KUALA LUMPUR, Nov 21 (Reuters) - The following factors are
likely to influence Malaysian palm oil futures on Wednesday.
CRUDE OIL
-- Oil jumped more than 4 percent on Tuesday to match an
all-time high of $98.62 per barrel, bolstered by record weakness
in the dollar and concerns over tight supply heading into winter.
U.S. crude <CLc1> settled at a record $98.03 a barrel, up
$3.39, before extending gains in late electronic trade to the
high hit on Nov. 7. It was further up 0.79 percent at $98.80 a
barrel in early Wednesday trade.
SOYOIL
-- Soybean futures at the Chicago Board of Trade rallied
Tuesday on the belief that Chinese demand for soybeans will stay
strong given signs that it will encourage imports to curb its
inflation, traders said.
December soyoil <BOZ7> closed 0.92 cent per lb firmer or up 2
percent at 45.72, while deferreds were up 0.72 to 1 cent. The
December contract was down 0.15 percent at 45.65 cents per lb in
electronic trading during Asian hours on Wednesday.
PALM OIL
-- Malaysian crude palm futures fell 0.7 percent on Tuesday,
struck down by losses in rival soyoil during Asian hours despite
an increase in exports.
-- Exports of Malaysian palm oil products during Nov. 1-20
rose 5.8 percent to 925,104 tonnes from 874,276 tonnes shipped
between Oct. 1 and 20, cargo surveyor Intertek Testing Services
said.
Another cargo surveyor Societe General de Surveillance said
exports during the period rose 9.2 percent to 950,983 tonnes.
-- Malaysia's crude palm oil output fell 1.39 percent to
1,579,809 tonnes in October from a revised 1,602,065 tonnes a
month earlier, official crop agency Malaysian Palm Oil Board said
on Monday.
CHINESE OUTPUT
-- China will import more than 6 million tonnes of palm
products in 2007, an industry analyst said on Tuesday. Dorab
Mistry told an oilseed conference in Guangzhou that Malaysia's
palmoil stocks would peak at end-November or at the end of
December at the latest at 1.6 million tonnes. [ID:nPEK251626]
-- Indonesia has raised the export tax on palm oil in
November to 9 percent and 10 percent depending on the product
from 6.5 percent and 7.5 percent in October, a senior trade
ministry official said on Thursday.
(Reporting by Naveen Thukral; Editing by Ben Tan)
(([email protected]; +603-2333-8035; Reuters messaging:
[email protected]; [email protected]))
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Vegetable oils -- <OILS/ASIA1><0#OILS-AS>
Malaysian palm oil -- <OILS/MY01><0#PALMOIL-AS>
Malaysian palm kernel oil -- <OILS/ASIA1><0#PALKOIL-AS>
Malaysian palm oil exports -- <SGSPALM1>
CBOT soyoil futures -- <0#BO:>
CBOT soybean futures -- <0#S:>
Indian oilseeds -- <INOIL>
Indian solvent -- <SOLVENT01>
Daily Indian soybean/meal report -- [SOYP/IN]
Daily Indian soyoil report -- [OILSP/IN]
Weekly Indian vegetable oils -- [OILS/IN]
Dalian Commodity Exchange -- <DC/MENU>
Dalian soyoil futures -- <0#DBY:>
Dalian refined palm oil futures -- <0#DCP:>
Zhengzhou rapeseed oil -- <0#CRO:>
Singapore JADE palm oil -- <0#PO:>
Kuala Lumpur palm oil futures -- <0#KPO:>
European edible oil prices/trades -- [OILS/E]
Keywords: MALAYSIA PALM/PREOPENER