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Palm Oil in Malaysia Has First Weekly Gain in Three on Soybeans
06.09.2010 12:57 "Agro Perspectiva" (Kyiv) —
Palm oil had its first week of gains in three after rival soybean oil rose on expectations that the U.S. harvest of the oilseed may not reach a record.
November-delivery futures added 1 percent to 2,570 ringgit ($823) a metric ton on the Malaysia Derivatives Exchange. Prices rose as high as 2,574 ringgit and gained 1.1 percent this week.
“There is positive news on soybeans in the market and that is helping palm oil prices,” said Ryan Long, a dealer at OSK Investment Bank Bhd. by phone from Kuala Lumpur.
The U.S. soybean harvest may not reach a record this year, said John Wray, director of the United Soybean Board, a group of soybean farmers. Floods and dry weather affected different areas in the U.S., said Wray in a speech at a conference organized by Shanghai JC Intelligence Co. in Tianjin, China today.
Soybean imports by China may advance as much as 5.8 percent in the 2010-2011 year as growing crushing and storage capacities spur purchases, said Frank Zhou, general manager at Cargill Investment (China) Ltd. Inbound shipments may reach 55 million tons from at least 52 million tons in the previous year, he said at the same event. He said he was expressing a personal view.
Soybean futures for November delivery rose as much as 1.1 percent to $10.20 a bushel in Chicago. December-delivery soybean oil climbed as high as 0.9 percent to 40.57 cents a pound. Palm and soybean oils are direct substitutes.
Palm oil stored at ports in China dropped for a third week, said Grain.gov.cn, citing its survey. Inventory fell by 340,000 tons since July to about 400,000 tons, the portal said in e- mailed report today. Grain.gov.cn is owned by the China National Grain & Oils Information Center.
“Perhaps there is also pre-weekend short-covering in the market,” Long said.
On the Dalian Commodity Exchange, May-delivery palm oil rose 0.9 percent to 7,306 yuan ($1,073) a ton.
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