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FINANCIAL CHRONICLE™ » CORPORATE CHRONICLE™ » Palm oil hits near two-week high on demand hopes

Palm oil hits near two-week high on demand hopes

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chamarahs


Manager - Equity Analytics
Manager - Equity Analytics

Malaysian palm oil futures rose to a near two-week high on Monday, as higher prices of competing soyoil could kick in demand for the tropical oil at time when its production is on the rise.

Soyoil has rallied since last week after the US Department of Agriculture (USDA) issued a report showing tighter-than-usual soybean stocks despite a high planting forecast, which has widened its premium to palm oil.

“Although we are expecting a seasonal pick-up in production as we enter into Q2, the prospective insufficient soybean plantings in 2011 should keep prices of soyoil high and provide support to crude palm oil,” said Citi analyst Penny Yaw.

Benchmark June 2011 on the Bursa Malaysia Derivatives Exchange settled up 1.3 percent at 3,382 ringgit ($1,117) a tonne after going as high as 3,392 ringgit -- a level unseen since March 22. Overall trade volume stood at 14,607 lots at 25 tonnes each compared to the usual 15,00 lots.

Benchmark prices fell 12 percent in the first quarter, having tracked other commodities lower as unrest in the Middle East and an earthquake in Japan sent investors scrambling for perceived safe-haven assets. In the physical market last week, Malaysian refined palm olein widened its discount to competing Argentine soyoil to $70 per tonne, from trading at a premium at the start of the this year and end 2010.

“Buyers will shift their preference to palm oil as its discount widens and we may see a reverse in demand patterns,” said a trader with a foreign commodities brokerage. “Higher production for palm oil will also help pressure prices.” Malaysia’s palm oil exports have progressively fallen since December as erratic weather and floods pushed prices above competing soyoil.

source - www.dailymirror.lk

chamarahs


Manager - Equity Analytics
Manager - Equity Analytics

is this mean WAPO,BUKI........ price going up again.........

Soundchips


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

look like Wapo perform more firmly. already established and moving

cse.alpha


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

Companies with exposure to Sri Lanka palm oil plantations: NAMU, AGAL, ELPL and WATA
- None of these plantations are pure palm oil bets though, and investors will have to do some analysis of crop mix and valuations, and keep in mind wage hike
- Value added palm oil production is also low at local plantations

Pure palm oil bets include the very illiquid SHAL, GOOD, SELI and INDO (all of which have Malaysian palm oil plantations), while their diversified parents CARS and BUKI also have a lot of exposure to both Malaysian and Indonesian palm oil plantations - But look at valuations before investing

WAPO does not have any exposure to palm oil; it only has ExpoLanka shares and cash

Palm oil users such as HHL and NEST will be worse off as they use palm oil in their consumer goods, and will have to increase prices to protect margins

chamarahs


Manager - Equity Analytics
Manager - Equity Analytics

thanks guys....thanks fot the details.............

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