly fell ahead of tighter Chinese quality control rules. <br /><br />However, some industry experts who expect the average CPO price to drop this year compared with last year are still bullish on the Palm Oil outlook. They see potential for CPO price to strengthen towards the later part of 2013. Any stresses on the global system in the form of weather or diseases can lead to production shortfalls, triggering price explosions. Industry players would be looking more intensely into ways to enhance labor productivity to reduce costs this year. Malaysian exporters are not rushing off to export directly and take advantage of the zero percent tax for this month yet as some planters may continue to sell to local refiners. <br /><br />Rabobank signaled a downgrade ahead in its forecasts for prices of Palm Oil, which it had rated as its most bullish agricultural commodity for 2013, after Malaysian stocks of the vegetable oil defied market expectations by rising to a fresh record high. The uncertainty around future import demand, particularly to China, has acted to limit upside price moves. Palm Oil prices likely to remain range bound in coming weeks until a seasonal slowdown in Palm Oil production is likely seen in March. The downside in prices is also limited on account of the discount of Palm Oil prices to those in rival vegetable oils. In the medium-to-longer term this price discount is unsustainable. And a seasonal slowdown in Palm Oil production is likely to emerge by the end of the first quarter of 2013 which should narrow the price discount to Soy Oil. <br /><br />Meanwhile, China reported an increase in Palm Oil imports. The demand outlook is being clouded by Chinese legislation on the use of retail Edible Oil blends, and lower reported per-store sales by major food service companies in the second half of 2012. Thailand, likely produce a record Crude Palm Oil output this year. While the record output will put some pressure on prices in the market, rising demand for bio diesel made from Palm Oil will underpin price levels. <br /><br />According to Alvin Tai, senior plantation analyst at Kuala Lumpur-based OSK Investment Bank, the downside for CPO prices is relatively limited given parity to Brent crude prices which will help trigger demand for use in the energy sector. Additionally he said Malaysia's move to cut the tax on CPO exports and abolish a duty-free shipment quota from the beginning of January will have some positive impact on CPO shipments, and we should see the effects the next one to two months. <br /><br />For the week ahead investors are likely to monitor export trends during the Jan 1-15 period to see whether a new tax rate has helped boost orders. Malaysia is scheduled to announce its February CPO export-tax rate on Tuesday.Jutawansawithttp://www.blogger.com/profile/02940626551782150826noreply@blogger.com0tag:blogger.com,1999:blog-8955714387291559978.post-17667635949007697352013-01-13T07:29:00.000+08:002013-01-13T07:29:05.654+08:00Weekly Crude Palm Oil Report January 13 2013Crude palm oil futures (FCPO) on Bursa Malaysia Derivatives plunged this week due to bearish fundamental reports released during the week.<br /><br />The benchmark FCPO March contract tumbled RM101 or 4.09 per cent to close at RM2,366 per tonne on Friday from RM2,467 per tonne last Friday. The trading range for the week was from RM2,332 to RM2,476.<br /><br />Total volume traded for the week amounted to 233,652 contracts, up 88,390 contracts from the previous week.<br /><br />The open interest as at Thursday increased to 173,776 contracts from 164,839 contracts the previous Thursday.<br /><br />MPOB released its bearish monthly reports on Malaysian palm oil’s supply and demand for December 2012 on Thursday with palm oil stocks were continuously higher at 2.628 million tonnes, an increase of 2.41 per cent from the previous month and was far above the average estimation of Reuter’s poll at 2.5 million tonnes.<br /><br />According to the report, the exports in December dropped slightly 0.70 per cent to 1.65 million tonnes while the palm oil production reduced 5.86 per cent to 1.78 million tonnes.<br /><br />Although the fall in exports was less than the drop in production for December, the absolute figure for production was still higher than the exports, contributing to higher palm oil stocks.<br /><br />The palm oil demand is seasonally weak during winter time as palm oil tends to crystallise in colder weather. On the other hand, the production was seen falling due to the effect of heavy rains during this time of the year.<br /><br />Cargo surveyor ITS released the palm oil export figures for the period of January 1 to January 10 on Thursday at 373,462 tonnes, a plunge of 25.27 per cent while another surveyor SGS at 343,081 tonnes, a dive of 33.57 per cent from the same period last month.<br /><br />The main reason of the weak exports data was due to low demand from top importing countries like China and European Union countries.<br /><br />Both countries’ imports slumped 58 per cent and 67 per cent respectively during the first 10 days of January compared with the same period last month.<br /><br />Most Chinese importers were abducting the wait and see attitude as to monitor the impact of the stringent quality on imported palm oil products by the Chinese government.<br /><br />In addition, the effect of zero per cent export tax on crude palm oil by the Malaysian government has yet to boost any demand for the tropical oil.<br /><br />The Malaysian government is expected to reveal its crude palm oil export tax for February next Tuesday.<br /><br />Meanwhile, USDA released its monthly report on soybean supply and demand on Friday with US soybean production for 2012 was estimated at 3.015 billion bushels, up from 2.971 billion in the previous report.<br /><br />Technical View <br /><br />The benchmark March contract broke all the major supports this week especially piercing through the uptrend channel support and EMA 50 line easily on Monday.<br /><br />The unsustainability to stand above EMA 50 support has pushed the market back to sideway trend in the medium term until further new development in the fundamental factors.<br /><br />The benchmark contract will change from March to April month next Wednesday. Resistance was pegged at RM2,430 and RM2,524 while support was set at RM2,330 and RM2,280.<br /><br />Major fundamental news this coming week<br /><br />Malaysian export data for January 1 to January 15 by ITS and SGS on January 15.<br />
