Malaysian palm oil price extends gains to highest in nearly 18 months

CIMB Equities Research said IOI Corporation Bhd 1QFY6/16 core net profit (excluding forex translation loss) accounted for 14% of its full-year forecast and 12% of consensus estimates

KUALA LUMPUR: Malaysian palm oil futures extended gains for a third day on Tuesday to mark their highest in nearly 18 months, buoyed by low production data from a regional palm oil association.
    The benchmark palm oil contract for March on the Bursa Malaysia Derivatives Exchange closed 1 percent higher at 2,468 ringgit ($575.29) a tonne.
It earlier touched an intraday high of 2,473 ringgit, its highest since June 26,2014.
    "The knowledge of a huge production drop on the southern side" propped up the market this morning, said a Kuala Lumpur-based trader, referring to output in the Peninsular Malaysian southern state of Johor, which fell 22 percent from Dec. 1-20 compared with last month. 
    "Export demand will be unchanged or slightly better in January, so the market will be rangebound between 2,300 and 2,500 ringgit a tonne until then."
    Traded volume stood at 32,616 lots of 25 tonnes each at the end of Tuesday's trading day.
    Malaysian shipments for the tropical oil fell this month on low consumer demand, contributing to record high stockpiles of near 3 million tonnes at the end of last month. 
    Cargo surveyors Intertek Testing Services and Societe Generale de
Surveillance reported a near 25-percent drop in exports from Dec. 1-20 compared with the same time a month ago.  
    In other vegetable oil markets, the U.S. January soyoil contract fell 0.03 percent, while the May soybean oil contract on the Dalian Commodity Exchange gained 1 percent.
    
  Palm, soy and crude oil prices at 1006 GMT
                                                                    
  Contract        Month    Last   Change     Low    High  Volume
  MY PALM OIL      JAN6    2290   +18.00    2270    2290     703
  MY PALM OIL      FEB6    2396   +20.00    2372    2402    2216
  MY PALM OIL      MAR6    2468   +25.00    2438    2473   16362
  CHINA PALM OLEIN MAY6    4714  +100.00    4670    4726  979918
  CHINA SOYOIL     MAY6    5630   +56.00    5598    5656  708270
  CBOT SOY OIL     JAN6   30.75    +3.50   30.66   30.90    5501
  INDIA PALM OIL   DEC5  403.40    +3.50  398.60  404.80     776
  INDIA SOYOIL     JAN6  623.50    +3.75  619.10  624.50   26230
  NYMEX CRUDE      FEB6   36.02    +0.21   35.76   36.26   33190
 
($1 = 4.2900 ringgit)
($1 = 66.3000 Indian rupees)
($1 = 6.4778 Chinese yuan)
- Reuters