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--- Pada Rab, 3/2/10, tasru...@yahoo.com <tasru...@yahoo.com> menulis:
Dari: tasru...@yahoo.com <tasru...@yahoo.com>
Judul: [ob] Palm Oil Climbs Most This Year as Crude Oil Rally Lifts Appeal
Kepada: "Obrolan Bandar" <obrolan-bandar@yahoogroups.com>, "JsxTrader"
<jsxtra...@yahoo.com>
Tanggal: Rabu, 3 Februari, 2010, 8:33 PM
Feb. 3 (Bloomberg) -- Palm oil gained the most this year after a rally in
crude oil and soybeans increased the prospects of biofuels made from the
tropical commodity.
Oil gained 3.8 percent yesterday, the most since Sept. 30, after the dollar
fell, spurring investors to buy raw materials as an alternative investment.
Soybeans advanced the most this year on speculation a rally in equities and
energy may boost demand for fuel and livestock feed.
Palm oil futures for April-delivery gained 1.9 percent to 2,498 ringgit ($735)
on the Malaysia Derivatives Exchange, the most since Dec. 31. The most-active
contract earlier jumped as much as 2.2 percent to 2,505 ringgit, the highest
since Jan. 14.
“Palm oil’s gain has got to do more with the crude oil than anything else,”
said Ben Santoso, plantation analyst at DBS Vickers Securities (Singapore) Pte.
“Demand for palm oil is going to stay more or less the same and some strength
should return to the palm oil market between now and March.”
The tropical oil may trade between 2,400 ringgit and 2,800 ringgit until
March, Santoso said.
Palm oil dropped 8.3 percent in January, the first monthly drop in four, on
concern credit curbs in China will cool demand for cooking fat in the world’s
largest buyer. Chinese demand may stay low during the winter and buyers will
switch to the commodity starting April, Santoso said.
Commodity investors in China, the world’s biggest consumer of metals and
grains, are reducing open interest in soybean oil and meal, copper and natural
rubber futures as the country’s biggest national holiday approaches,
Beijing-based Wanda Futures Co. said in a report today, citing its analysis of
exchange data.
Open interest is the total number of futures contracts that have not been
closed, liquidated or delivered.
Crude Rally
Crude oil for March delivery gained as much as 1.1 percent to $78.04 a barrel
in New York today, the extending yesterday’s 3.8 percent rally, the biggest
advance since Sept. 30.
Soybeans for March delivery in Chicago climbed as much as 0.9 percent to $9.34
a bushel in Chicago today. The commodity climbed 1.7 percent yesterday, the
biggest gain since Dec. 28.
Argentine corn and soybean fields may get above-average rainfall in February,
boosting the risk of flooding before the harvest starts, the Buenos Aires
Cereals Exchange said yesterday.
Argentina, the world’s third-largest soybean grower behind the U.S. and
Brazil, is set to harvest a record 53 million tons of the oilseed this year,
according to the U.S. Department of Agriculture.
Soybean oil for March delivery gained 3.5 percent yesterday and was little
changed at 37.46 cents a pound at 6:08 p.m. in Kuala Lumpur. Soybean oil’s
premium over palm oil narrowed to $90.83 a ton today, after jumping 31 percent
to $109 a ton yesterday, according to Bloomberg data.
To contact the reporter on this story: Thomas Kutty Abraham in Mumbai at
tabrah...@bloomberg.net ;
===
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