Wed Jun 25, 2008 11:48am IST
KUALA LUMPUR, June 25 (Reuters) - Malaysian crude palm oil futures held firm on Wednesday as investors were torn between crude oil's strength and weaker soyoil, dealers said.
Prices of the vegetable oil fell more than 5 percent last week but Indonesia's move to raise export taxes for palm oil might see more orders coming to Malaysia, pushing the market higher, traders said.
By the midday break, the benchmark September contract KPOU8 on the Bursa Malaysia Derivatives Exchange was unchanged at 3,503 ringgit ($1,074) a tonne.
"The market is sluggish; some strong moves in crude oil might support but the fact is palm end-stocks are going to rise to about 2.2 million tonnes because demand is not keeping pace," said a trader with a foreign broker.
Exports of Malaysian palm oil products for June 1-25 fell 9.4 percent to 899,327 tonnes from 993,093 tonnes shipped between May 1 and 25, cargo surveyor Intertek Testing Services said on Wednesday. [ID:nKLR188108]
Other traded months <0#KPO:> fell between 5 ringgit and 11 ringgit, except for the October contract, which was unchanged. Overall trade stood at 3,083 lots of 25 tonnes each.
"The Indonesia palm oil export tax increase might just be the right thing to get the market in a mood to move higher because demand will eventually be more focused on Malaysia rather than Indonesia," said another trader.
Indonesia will raise palm oil export taxes in July to bring them in line with international prices, a senior trade official said on Wednesday.
The government will raise the palm oil export tax to 20 percent in July, from 15 percent in June, while the base export price for crude palm oil will be increased to $1,144 per tonne from $1,105.
The new prices will be valid from July 1 until the end of the month.
Oil hovered just $3 short of last week's record high on Wednesday, as traders eyed forecasts of a drawdown in U.S. crude stocks and dollar movements ahead of the Federal Reserve's interest rate decision. [ID:nSYD230648]
U.S. soyoil for July BON8 delivery was weak ahead of a U.S government report on 2008 crop acreage on Monday, which will detail the number of acres damaged by the worst flooding in the American heartland in 15 years. [ID:nSEO251501]
In Malaysia's cash market, crude palm oil for June and July shipments in the southern and central regions were quoted at 3,000/3,520 ringgit a tonne. Trades were not quoted by the end of the morning session.
Palm, soy and crude oil prices at 0550 GMT Contract Last Net chg Settle Open High Low Volume PALM OIL JUL8 3491 -5.00 3496 3487 3494 3484 519 PALM OIL AUG8 3492 -11.00 3503 3493 3496 3484 338 PALM OIL SEP8 3503 + 0.00 3503 3502 3504 3490 1871 PALM OIL OCT8 3505 + 0.00 3505 3515 3515 3497 355 CBOT soyoil* 62.98 + 0.06 63.10 N/A 63.16 62.77 N/A NYMEX crude**137.18 + 0.18 137.00 N/A137.34136.71 N/A Palm oil prices in Malaysian ringgit per tonne * Soy oil in U.S. cents per pound ** Crude in USD per barrel ($1 = 3.2620 ringgit) (Reporting by Niluksi Koswanage, Editing by Jacqueline Wong)
印尼的出口税是根据rotterdam期货，每月计算一次。related article
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