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-Courtesy of OPF-<br />
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<br />Jutawansawithttp://www.blogger.com/profile/02940626551782150826noreply@blogger.com0tag:blogger.com,1999:blog-8955714387291559978.post-85487449164013610752013-01-11T21:31:00.000+08:002013-01-11T21:31:22.121+08:00Crude Palm Oil Ends Down; Declining CPO Output Limit Fall Crude palm-oil futures on Malaysia’s derivatives exchange fell Friday and headed for a weekly decline of 4% as Malaysian export demand falls. <br /><br /> The benchmark March contract at Bursa Malaysia Derivatives ended 0.9% lower at 2,366 ringgit a metric ton after falling as much as 2.3% to MYR2,332/ton. <br /><br /> The latest palm-oil export estimates by cargo surveyors Intertek Agri Services and SGS (Malaysia) Bhd. show a slump in shipments to big consumer China which reflect exporters' reluctance to ship cargoes because of uncertainty about China's new quality-control rules. <br /><br /> China won't accept imports of edible oils containing excessive peroxide or stearic acid from Tuesday, according to China's Inspection and Quarantine Bureau. <br /><br /> Palm-oil inventory levels in December hit a high of 2.53 million tons. But analysts expect stocks to ease in the coming months as CPO output continues to decline during the January-March period as a result of seasonal factors. <br /><br /> "The downside for CPO prices is relatively limited given parity to Brent crude prices which will help trigger demand for use in the energy sector," Alvin Tai, senior plantation analyst at Kuala Lumpur-based OSK Investment Bank, said. <br /><br /> Malaysia's move to cut the tax on CPO exports and abolish a duty-free shipment quota from the beginning of January will have "some positive impact on [CPO] shipments," he said. "We should see the effects the next one to two months," he said. <br /><br /> For the week ahead investors are likely to monitor export trends during the Jan 1-15 period to see whether a new tax rate has helped boost orders. Malaysia is scheduled to announce its February CPO export-tax rate on Tuesday. <br /><br /> Open interest on the BMD was 173,776 lots versus 170,416 lots Thursday. One lot is equivalent to 25 tons. <br /><br /> <pre>Ending BMD Crude Palm Oil (CPO) futures prices in MYR/ton:
Month Close Previous Change High Low
Jan'13 2,260 2,275 -15 2,255 2,251
Feb'13 2,330 2,339 -9 2,326 2,298
Mar'13 2,366 2,387 -21 2,377 2,332
Apr'13 2,395 2,419 -24 2,411 2,356 </pre>
<br /><br /> Write to Shie-Lynn Lim at shie-lynn.lim@dowjones.com <br /><br /> (END) Dow Jones Newswires <br /><br /> January 11, 2013 05:47 ET (10:47 GMT) <br /><br /> Copyright (c) 2013 Dow Jones & Company, Inc.Jutawansawithttp://www.blogger.com/profile/02940626551782150826noreply@blogger.com0tag:blogger.com,1999:blog-8955714387291559978.post-67169116790519196902013-01-06T10:15:00.001+08:002013-01-06T10:15:40.176+08:00Weekly Crude Palm Oil Report January 6 2013Crude palm oil futures (FCPO) on Bursa Malaysia Derivatives declined this week due to lower palm oil export demand for December and the prospect of larger soybean production in South America.<br /><br />The benchmark FCPO March contract fell RM27 or 1.08 per cent to close at RM2,467 per tonne on Friday from RM2,494 per tonne last Friday.<br /><br />The trading range for the week was from RM2,433 to RM2,524.<br /><br />Total volume traded for the week amounted to 145,262 contracts, up 39,662 contracts from the previous week.<br /><br />The open interest as at Thursday decreased to 164,839 contracts from 166,198 contracts the previous Thursday.<br /><br />The crude palm oil prices wrapped up the year in a 21 per cent decline in 2012 compared to a 16 per cent fall in 2011 due to record high palm oil stocks, strong production and sluggish export demand.<br /><br />The US soybean oil prices on the other hand fell five per cent in 2012, lesser than the 10 per cent decline in 2011 as the US experienced the worst drought in 56 years during summer.<br /><br />The NYMEX crude oil prices was also facing the same fate as other commodities and was down seven per cent in 2012 against the gain of eight per cent in 2011 due to a slower global economic growth.<br /><br />Cargo surveyor ITS revealed its palm oil export figures for the full month of December on Monday at 1,568,510 tonnes, a drop of 5.69 per cent while another surveyor SGS at 1,518,750 tonnes, a fall of 7.85 per cent from the same period last month.<br /><br />The growth in exports for December was mainly contributed by India and Pakistan.<br /><br />However, the slump in demand from China, European Union countries and the US was far exceeded the increase in demand from India and Pakistan.<br /><br />Hence, the exports data for the first 10 days in January will be an important indication as to see the response of the demand after the implementation of zero per cent export tax for crude palm oil in January by the Malaysian government.<br /><br />In addition, traders would also monitor the impact on palm oil demand from China after the Chinese government has imposed stricter quality standards on the imported edible oils starting from January 1.<br /><br />The weather in South America was forecasted to be favourable in the coming week.<br /><br />Some analysts also estimated the US Department of Agriculture (USDA) to raise its soybean production in 2012 and to expect a record high of soybean crops in Brazil in the coming report.<br /><br />All these factors would pressure on soybean prices and may dampen the upward momentum of crude palm oil prices.<br /><br />On the economic front, the US government has finally averted the fiscal cliff issue at a very last minute before the New Year.<br /><b><br />Technical View </b><br /><br />The benchmark March contract consolidated this week and was waiting for clearer direction from the major fundamental reports to be released next week.<br /><br />The EMA 50 and the uptrend channel support line will be closely monitored as to determine the strength of the current upward momentum.<br /><br />Resistance would be pegged at RM2,615 and RM2,755 while support was set at RM2,430 and RM2,350.<br /><br /><b>Major fundamental news this coming week </b><br /><br />MPOB’s monthly supply-demand report on January 10, Malaysian export data for January 1 to 10 by ITS and SGS on January 10 and USDA’s monthly supply-demand report on January 11.<br />
