17 January 2013 02:03 [Source: ICIS news]
SINGAPORE (ICIS)--Asia’s soap noodle prices rose on the back of higher selling indications that were in tandem with the overall uptrend in the feedstock crude palm oil (CPO) market, according to industry sources on Wednesday.
The prices of 80/20 soap noodles with a total fatty matter (TFM) of 78% were assessed as $30/tonne higher at $830-870/tonne FOB (free on board) southeast (SE) Asia for the week ended 11 January. The price was hiked to reflect firmer buy-sell indications heard in the market, data from ICIS pricing showed.
CPO futures for April were settled at Malaysian ringgit (M$) 2,428/tonne ($807/tonne) DEL (delivered) south Malaysia on 16 January, up by M$13/tonne from the previous session.
Buyers have largely adopted a wait-and-see stance, because of the firmer feedstock prices, and many are expecting the prices to fall before the Lunar New Year holiday.
However, a few buyers have made enquiries for February shipments, as they had no choice but to accept the higher prices in order to meet their requirements.
The buyers’ indications were largely at $800-830/tonne FOB SE Asia, against selling indications at $850-870/tonne FOB SE Asia.
There were two deals heard concluded in the week ended 11 January.
Around 200 tonnes of 80/20 soap noodles with a TFM of 78% were sold at $880/tonne FOB SE Asia, but this was deemed too expensive by the broader market.
A separate 20 tonne cargo of the same grade was sold at $870/tonne FOB SE Asia.
($1 = M$3.01)
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