Prices will remain firm due to floods in Sabah, a key palm oil producing state in Borneo, and strong exports in January, Lee was quoted by the Edge Financial Daily as saying.
Lee is also group executive director of IOI Corp
Tuesday, February 2, 2010
Breaking News-RTRS-Floods, exports to lift Malaysian palm oil price-MPOC
KUALA LUMPUR, Feb 2 (Reuters) - Crude palm oil prices are forecast to trade between 2,500 ringgit and 2,700 ringgit ($731.2-$789.7) a tonne over the next three months, Lee Yeow Chor, Chairman of Malaysian Palm Oil Council, said on Tuesday.
Prices will remain firm due to floods in Sabah, a key palm oil producing state in Borneo, and strong exports in January, Lee was quoted by the Edge Financial Daily as saying.
Lee is also group executive director of IOI Corp, Malaysia's second-biggest palm oil producer.
Prices will remain firm due to floods in Sabah, a key palm oil producing state in Borneo, and strong exports in January, Lee was quoted by the Edge Financial Daily as saying.
Lee is also group executive director of IOI Corp
Breaking News-RTRS-UPDATE 2-China to keep stockpiling soy, corn in 2010
BEIJING, Feb 1 (Reuters) - China will continue a policy of stockpiling corn, soybeans and rapeseed aimed at supporting local farmers that last year led to record soy imports.
It will also keep raising its minimum purchase prices for rice while increasing grain reserves in its consuming areas, according to a government document on agricultural policy issued on Sunday.
It will also keep raising its minimum purchase prices for rice while increasing grain reserves in its consuming areas, according to a government document on agricultural policy issued on Sunday.
Trader's Highlight
DJI-NEW YORK, Feb 1 (Reuters) - U.S. stocks rose on Monday as better-than-expected data on the manufacturing sector and earnings from Exxon Mobil revived bullish sentiment after stocks closed out their worst month in almost a year.
Exxon's stock gained 2.7 percent to end at $66.18 after the largest U.S. oil company reported natural gas products boosted results at its exploration arm.The S&P energy
sector index <.GSPE> rose 3 percent.
NYMEX-NEW YORK, Feb 1 (Reuters) - U.S. crude futures ended higher on Monday, lifted by the dollar's weakness versus the euro, data showing a stronger U.S. manufacturing sector and a report of consumer spending edging up in January.
On the New York Mercantile Exchange, March crude rose $1.54, or 2.11 percent, to settle at $74.43 a barrel. Monday's low was $72.49 and the high trade struck in
post-settlement trading was $74.99.
CBOT-CHICAGO, Feb 1 (Reuters) - Chicago Board of Trade grains and soy complex close on Monday.
CBOT-SOYBEANS - March down 4-1/4 cents at $9.09-3/4 per bushel. Came off session highs and turned lower as an early short-covering bounce was met with a lack of follow-through buying; declines in soymeal add weight. Expectations of bumper South American soy harvest hang over the complex, along with rumors of China switching U.S. soy orders to South American origin.
CBOT-SOYOIL - March up 0.04 cent at 36.19 cents per lb. Stronger crude oil market giving soyoil a lift.
FCPO-JAKARTA, Jan 29 (Reuters) - Malaysian crude palm oil futures dropped 0.4 percent on Friday ahead of the long weekend as market participants scaled back their expectations for January exports due out next week, traders said.
A big rise is key to easing inventories in the world's number 2 palm grower from a 13-month top in December, which together with ample global vegetable oil supplies pressured palm prices in recent weeks.
REGIONAL EQUITIES-BANGKOK, Feb 1 (Reuters) - Thai stocks eked out small gains
on Monday, recouping earlier losses caused by a rise in inflation and expectations of interest rate increases, but most other Southeast Asian markets extended losing streaks.
Singapore <.FTSTI> was down 0.3 percent, after a 0.45 percent loss on Friday, with gaming group Genting Singapore off 0.9 percent and Wilmar International down 1.2 percent.
Malaysia <.KLSE>, Southeast Asia's worst performer last week, was closed on Monday for a market holiday.
Exxon's stock gained 2.7 percent to end at $66.18 after the largest U.S. oil company reported natural gas products boosted results at its exploration arm.The S&P energy
sector index <.GSPE> rose 3 percent.
NYMEX-NEW YORK, Feb 1 (Reuters) - U.S. crude futures ended higher on Monday, lifted by the dollar's weakness versus the euro, data showing a stronger U.S. manufacturing sector and a report of consumer spending edging up in January.
On the New York Mercantile Exchange, March crude
post-settlement trading was $74.99.
CBOT-CHICAGO, Feb 1 (Reuters) - Chicago Board of Trade grains and soy complex close on Monday.
CBOT-SOYBEANS - March
CBOT-SOYOIL - March
FCPO-JAKARTA, Jan 29 (Reuters) - Malaysian crude palm oil futures dropped 0.4 percent on Friday ahead of the long weekend as market participants scaled back their expectations for January exports due out next week, traders said.
A big rise is key to easing inventories in the world's number 2 palm grower from a 13-month top in December, which together with ample global vegetable oil supplies pressured palm prices in recent weeks.
REGIONAL EQUITIES-BANGKOK, Feb 1 (Reuters) - Thai stocks eked out small gains
on Monday, recouping earlier losses caused by a rise in inflation and expectations of interest rate increases, but most other Southeast Asian markets extended losing streaks.
Singapore <.FTSTI> was down 0.3 percent, after a 0.45 percent loss on Friday, with gaming group Genting Singapore
Malaysia <.KLSE>, Southeast Asia's worst performer last week, was closed on Monday for a market holiday.
FCPO Weekly: Sideways to lower
Market momentum getting weaker and tiredness following prices tested the immediate support at 2400 levels. Thus, market may continue to move sideways to lower in near term. As for now, we are looking for the immediate upside resistance at 2500-2520 followed by 2540-2600. To the downside, immediate support is lies at 2305-2285 (gap left over on 22/11/2009).
FKLI Weekly: Weaken
Market tested the underline support at 1250 levels with printed a long black candle had weakened the immediate weekly technical landscape. Market looks may continue to move bias downside potential in near term. We are now looking for the resistance and support at 1295-1300 and 1230 levels respectively.
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