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<br />Jutawansawithttp://www.blogger.com/profile/02940626551782150826noreply@blogger.com1tag:blogger.com,1999:blog-8955714387291559978.post-61727926084377615262013-01-05T22:16:00.004+08:002013-01-05T22:20:16.684+08:00 Palm Oil Advances as Malaysia’s Export Tax May Boost Shipments<div id="story_display">
<span style="font-family: Arial,Helvetica,sans-serif;"><span style="font-size: small;"><a href="http://topics.bloomberg.com/palm-oil/">Palm oil</a> advanced on speculation that
a new export tax structure in <a href="http://topics.bloomberg.com/malaysia/">Malaysia</a>, the second largest
producer, will help to boost shipments in the first quarter,
paring record stockpiles. </span></span><br />
<span style="font-family: Arial,Helvetica,sans-serif;"><br /></span>
<span style="font-family: Arial,Helvetica,sans-serif;"><span style="font-size: small;">The contract for March delivery climbed as much as 0.9
percent to 2,495 ringgit ($819) a metric ton on the Malaysia
Derivatives Exchange, and ended the morning session at 2,481
ringgit. Futures are heading for a 0.6 percent loss this week. </span></span><br />
<span style="font-family: Arial,Helvetica,sans-serif;"><br /></span>
<span style="font-family: Arial,Helvetica,sans-serif;"><span style="font-size: small;">Malaysia said Dec. 17 it will allow crude palm oil exports
at zero duty in January as the second-largest producer seeks to
reduce stockpiles that drove prices to a three-year low last
month. Futures lost 23 percent last year as <a class="web_ticker" href="http://www.bloomberg.com/quote/PASTTOTL:IND" title="Get Quote">inventories</a> gained
for five straight months, reaching a record 2.56 million tons in
November, according to the Malaysian Palm Oil Board. </span></span><br />
<span style="font-family: Arial,Helvetica,sans-serif;"><br /></span>
<span style="font-family: Arial,Helvetica,sans-serif;"><span style="font-size: small;">“The most important thing people are paying attention to
is how exports are going to be for January, February and
March,” said Chandran Sinnasamy, head of trading at LT
International Futures Sdn. in <a href="http://topics.bloomberg.com/kuala-lumpur/">Kuala Lumpur</a>. “Export estimates
from Intertek and SGS on the 10th may give a rough idea whether
the exports have improved with the new tax in Malaysia.” </span></span><br />
<span style="font-family: Arial,Helvetica,sans-serif;"><br /></span>
<span style="font-family: Arial,Helvetica,sans-serif;"><span style="font-size: small;">Exports fell 5.7 percent to 1.57 million tons in December
from 1.66 million tons a month earlier, surveyor Intertek said
Dec. 31. Shipments dropped 7.9 percent to 1.52 million tons in
the same period, Societe Generale de Surveillance estimated.
Palm oil will trade sideways as concerns over high stockpiles in
Malaysia and Indonesia still weigh on the market, said Chandran. </span></span><br />
<span style="font-family: Arial,Helvetica,sans-serif;"><br /></span>
<span style="font-family: Arial,Helvetica,sans-serif;"><span style="font-size: small;">Palm oil for May delivery advanced 1.4 percent to 7,022
yuan ($1,127) a ton on the <a href="http://topics.bloomberg.com/dalian-commodity-exchange/">Dalian Commodity Exchange</a>. <a href="http://topics.bloomberg.com/soybean-oil/">Soybean
oil</a> for May rose 1.5 percent to 8,740 <a href="http://topics.bloomberg.com/yuan/">yuan</a> a ton. </span></span><br />
<span style="font-family: Arial,Helvetica,sans-serif;"><br /></span>
<span style="font-family: Arial,Helvetica,sans-serif;"><span style="font-size: small;">Soybeans for March delivery gained 0.3 percent to $13.9025
a bushel on the Chicago Board of Trade. Soybean oil for delivery
in March was little changed at 50.68 cents a pound. </span></span><br />
<span style="font-family: Arial,Helvetica,sans-serif;"><br /></span>
<span style="font-family: Arial,Helvetica,sans-serif;"><span style="font-size: small;">To contact the reporter on this story:
Ranjeetha Pakiam in Kuala Lumpur at
<a href="mailto:rpakiam@bloomberg.net" title="Send E-mail">rpakiam@bloomberg.net</a></span></span><br />
<span style="font-family: Arial,Helvetica,sans-serif;"><span style="font-size: small;"> </span> </span><br />
<span style="font-family: Arial,Helvetica,sans-serif;"><span style="font-size: small;">To contact the editor responsible for this story:
Jake Lloyd-Smith at
<a href="mailto:jlloydsmith@bloomberg.net" title="Send E-mail">jlloydsmith@bloomberg.net</a></span></span> </div>
Jutawansawithttp://www.blogger.com/profile/02940626551782150826noreply@blogger.com0tag:blogger.com,1999:blog-8955714387291559978.post-32538186369915807782012-11-25T08:42:00.001+08:002013-01-06T10:11:02.996+08:00Weekly Crude palm Oil Report November 25 2012Crude palm oil futures (FCPO) on Bursa Malaysia Derivatives ended the week lower due to slower exports growth and the likelihood of continuous record palm oil stocks in November.<br /><br /><br /> The benchmark FCPO February contract declined RM34 or 1.4 per cent to close at RM2,395 per tonne on Friday from RM2,429 per tonne last Friday.<br /><br /><br /> The trading range for the week was from RM2,380 to RM2,485.<br /><br /><br /> Total volume traded for the week amounted to 178,543 contracts, up 64,096 contracts from the previous week.<br /><br /><br /> The open interest as at Thursday increased to 143,012 contracts from 136,895 contracts the previous Friday.