Palm oil ends lower than rival soyoil as lack of new demand weighs.
Malaysian palm futures closed lower Wednesday as a result of the weakness of soyoil in Dalian and Chicago and a lack fresh demand. The benchmark contract for palm oil delivery in March on the Bursa Derivatives exchange lost 75 ringgit or 1.69% to 4,362 Ringgit ($969.98). The lack of demand for futures will continue to be a problem in the coming two-to-three months, until March, according to Paramalingam Supramaniam at Selangor's brokerage Pelindung Bestari. The Chicago Board of Trade soyoil price fell by 0.5%. Dalian's soyoil most active contract fell 0.44% while palm oil prices dropped 2.77%.
Palm tracks on Chicago Soyoil Lower as Lack of Fresh Demand Weighs
Malaysian palm oils futures continued to lose on Wednesday as they tracked the weakness of rival soyoil in Chicago, and a lack of new demand. By midday, the benchmark contract for palm oil delivery in March on the Bursa Derivatives exchange had fallen 49 ringgit or 1.1% to 4,388 Ringgit ($974.25) per metric ton. The lack of demand for futures will continue to be a problem in the coming two-to-three months, until March, according to Paramalingam Supramaniam at Selangor's brokerage Pelindung Bestari. The Chicago Board of Trade reported a 0.3% drop in soyoil. Dalian's soyoil contract was the most active, rising 0.21% while palm oil fell 1.38%.
After a 2-session rally, VEGOILS - Palm trades lower as profit booking occurs
Malaysian palm futures fell on Tuesday, as investors took profits after two sessions with sharp gains due to lower palm oil inventories and rising oil price. By midday, the benchmark March palm oil contract on Bursa Derivatives Exchange had fallen 4 ringgit or 0.09% to 4,496 Ringgit ($999.11). The market is at a crucial juncture with a bullish momentum fueled by rising oil prices and lower palm oil inventories. The market is still being held back by concerns about the palm oil price premium compared to soybean oil, said Darren Lim of Phillip Nova, a Singapore-based brokerage.
Palm ends stronger on soyoil at Dalian, Chicago
Malaysian palm futures closed higher Monday, following the strength of rival soyoil markets in Dalian and Chicago. The benchmark contract for palm oil delivery in March on the Bursa Derivatives Exchange increased 113 ringgit or 2.57% to 4,504 Ringgit ($999.11). A Kuala Lumpur trader stated that the market today is monitoring external performance of Dalian soyoil and Chicago soyoil. Dalian's palm oil contract grew by 3.16%, while the most active soyoil contract grew by 2.81%. Chicago Board of Trade soyoil prices were up by 0.35%. As palm oil competes to gain a share in the global vegetable oils industry, it tracks price changes of competing edible oils.
Palm gains strength over soyoil at Dalian, Chicago
Malaysian palm oils futures continued to rise on Monday, following the strength of rival soyoil in Dalian and Chicago. By midday, the benchmark contract for palm oil delivery in March on the Bursa Derivatives exchange rose by 93 ringgit or 2.12% to $4,484 ringgit (US$994.90) per metric ton. A Kuala Lumpur trader stated that the market today is monitoring external performance of Dalian soyoil and Chicago soyoil. Dalian's palm oil contract also rose by 2.43%, while the most active soyoil contract increased by 2.44%. Chicago Board of Trade soyoil prices rose 1.1%.
Are price movements a result of structural shifts? China's commodity imports are bifurcated: Russell
China's imports in 2024 of major commodities were a mixed bag. Iron ore, coal, and natural gas volumes reached record levels, while crude oil was weak. Raw data from the largest buyer of natural resource in the world suggests that some parts of the economy perform well, while others are struggling or are undergoing structural changes. The main challenge when analysing China's imports of commodities is to separate temporary factors from those that are part a longer-term trend. Crude oil may be the best example. Customs data published on Monday showed that imports in 2024 will be 553.42 millions metric tons.
Palm surges by more than 2% and logs a weekly gain
Malaysian palm futures closed Friday more than 2% above the previous week's closing price, as soyoil prices in Chicago rose. The benchmark contract for palm oil delivery in March on the Bursa Derivatives Exchange, Bursa Malaysia, rose by 97 ringgit or 2.26% to $4,393 ringgit (US$977.74) per metric ton, at the close. This week, the contract rose by 0.57%. Anilkumar bagani, the head of research for Mumbai-based Sunvin Group's vegetable oil broker, said that crude palm oil futures traded higher today on the back a strong recovery overnight in Chicago soyoil.
