Malaysian palm oil price up on weather concerns

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KUALA LUMPUR: Malaysian palm oil futures rose on Thursday, reversing losses made in the previous trading session, over concerns that weather could hurt output.
    The palm oil contract for April delivery on the Bursa Malaysia Derivatives Exchange was up 1.1 percent at 2,596 ringgit ($627.81) per tonne at the end of the trading session.
    Traded volume stood at 37,984 lots of 25 tonnes each.
    "Demand isn't there but the weather is holding up the
market," said a trader based in Kuala Lumpur.
    "There is some expected correction as exports are not very
good. The market will try to find support at 2,500 ringgit."
    The dry weather effects of El Nino impacts palm's fresh
fruit yields and lowers production levels. Government data from
the Malaysian Palm Oil Board (MPOB) on Wednesday showed
end-stocks and output falling for the month of January by 12.4
percent and 19.3 percent respectively.

    Falling export numbers have capped palm's price gains in the
recent weeks, as demand from top consumers China and India
wanes.
    Malaysian shipments during the first 10 days of February
fell by 23 percent compared with last month, according to cargo
surveyor Intertek Testing Service, while Societe Generale de
Surveillance showed a 39 percent drop.  
    In competing vegetable oil markets, the U.S. March soyoil
contract gained 0.3 percent.
        
  Palm, soy and crude oil prices at 1012 GMT
                                                                       
  Contract        Month    Last   Change     Low    High  Volume
  MY PALM OIL      FEB6       0    +0.00       0       0       0
  MY PALM OIL      MAR6    2534   +21.00    2495    2534    1993
  MY PALM OIL      APR6    2596   +29.00    2550    2600   16467
  CHINA PALM OLEIN MAY6       0    +0.00       0       0       0
  CHINA SOYOIL     MAY6       0    +0.00       0       0       0
  CBOT SOY OIL     MAR6   31.10    +6.50   30.99   31.21    4514
  INDIA PALM OIL   FEB6  474.60    +6.50  468.70  476.80    1784
  INDIA SOYOIL     FEB6  614.20    +5.95  609.00  614.80    7940
  NYMEX CRUDE      MAR6   26.63    -0.82   26.52   27.47   71243
                                                                       
  Palm oil prices in Malaysian ringgit per tonne
  CBOT soy oil in U.S. cents per pound
  Dalian soy oil and RBD palm olein in Chinese yuan per tonne
  India soy oil in Indian rupee per 10 kg
  Crude in U.S. dollars per barrel
 
($1 = 4.1350 ringgit)
($1 = 68.2300 Indian rupees)
($1 = 6.5710 Chinese yuan)    
- Reuters