<br /><br /><br /> Cargo surveyor ITS released the palm oil export figures for the period of November 1 to 20 on Tuesday at 1,023,517 tonnes, a decline of 3.34 per cent while another surveyor SGS at 1,010,417 tonnes, a drop of 3.82 per cent from the same period last month.<br /><br /><br /> The exports to China were continuously robust with an increase of 68 per cent growth in demand as of the first 20 days of November compared with the same period last month.<br /><br /><br /> However, the overall exports growth was pulled back by the slowdown in demand from the European Union countries and India.<br /><br /><br /> The palm oil production in November would be expected to remain at the current high level.<br /><br /><br /> Hence, the palm oil stocks would be very likely to continuously increase this month.<br /><br /><br /> There will be an industry conference in Bali, Indonesia next Wednesday till Friday.<br /><br /><br /> As usual, the global top edible oils analysts like Dorab Mistry, Thomas Mielke and James Fry were invited as the speakers of the conference.<br /><br /><br /> We expect there should not be many changes in their view in the coming conference in Bali as they had just presented their papers in an industry conference in Guangzhou, China early this month unless they have changed their view with new factors happening in the market.<br /><br /><br /> The other main factor should be monitored closely from December onwards is the seasonal monsoon rains.<br /><br />In our view, there may be possibility that the monsoon rains this year will be worse than the previous years.<br /><br />If this factor is realised, the palm oil production may be affected and starts reducing from next month onwards.<br /><br /><br /> On the economic front, the resurface on worries over debt issue in Greece and the US fiscal cliff would linger around the market sentiment for a while.<br /><br /><br /> On the positive side, the manufacturing data in China showed an expansion on Thursday, above the benchmark of 50-level for the first time in November after contracting continuously for 13 months.<br /><br /><br /> Technical View<br /><br />The benchmark February contract retraced this week after the strong surge in the previous week.<br /><br />The market temporary hit the resistance near the RM2,490 level and it may continuously consolidate at the current level next week.<br /><br /><br /> After the current consolidation phase ends with the low of RM2,220 is not broken, we expect the market to start rally to reach RM2,820 level within the next three months.<br /><br /><br /> Resistance would be pegged at RM2,490 and RM2,634 while support was set at RM2,320 and RM2,220.<br /><br /><br /> Major fundamental news this coming week<br /><br />Malaysian export data for November 1 to 25 by ITS and SGS on November 26 and the export figure for the full month of November by ITS and SGS on November 30.<br /><br /><br /><br /><br /> -Courtesy of OPF-<br /><br /><br /><br /><br /><a href="http://cdn.theborneopost.com/newsimages/2012/11/B3534.jpg"><img border="0" height="172" src="http://cdn.theborneopost.com/newsimages/2012/11/B3534.jpg" width="400" /></a><br /><br /><br /><br /><br /><br /><br /><br /><br /><br /><a href="http://www.theborneopost.com/2012/11/25/weekly-crude-palm-oil-report-november-25-2012/#ixzz2DBrTFa1e"></a>Jutawansawithttp://www.blogger.com/profile/02940626551782150826noreply@blogger.com0tag:blogger.com,1999:blog-8955714387291559978.post-56992391760103209822012-11-18T11:27:00.002+08:002012-11-18T11:27:16.343+08:00Weekly Crude Palm Oil Report November 18 2012Crude palm oil futures (FCPO) on Bursa Malaysia Derivatives soared
this week due to the lower than expected palm oil stocks build-up in
October.<br />
<br />
The benchmark FCPO February contract surged RM113 or 4.88
per cent to close at RM2,429 per tonne on Friday from RM2,316 per tonne
last Thursday.<br />
<br />
The trading range for the week was from RM2,220 to RM2,439.<br />
<br />
Total volume traded for the week amounted to 114,447 contracts, down 84,482 contracts from the previous week.<br />
<br />
The open interest as at Wednesday increased to 139,876 contracts from 138,208 contracts the previous Thursday.<br />
<br />
MPOB
released its bullish monthly reports on Malaysian palm oil’s supply and
demand for October 2012 on Monday with palm oil stocks were slightly
higher at 2.509 million tonnes, an increase of 1.11 per cent from the
previous month and was far below the average estimation of the Reuter’s
poll at 2.67 million tonnes.<br />
The exports in October jumped 16.16
per cent to 1.758 million tonnes while the palm oil production reduced
3.28 per cent to 1.938 million tonnes.<br />
<br />
The high palm oil exports
were mainly contributed by the European Union countries with an increase
of 70 per cent in their palm oil imports in October compared with the
previous month.<br />
<br />
The higher exports demand and lower production growth managed to slowdown the build-up in palm oil stocks in October.<br />
<br />
If this trend continues in the coming month, the palm oil stocks will start turning down from the record high levels.<br />
<br />
Cargo
surveyor ITS released its latest palm oil export figures for the period
of November 1 to November 15 on Friday at 769,087 tonnes, a slip of
0.06 per cent from the same period last month.<br />
<br />
The exports growth in the last five days of November was sluggish probably due to two public holidays this week.<br />
<br />
The Malaysian market was closed on Tuesday and Thursday, celebrating Deepavali and Awal Muharram respectively.<br />
<br />
However, both cargo surveyors, ITS and SGS released good export data for the first ten days of November.<br />
ITS
indicated the export figures for the period of November 1 to November
10 on Monday at 518,688 tonnes, a surge of 15.62 per cent while another
surveyor SGS at 514,798 tonnes, a jump of 22.35 per cent from the same
period last month.<br />
<br />
The rise in palm oil exports this month was
mainly contributed by China as the Chinese importers were scrambling to
stock up the refined palm products before the Chinese government
implements stricter specifications on refined palm oil’s quality
effective from January 1, 2013 onwards.<br />
