{
    "success": true,
    "data": {
        "id": 1274279,
        "msgid": "speculative-buying-lifts-kl-palm-oil-1447893297",
        "date": "2000-11-21 00:00:00",
        "title": "Speculative buying lifts KL palm oil",
        "author": null,
        "source": "REUTERS",
        "tags": null,
        "topic": null,
        "summary": "Speculative buying lifts KL palm oil KUALA LUMPUR (Reuters): Speculative buying lifted Malaysia's palm oil futures on Monday and prevented prices from falling despite weak November 1-20 export figures, traders said. The benchmark third-month February futures contract ended up 16 ringgit at 867 ringgit (US$228.15) a ton after trading as low as 855. Market volume stood at 872 lots compared with 581 at the close on Friday. \"It's purely speculation.",
        "content": "<p>Speculative buying lifts KL palm oil<\/p>\n<p>KUALA LUMPUR (Reuters): Speculative buying lifted Malaysia's<br>\npalm oil futures on Monday and prevented prices from falling<br>\ndespite weak November 1-20 export figures, traders said.<\/p>\n<p>The benchmark third-month February futures contract ended up<br>\n16 ringgit at 867 ringgit (US$228.15) a ton after trading as low<br>\nas 855.<\/p>\n<p>Market volume stood at 872 lots compared with 581 at the close<br>\non Friday.<\/p>\n<p>\"It's purely speculation. It does not reflect the market's<br>\nfundamentals,\" said one trader in Kuala Lumpur.<\/p>\n<p>\"Some people believe demand from Pakistan will increase during<br>\nthe Ramadan fasting month and that (Malaysia's) production will<br>\nbe disrupted because of the rainy season. But I would say this is<br>\na pure speculation,\" he added.<\/p>\n<p>Another trader said: \"To my understanding, there are a few big<br>\nplayers who are holding the prices. It seems they are telling<br>\nbuyers they are not going to sell at cheaper prices.\"<\/p>\n<p>\"Those people tell buyers to buy now or prices will go up,\" he<br>\nadded.<\/p>\n<p>Cargo surveyor Societe Generale de Surveillance Malaysia Sdn<br>\nBhd (SGS) said Malaysian palm oil exports for the first 20 days<br>\nof November were at 571,439 tons against 659,332 for the same<br>\nperiod in October.<\/p>\n<p>Traders said news the government will allow one million tons<br>\nof crude palm oil to be exported duty free next year had been<br>\nfactored in by the market, adding that players were now waiting<br>\nfor November stock\/output\/export figures to be issued on Tuesday<br>\nby private forecaster Ivan Wong.<\/p>\n<p>November (south and central) crude palm oil was offered at 835<br>\nringgit a ton against bids of 825 and trade at 820 to 825.<\/p>\n<p>December (south) saw offers at 850 ringgit and bids at 840,<br>\nwith trade reported at 840. December (central) offers stood at<br>\n850 against bids of 845. Trade was reported at 840 to 845.<\/p>\n<p>Among refined products, November RBD palm oil was offered at<br>\n$237.50 a ton FOB, December at $240 and January at $245.<\/p>\n<p>There were offers for November RBD palm olein at $257.50,<br>\nDecember at $260 and January at $267.50.<\/p>\n<p>November RBD palm stearin was offered at $195 and December at<br>\n$197.50. November palm fatty acid distillate was offered at<br>\n$137.50.<\/p>",
        "url": "https:\/\/jawawa.id\/newsitem\/speculative-buying-lifts-kl-palm-oil-1447893297",
        "image": ""
    },
    "sponsor": "Okusi Associates",
    "sponsor_url": "https:\/\/okusiassociates.com"
}