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Palm Oil Jumps to Seven-Month High as Inventory Concerns Ease
By Swansy Afonso - Oct 23, 2013 6:35 PM GMT+0800
Palm oil gained for a fourth day to the highest level in seven months on speculation that output inMalaysia may increase at a slower pace, capping inventories in the world’s second-largest producer.
The contract for delivery in January advanced 1.1 percent to 2,482 ringgit ($784) a metric ton on the Bursa Malaysia Derivatives, the highest price at close for most-active futures since Mar. 22. Palm for physical delivery in November was at 2,440 ringgit today, data compiled by Bloomberg show.
“The growth in output has not been much and this will keep inventory levels in check,” said Isha Trivedi, an analyst at PhillipCapital India Pvt. in Mumbai. “The ringgit pared its early gains supporting prices.”
Reserves dropped 32 percent to 1.78 million tons last month from a record 2.63 million tons in December, data from the Malaysian Palm Oil Board shows. Output in September gained 10 percent to 1.91 million tons. A new ruling that limits expansion by plantation companies will probably hamper Indonesian government’s target to produce 40 million tons by 2020, Joefly J. Bahroeny, chairman of the Indonesian Palm Oil Association, said today.
Soybeans for delivery in January gained 0.5 percent to $13.04 a bushel on the Chicago Board of Trade, the highest level in two weeks, while soybean oil for December increased 0.3 percent to 41.66 cents a pound.
Refined palm oil for May delivery climbed 1.2 percent to end at 6,178 yuan ($1,015) a ton on theDalian Commodity Exchange and soybean oil advanced 0.6 percent to close at 7,216 yuan.
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