<br />
The increase in exports to
China would be expected to extend until the end of this year with the
estimation of more than 700,000 tonnes of palm oil would be exported to
the country each month in November and December.<br />
<br />
<strong>Technical View</strong><br />
The
benchmark February contract surged this week after the market briefly
broke the low of RM2,230 to reach the new low of RM2,220.<br />
<br />
Thereafter, the market rebounded more than RM200 from the new low due to short covering activities.<br />
In our view, the market is currently forming a bottom for the next rally.<br />
<br />
Resistance would be pegged at RM2,490 and RM2,634 while support was set at RM2,220 and RM2,130.<br />
<br />
<strong>Major fundamental news this coming week</strong><br />
Malaysian
export data for November 1 to November 5 by SGS on November 19 and the
export figure for November 1 to November 20 by ITS and SGS on November
20.<br />
<br />
- Courtesy of OPF-<br />
<br />
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Jutawansawithttp://www.blogger.com/profile/02940626551782150826noreply@blogger.com0tag:blogger.com,1999:blog-8955714387291559978.post-89650667695292507502012-11-04T08:06:00.001+08:002012-11-04T08:06:14.377+08:00Weekly Crude Palm OIl Report November 4 2012Crude palm oil futures (FCPO) on Bursa Malaysia Derivatives ended the
week sharply lower on concern over record high palm oil stocks for
October in Malaysia.<br />
<br />
The benchmark FCPO January contract plunged
RM107 or 4.11 per cent to close at RM2,496 per tonne on Friday from
RM2,603 per tonne last Thursday.<br />
<br />
The trading range for the week was from RM2,490 to RM2,553.<br />
<br />
Total volume traded for the week amounted to 159,935 contracts, up 32,109 contracts from the previous week.<br />
<br />
The open interest as at Thursday increased to 133,402 contracts from 130,058 contracts the previous Thursday.<br />
<br />
The palm oil stocks in Malaysia were expected to hit record high in October, ranging from 2.6 million to 2.65 million tonnes.<br />
<br />
Although the palm oil exports showed an improvement, however it was unable to offset the strong production in October.<br />
<br />
The
palm oil production in October was estimated to fall about five per
cent to around 1.9 million tonnes while the exports from both cargo
surveyors, ITS and SGS, indicating to be in the range of 1.57 million to
1.6 million tonnes.<br />
<br />
Cargo surveyor ITS released the palm oil
export figures for the full month of October on Wednesday at 1,600,545
tonnes, a rise of 10.85 per cent while another surveyor SGS at 1,567,112
tonnes, an increase of 9.3 per cent from the same period last month.<br />
<br />
The majority of the palm oil exports went to European Union countries and India.<br />
On
the other hand, the Indonesian government announced on Monday that they
will cut its export tax for crude palm oil from 13.5 per cent in
October to nine per cent for November.<br />
<br />
The reduce in Indonesian
palm oil export tax had further increased the toughness for the
Malaysian suppliers to be competitive in the international palm oil
trading compared with their Indonesian rivals.<br />
<br />
In addition, the US
soybean prices were also under selling pressure as some analysts
estimated the US soybean crop and yield turning out to be better in the
coming US Department of Agriculture’s report.<br />
There will be an
industry conference in Guangzhou, China on November 7 to 8 where the
experts and analysts in the industry would give their view on the market
outlook for oils and grains in 2012/13.<br />
<br />
On the economic front,
the official manufacturing data in China turned out to be better at 50.2
in October, showing an expansion in their manufacturing activities.<br />
<br />
This was a good sign for the economic recovery in China.<br />
<br />
However, the latest economic and jobs data in Europe remained weak.<br />
<br />
There
will be a Group of 20 (G20) meeting for the world finance ministers and
central bank governors in Mexico this weekend to address the financial
issues like the European debt crisis, the US fiscal cliff and the
Japan’s debt problems.<br />
<br />
Traders would also be focussing on the US presidential election and the meeting of top leaders in China next week.<br />
<br />
<strong>Technical View</strong><br />
The
benchmark January contract finally retraced this week and would be
expected to continue the final wave down to form the bottom of the whole
downtrend.<br />
<br />
We expect the bottom would be set anytime in November and thereafter will form a strong base for the coming uptrend.<br />
<br />
Resistance would be pegged at RM2,634 and RM2,755 while support was set at RM2,361 and RM2,230.<br />
<br />
<strong>Major fundamental news this coming week</strong><br />
Reuters poll on the Malaysian supply and demand in October.<br />
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<br />- Courtesy of OPF-</div>
Jutawansawithttp://www.blogger.com/profile/02940626551782150826noreply@blogger.com1tag:blogger.com,1999:blog-8955714387291559978.post-55348747156886897422012-10-28T18:26:00.002+08:002012-10-28T18:26:41.751+08:00Weekly Crude Palm Oil Report October 28 2012Crude palm oil futures (FCPO) on Bursa Malaysia Derivatives ended the
week higher on better export demand and short covering activities ahead
of long holidays in Malaysia.<br />
<br />
The benchmark FCPO January contract
surged RM102 or 4.08 per cent to close at RM2,603 per tonne on Thursday
from RM2,501 per tonne last Friday.<br />
<br />
The trading range for the week was from RM2,497 to RM2,615.<br />
<br />
Total volume traded for the week amounted to 127,826 contracts, down 71,522 contracts from the previous week.<br />
<br />
The open interest as at Wednesday increased to 126,334 contracts from 125,799 contracts the previous Thursday.<br />
<br />
Cargo
surveyor ITS released the palm oil export figures for the period of
October 1 to 25 on Thursday at 1,300,495 tonnes, a rise of 11.09 per
cent while another surveyor SGS at 1,280,652 tonnes, an increase of 9.45
per cent from the same period last month.<br />
