CIMB Equities Research said IOI Corporation Bhd 1QFY6/16 core net profit (excluding forex translation loss) accounted for 14% of its full-year forecast and 12% of consensus estimates
KUALA LUMPUR: Malaysian palm oil futures rose on Thursday, reversing losses made in the previous trading session, over concerns that weather could hurt output.
The palm oil contract for April delivery on the Bursa Malaysia Derivatives Exchange was up 1.1 percent at 2,596 ringgit ($627.81) per tonne at the end of the trading session.
Traded volume stood at 37,984 lots of 25 tonnes each.
"Demand isn't there but the weather is holding up the
market," said a trader based in Kuala Lumpur.
"There is some expected correction as exports are not very
good. The market will try to find support at 2,500 ringgit."
The dry weather effects of El Nino impacts palm's fresh
fruit yields and lowers production levels. Government data from
the Malaysian Palm Oil Board (MPOB) on Wednesday showed
end-stocks and output falling for the month of January by 12.4
percent and 19.3 percent respectively.
Falling export numbers have capped palm's price gains in the
recent weeks, as demand from top consumers China and India
wanes.
Malaysian shipments during the first 10 days of February
fell by 23 percent compared with last month, according to cargo
surveyor Intertek Testing Service, while Societe Generale de
Surveillance showed a 39 percent drop.
In competing vegetable oil markets, the U.S. March soyoil
contract gained 0.3 percent.
Palm, soy and crude oil prices at 1012 GMT
Contract Month Last Change Low High Volume
MY PALM OIL FEB6 0 +0.00 0 0 0
MY PALM OIL MAR6 2534 +21.00 2495 2534 1993
MY PALM OIL APR6 2596 +29.00 2550 2600 16467
CHINA PALM OLEIN MAY6 0 +0.00 0 0 0
CHINA SOYOIL MAY6 0 +0.00 0 0 0
CBOT SOY OIL MAR6 31.10 +6.50 30.99 31.21 4514
INDIA PALM OIL FEB6 474.60 +6.50 468.70 476.80 1784
INDIA SOYOIL FEB6 614.20 +5.95 609.00 614.80 7940
NYMEX CRUDE MAR6 26.63 -0.82 26.52 27.47 71243
Palm oil prices in Malaysian ringgit per tonne
CBOT soy oil in U.S. cents per pound
Dalian soy oil and RBD palm olein in Chinese yuan per tonne
India soy oil in Indian rupee per 10 kg
Crude in U.S. dollars per barrel
($1 = 4.1350 ringgit)
($1 = 68.2300 Indian rupees)
($1 = 6.5710 Chinese yuan)
- Reuters
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