World sugar prices steady on Indonesian news<\/p>\n
NEW YORK (Reuters): CSCE world sugar prices were called to
\nopen barely changed yesterday, with news Indonesia will hold a
\ntender today for 200,000 tons of whites and 30,000 tons of raws
\nsaid to be constructive, dealers said.<\/p>\n
\"The market has some underlying support. The Indonesian tender
\nis a bit constructive,\" a CSCE floor trader said.<\/p>\n
The tender may give the market a bit of a boost later in the
\nday, dealers said.<\/p>\n
Indonesia had recently announced plans to buy 500,000 tons of
\nraws and 200,000 tons of whites, but details were not made
\nimmediately available.<\/p>\n
German-based commodity statistician said F.O. Licht said,
\nhowever, that the tender would be for 300,000 tons of raws.
\nIt said the likely source of the whites would be Brazil, China,
\nPakistan and Thailand.<\/p>\n
The market may also get some support from London white sugar
\nprices with LIFFE's key October contract up $1.60 to $250.20 a
\nton at 0918 EDT.<\/p>\n
CSCE October sugar had settled on Tuesday 0.09 cent up at 8.53
\ncents a lb, after trading between 8.59 and 8.37 cents.
\nMarch 1999 gained 0.04 to 9.02 cents and the rest of the board
\nrose 0.05-0.03 cent.<\/p>\n
Raws were slightly up at the close because of light trade and
\ncommission-house buying in a dull market.<\/p>\n
The nine-day relative strength index (RSI) of October sugar
\nstood at 49 at the close of trade Tuesday, up from the previous
\nreading of 46.<\/p>\n
An RSI figure of 70 or higher is normally an indication the
\nmarket is overbought while a reading of 30 or below normally
\nmeant it is oversold.<\/p>\n
Indonesia's sugar imports are expected to fall 25 percent this
\nyear because of soft demand during the currency crisis, a report
\nsaid.<\/p>\n
Palm oil firm<\/p>\n
Meanwhile, palm oil prices were firm in Europe at midday
\nyesterday following a tender for palm olein by India's State
\nTrading Corporation (STC).<\/p>\n
The STC is seeking 16,000 tons of palm olein for first
\nhalf\/last half August shipment after passing at its tender on
\nMonday for a similar amount of olein for August\/September
\nshipment. Traders said the STC passed because it received no
\noffers for shipment before August 15.<\/p>\n
Egypt was also in the market on Wednesday, seeking 50,000
\ntonnes of palm oil and 10,000 tonnes of palm stearin.<\/p>\n
The result of both tenders was expected later in the day.
\nApart from some trading in palm olein, traders said the market
\nwas quiet ahead of the tender results.<\/p>\n
Crude palm oil cif Europe was $5 to $10 up at midday while RBD
\npalm oil cif offers were $5 to $12.50 up.<\/p>\n
On the fob market RBD palm oil was unchanged to $5 up and
\nolein $7.50 to $2.50 higher after 1\/7 Aug traded at $672.50 and
\n$675, last half Aug at $660, Sep at $650 and $652.50 and Oct\/Dec
\nat $632.50 a ton fob Malaysian ports.<\/p>\n
Palm stearin fetched $450 for 1\/7 Aug, $450 and $452.50 for
\nfull August and $450 and $452.50 a ton fob Malaysian ports for
\nSept.<\/p>\n
Forecasts calling for lower coconut oil output in 1998\/99
\ntriggered some early trade and a slight hardening in prices.<\/p>\n
The Hamburg-based weekly newsletter Oil World forecast a drop
\nof 0.5 to 0.6 million tons in 1998\/99 Philippines and Indonesian
\ncopra output.<\/p>\n
At midday coconut oil sellers were $5 up to unchanged after
\nSep\/Oct traded at $677.50 and Oct\/Nov at $687.50 a ton cif.<\/p>",
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