<br />
On the supply side, some traders estimated the palm oil production in October would be slightly down to about five per cent.<br />
<br />
The production during the fourth quarter 2012 should be toppish especially approaching the monsoon season end of the year.<br />
<br />
An
industry group in Indonesia indicated that the Indonesian government
may cut its export tax for crude palm oil from 13.5 per cent to 10.5 per
cent for November in its monthly adjustment for the export duty.<br />
This may counter the effect by the Malaysian government to reduce its export tax for crude palm oil in its recent announcement.<br />
<br />
The
weekly crop progress report released by US Department of Agriculture on
Monday indicated the soybean crop harvest was reported 80 per cent
complete, advancing from 71 per cent from the previous week.<br />
<br />
On
the economic front, the manufacturing industry in China showed
improvement with the data released on Wednesday was better than the
market expectation.<br />
This boosted the hope that the world second largest economy is recovering, and soon to demand for more commodities.<br />
<br />
In
addition, the US economic growth was also pointing to recovery with the
latest third quarter gross domestic product data released was at two
per cent, higher than the average analysts’ estimation of 1.8 per cent.<br />
<br />
The
coming November would be an interesting month as the world’s largest
two economies, the US would be having presidential election, while China
is in the transition of changing the country’s leader.<br />
This may
give lots of uncertainties and volatilities to the market movement
towards the end of the year especially the measurements on the US
financial fiscal cliff by the new president and the new policies by the
new leaders to boost their country’s economy.<br />
<br />
<strong>Technical View</strong><br />
The benchmark January contract continued to surge this week after the market broke the RM2,530 resistance.<br />
<br />
Market is currently remained in the uptrend channel with strong resistance to be met in between RM2,634 and EMA50 line.<br />
<br />
Focus
would be put at this range as to see whether the market manages to
break further up? We believe the market is going to correct soon before
forming a strong base for the next uptrend.<br />
<br />
Resistance would be pegged at RM2,634 and RM2,755 while support was set at RM2,361 and RM2,230.<br />
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Jutawansawithttp://www.blogger.com/profile/02940626551782150826noreply@blogger.com0tag:blogger.com,1999:blog-8955714387291559978.post-7167109399584095542012-10-21T08:23:00.001+08:002012-10-21T08:23:57.967+08:00Weekly Crude Palm Oil Report October 21 2012Crude palm oil futures (FCPO) on Bursa Malaysia Derivatives ended fl
at this week, digesting the impact of newly announced export tax
structure by the Malaysian government and analysing the mixed views by
the top industry analysts during an industry conference on Tuesday.<br />
<br />
The
benchmark FCPO December contract rose RM1 or 0.04 per cent to close at
RM2,501 per tonne on Friday from RM2,500 per tonne last Friday.<br />
<br />
The trading range for the week was from RM2,417 to RM2,524.<br />
<br />
Total volume traded for the week amounted to 199,348 contracts, down 4,237 contracts from the previous week.<br />
<br />
The open interest as at Thursday decreased to 125,799 contracts from 141,841 contracts the previous Thursday.<br />
<br />
After
the announcement on the new crude palm oil export tax structure by the
Malaysian government last Friday, palm oil producers requested the
government to reconsider issuing tax-free crude palm oil quota
especially to those companies which have refineries overseas.<br />
<br />
These companies were depending on the tax-free crude palm oil export quota to maintain the profits of their refineries overseas.<br />
<br />
With
the abolishment of the tax-free crude palm oil export quota, it would
definitely erode some of their gains and competitiveness in other
regions.<br />
<br />
Dorab Mistry, one of the leading edible oils’ analysts,
said in an industry conference on Tuesday that palm oil prices could
fall to RM2,200 per tonne within the next four to six weeks due to high
palm oil stocks in Malaysia which may exceed three million tonnes by end
of this year.<br />
<br />
Another renowned analyst, Thomas Mielke, maintained
his view that the wide discount between palm oil and other vegetable
oils’ prices was unsustainable due to shortage in other vegetable oils
supplies which would increase the demand for palm oil to fill the supply
gap.<br />
<br />
He forecasted palm oil prices to recover to RM3,300 per tonne somewhere in March to May next year.<br />
Another
analyst, Dr James Fry, said the premium of palm oil prices over crude
oil prices in Europe collapsed from approximately US$300 per tonne at
the beginning of this year to nearly par recently could boost the appeal
to use palm oil as the feedstock to produce biodiesel.<br />
<br />
According
to Fry, the narrow price difference between palm oil and crude oil
currently would become more feasible to produce biodiesel and direct
burning of vegetable oils without any subsidy by the local government.<br />
<br />
Cargo
surveyor ITS released the palm oil export figures for the period of
October 1 to 15 on Monday at 769,534 tonnes, a jump of 13.15 per cent
while another surveyor SGS at 768,550 tonnes, a surge of 16.28 per cent
from the same period last month.<br />
<br />
The Malaysian market will be closed on Friday celebrating Hari Raya Haji.<br />
<strong> </strong><br />
<strong>Technical view</strong><br />
The
benchmark January contract ended fl at this week and met a strong
resistance at RM2,530 level despite strong export growth for the first
half of October.<br />
<br />
In our opinion, the current rebound may end
around this level and the failure to break above RM2,530 level next week
will bring palm oil price down again for the last wave to form the
bottom of the downtrend.<br />
Resistance would be pegged at RM2,530 and RM2,634 while support was set at RM2,361 and RM2,230.<br />
