Malaysian crude palm oil futures rallied to close at a near one-month high on Monday, inspired by sharp gains in Chicago soyaoil futures and the latest Malaysian export data.
By the close, the benchmark third-month contract, April, was up 42 ringgit at 1,782 ringgit ($468.94) a tonne the highest finish since December 29.
Its intraday high was 1,785. Other traded months were 29 to 42 ringgits up. Overall volume was a brisk 4,796 lots.
The Malaysian market was closed for three days from last on Wednesday for the Lunar New Year holiday.
Chicago Board of Trade (CBOT) soyabeans and soya products extended gains in Asia on Monday on concerns about tight US supplies and hopes for increased soyameal use.
In e-cbot trading, the March soyaoil was up 0.37 cent at 29.73 cents per lb. News of higher Malaysian palm oil exports for the January 1-25 period generally helped the market.
Cargo surveyor ITS put January 1-25 exports at 757,384 tonnes, up from 696,305 it estimated in the same period last month.
Another cargo surveyor, Societe Generale Surveillance Malaysia Sdn Bhd (SGS), whose figures are more closely watched by the market, however put the exports at 734,063 tonnes.
This was slightly lower than ITS's but up from its own estimate of 716,816 tonnes in the same period a month ago.
In physical trading of crude palm oil, January/February shipment for the southern region was heard traded at 1,800-1,810 ringgit a tonne, with bids/offers hovering at 1,810/1,815.
In the central region, January/February was traded at 1,800-1,810 ringgit. Bids/offers for January shipments stood at 1,810/1,810 and for February arrivals at 1,805/1815.
PALM OIL FUTURES:
January (south): 1815.
Open/High/Low: 1746/1785/1744.
Previous close: 1790.
PALM OIL PHYSICALS: April (3rd month): 1782.
Previous settlement: 1740.
FUTURES: Benchmark April up 42 ringgit as players returning from a three-day Lunar New Year holiday cover short positions, inspired by gains on rival soyaoil.
PHYSICALS: Edge up in line with futures.
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