<br />
<strong>Major fundamental news this coming week</strong><br />
Malaysian
export data for October 1 to October 20 by SGS on October 22 and the
export data for October 1 to October 25 by ITS and SGS on October 25.<br />
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-Courtesy of OPF-</div>
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Jutawansawithttp://www.blogger.com/profile/02940626551782150826noreply@blogger.com0tag:blogger.com,1999:blog-8955714387291559978.post-3898269113232090352012-10-14T08:31:00.002+08:002012-10-14T08:31:32.879+08:00Weekly Crude Palm Oil Report October 14 2012Crude palm oil futures (FCPO) on Bursa Malaysia Derivatives ended the
week higher in the anticipation of palm oil export tax cut in Malaysia
which also spurred technical buying in a deeply oversold condition.<br />
<br />
The
benchmark FCPO December contract rose RM85 or 3.52 per cent to close at
RM2,500 per tonne on Friday from RM2,415 per tonne last Friday.<br />
<br />
The trading range for the week was from RM2,361 to RM2,529.<br />
<br />
Total volume traded for the week amounted to 203,585 contracts, down 14,659 contracts from the previous week.<br />
<br />
The open interest as at Thursday increased to 141,841 contracts from 134,362 contracts the previous Thursday.<br />
<br />
The
Malaysian government announced on Friday that they would reduce the
crude palm oil export taxes and scrapped the current free tax crude palm
oil export quota effective from January 1 next year.<br />
<br />
The new
export taxes would be set based on the price range of crude palm oil in
that particular month and the taxes would vary on monthly basis.<br />
<br />
The
concept of the new export taxes in Malaysia was similar to the
Indonesian counterparts as to position Malaysia in a more competitive
level in the international palm oil trading compared with Indonesia.<br />
<br />
Cargo
surveyor ITS released the palm oil export fi gures for the period of
October 1 to 10 on Wednesday at 448,624 tonnes, a slip of 1.03 per cent
while another surveyor SGS at 420,758 tonnes, a drop of 8.72 per cent
from the same period last month.<br />
<br />
Malaysia Palm Oil Board (MPOB)
released its bearish monthly reports on Malaysian palm oil’s supply and
demand for September 2012 on Wednesday with palm oil stocks were sharply
higher at 2.481 million tonnes, a jump of 17.43 per cent from the
previous month and was slightly above the average estimation of the
Reuters’ poll at 2.46 million tonnes.<br />
<br />
The exports in September
rose 4.49 per cent to 1.506 million tonnes while the palm oil production
soared 20.43 per cent to 2.004 million tonnes.<br />
<br />
The strong growth
in production which was more than four-time faster than the increase in
exports demand, pushed the palm oil stocks level to all time record high
in September.<br />
The high stocks level was pretty much factored in during the plunge of palm oil prices in the past few weeks.<br />
<br />
USDA
released its monthly report on soybean supply and demand on Thursday
with soybean ending stocks for 2012/13 increase to 130 million bushels
from 115 million bushels while the soybean production was forecasted at
2.86 billion bushels, up from 2.634 billion bushels in the previous
report.<br />
<br />
Even though both soybean production and stocks level were
higher than the previous report, most analysts viewed it as supportive
as the stock-to-use ratio remained low in 46 years.<br />
The continuous robust soybean demand from China was also the major factor of the above view.<br />
<br />
<strong>Technical View</strong><br />
The
benchmark December contract rebounded this week after the fundamental
reports released were very much in tandem with the market expectation.<br />
<br />
The benchmark contract would change from December to January month next Tuesday.<br />
We expected the market to have some more room to move upward before tumbling down again to form the bottom of the downtrend.<br />
<br />
Resistance would be pegged at RM2,570 and RM2,634 while support was set at RM2,361 and RM2,230.<br />
<br />
<strong>Major fundamental news this coming week</strong><br />
Malaysian export data for October 1-15 by ITS and SGS on October 15 and the export data for October 1-20 by ITS on October 20.<br />
<br />
-Courtesy of OPF- <br />
<br />
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Jutawansawithttp://www.blogger.com/profile/02940626551782150826noreply@blogger.com0tag:blogger.com,1999:blog-8955714387291559978.post-53199953689411793912012-10-07T09:16:00.001+08:002012-10-07T09:16:11.903+08:00Weekly Crude Palm Oil Report October 7 2012Crude palm oil futures (FCPO) on Bursa Malaysia Derivatives
continuously tumbled for the third week due to the anticipation of
rising palm oil stocks in the coming months.<br />
<br />
The benchmark FCPO
December contract plunged RM131 or 5.15 per cent to close at RM2,415 per
tonne on Friday from RM2,546 per tonne last Friday.<br />
<br />
The trading range for the week was from RM2,230 to RM2,560.<br />
<br />
Total volume traded for the week amounted to 218,044 contracts, up 25,179 contracts from the previous week.<br />
<br />
The open interest as at Thursday decreased to 134,362 contracts from 136,193 contracts the previous Thursday.<br />
<br />
Cargo
surveyor ITS released the palm oil export figures for the full month of
September on Monday at 1,443,836 tonnes, a drop of 0.67 per cent while
another surveyor SGS at 1,433,795 tonnes, an increase of 0.47 per cent
from the same period last month.<br />
<br />
A Reuters poll revealed on Friday
that Malaysian palm oil stocks in September were expected to hit a
record high at 2.46 million tonnes, a jump of 16.4 per cent from the
previous month.<br />
<br />
If this figure is realised in the next government
monthly reports, it would surpass the previous record of 2.27 million
tonnes set in November 2008.<br />
<br />
According to the poll, palm oil
exports were estimated to increase 5.8 per cent to 1.51 million tonnes
while the production would surge 20 per cent to two million tonnes.<br />
<br />
With
such scenario, the exports growth was too low to offset the sharp rise
in production, resulting the palm oil stocks to hit all-time record
high.<br />
<br />
The weekly crop progress report released by US Department of
Agriculture (USDA) on Monday indicated the soybean crop harvest was
reported 41 per cent complete, advancing from 22 per cent the previous
week.<br />
<br />
The soybean harvest in US was progressing well without much weather disruption at this current moment.<br />
Some
analysts estimated the US soybean production and yield would turn out
to be better in the coming government monthly reports which would be
released next week.<br />
<br />
Palm oil prices got a lift during mid-week on bargain hunting after the market was deeply oversold.<br />
The
tropical oil prices was also supported when Malaysian Plantation
Industries and Commodities ministry said on Thursday that they would
propose to the cabinet to reduce crude palm oil export taxes from 23 per
cent to between eight per cent to 10 per cent.<br />
<br />
This move was
aimed to position Malaysia to be more competitive in the international
palm oil trading compared with the Indonesian rivals and to reduce the
current high palm oil stocks level.<br />
<br />
However, the hope of cutting
crude palm oil export taxes faded when the Malaysian cabinet delayed
taking any decision on the proposal on Friday.<br />
<br />
<strong>Technical View</strong><br />
The benchmark December contract plunged to a new low of RM2,230 this week, a level not seen since November 2009.<br />
<br />
We expect the market to fluctuate wildly at the current level with the radius of RM150 range next week.<br />
However, the whole downtrend seemed not completed yet and more observation is needed.<br />
<br />
Resistance would be pegged at RM2,570 and RM2,755 while support was set at RM2,393 and RM2,230.<br />
<br />
<strong>Major fundamental news this coming week</strong><br />
MPOB’s
monthly supply demand report on October 10, Malaysian export data for
October 1 to October 10 by ITS and SGS on October 10 and USDA’s monthly
supply-demand report on October 11.<br />
<br />
- courtesy of OPF-<br />
<br />
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Jutawansawithttp://www.blogger.com/profile/02940626551782150826noreply@blogger.com0tag:blogger.com,1999:blog-8955714387291559978.post-56553226775318936852012-09-23T10:00:00.001+08:002012-09-23T10:01:00.697+08:00Weekly Crude Palm Oil Report September 23 2012Crude palm oil futures (FCPO) on Bursa Malaysia Derivatives dived
this week following the sharp plunge in US soybean prices, the
anticipation of rising palm oil stocks and the continuation of weak
economic data in China.<br />
<br />
The benchmark FCPO December contract
plunged RM174 or 5.93 per cent to close at RM2,762 per tonne on Friday
from RM2,936 per tonne last Friday.<br />
<br />
The trading range for the week was from RM2,755 to RM2,894.<br />
<br />
Total volume traded for the week amounted to 184,766 contracts, down 14,365 contracts from the previous week.<br />
<br />
The open interest as at Thursday increased to 131,290 contracts from 120,285 contracts the previous Thursday.<br />
<br />
Crude
palm oil prices opened the week sharply lower after the long weekend
break, following the daily down-limit in soybean prices on Monday.<br />
<br />
The
soybean complex prices were under tremendous selling pressure this week
due to the on-going US harvest and the anticipation of better US
soybean yields.<br />
<br />
The weekly crop progress report released by US
Department of Agriculture (USDA) on Monday indicated the soybean crop
harvest was reported 10 per cent complete, advancing from four per cent
the previous week and was well above the average harvest of four per
cent for the past five years.<br />
<br />
This had driven the funds that were
holding large amount of long positions in soybean complex to exit their
positions and triggered some speculative selling as well.<br />
<br />
The
favourable weather in Brazil this month allowed the farmers to start an
early soybean planting for their harvest in 2013 also added to the
selling pressure.<br />
<br />
The preliminary manufacturing data in China for
September was showing further contraction for the consecutive of
11-month which may dampen the demand for the global commodities from the
world second largest economy.<br />
<br />
Cargo surveyor ITS released the
palm oil export figures for the period of September 1 to 20 on Thursday
at 928,110 tonnes, a jump of 14.61 per cent while another surveyor SGS
at 900,450 tonnes, a surge of 12.78 per cent from the same period last
month.<br />
<br />
The strong export demand failed to turn around the weak
market sentiment in palm oil as some traders expected the high
production in September would be more than enough to offset the strong
demand, leading to rising palm oil stocks which could cross more than
2.2 million tonnes.<br />
<br />
Most traders would be waiting for the views
from the top industry analysts such as Dorab Mistry, Thomas Mielke and
Dr.James Fry on the price outlook for edible oils in year 2012/13 during
an industry conference in Mumbai, India from September 22 to 23.<br />
<br />
<b>Technical View</b><br />
The benchmark December contract broke all the major supports and was under significant selling pressure.<br />
The
latest chart development painted a bearish view on palm oil prices
especially the price broke RM2,820 level and tested the low of RM2,755, a
level not seen since October 2011.<br />
<br />
If the palm oil prices further
broke the RM2,754 level, it will attract more technical selling and
long liquidation which may further push the market down for another few
hundred ringgit.<br />
<br />
The rise above RM2,820 level will pull the market back to sideway consolidation mode.<br />
Resistance would be pegged at RM2,820 and RM2,989 while support was set at RM2,754 and RM2,520.<br />
<br />
<b>Major fundamental news this coming week</b><br />
Malaysian export data for September 1-25 by ITS and SGS on September 25.<br />
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-Courtesy of OPF-</div>
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