Palm tracks Chicago soyoil but is set to lose money for the second consecutive week
Malaysian palm futures were slightly higher on Friday as they tracked stronger Chicago soyoil. However, they are set to suffer a second weekly loss. At midday, the benchmark contract for palm oil delivery in March on the Bursa Derivatives exchange rose 45 ringgit or 1.05% to 4,341 Ringgit ($966.17) per metric ton. This week, the contract has fallen by 0.89%. Anilkumar bagani, the head of research for Mumbai-based Sunvin Group's vegetable oil broker, said that crude palm oil futures traded higher today on the back a strong recovery overnight in Chicago soyoil.
Palm oil continues to decline on concerns about weak demand
Malaysian palm futures declined for the second session in a row on Thursday as weak demand pushed prices down. At midday, the benchmark contract for palm oil delivery in March on the Bursa Derivatives exchange fell 85 ringgit or 1.95% to 4,269 Ringgit ($949.51) per metric ton. The contract fell 0.25% Wednesday. Paramalingam Supramaniam is the director of Selangor brokerage Pelindung Bestari. He said that traders are waiting for signs of recovery in the market after recent turmoil. However, demand continues to be weak, and this puts pressure on prices. The extent of the restrictions is still not clear.
Palm fell due to export concerns and Indonesia's biodiesel plan
Malaysian palm futures fell on Wednesday due to concerns over export demand and the uncertainty surrounding Indonesia's biodiesel mandate. At the close, the benchmark March palm oil contract on Bursa Derivatives Exchange fell 9 ringgit or 0.21% to 4,356 Ringgit ($968.00). The contract gained 0.62% during the previous session. A Kuala Lumpur based trader said that the price of crude palm oil has dropped as export worries continue to plague the market. The data on palm oil exports from Malaysia for the period Jan. 1-10 will be released Friday. This follows December's data, which showed a decline between 2.5% to 7.8% in exports.
Palm slips due to export concerns and Indonesia's biodiesel plan
Malaysian palm futures declined on Wednesday, reversing gains made earlier, due to concerns over export demand and the uncertainty surrounding Indonesia's mandate for biodiesel. At midday, the benchmark March palm oil contract on the Bursa Derivatives Exchange fell 32 ringgit or 0.73% to 4,333 Ringgit ($963.53) per metric ton. A Kuala Lumpur based trader said that the price of crude palm oil has dropped as export worries continue to plague the market. The data on palm oil exports from Malaysia for the period Jan. 1-10 will be released Friday. This follows December's data, which showed a decline between 2.5% to 7.8% in exports.
VEGOILS-Palm closes higher despite weak soyoil, sluggish export demand
The price of palm oil in Malaysia rose on Tuesday after a period of declines. However, weak soyoil and a weakened export demand limited gains. At the close, the benchmark March palm oil contract on Bursa Derivatives Exchange rose 35 ringgit or 0.81% to 4,373 Ringgit ($975.03) per metric ton. The contract lost 0.69% the previous session. David Ng, a proprietary trading at Kuala Lumpur's Iceberg X Sdn. Bhd., said that the price of crude palm oil fell due to lower soybean oil prices in Asian hours and a slow export pace. According to Intertek Testing Services…
Palm oil trades in a sideways range due to weak export demand and soyoil price pressure
After trading in a narrow range on Tuesday due to weaker soyoil and muted demand for exports, Malaysian palm futures are little changed. By midday, the benchmark March palm oil contract on Bursa Derivatives Exchange had lost 2 ringgit or 0.05% to 4,336 Ringgit ($962.49 a metric tonne). The contract fell by 0.69% during the previous session. Crude palm oil fell in the morning session. This was due to lower soybean oil prices during Asian trading hours, as well as a slowdown in exports, according to David Ng, a proprietary traders at Kuala Lumpur based trading firm Iceberg X Sdn. Bhd.
Palm oil demand in India is low
Malaysian palm futures declined on Monday due to a sluggish Indian demand, which is a key destination. At the midday break, the benchmark March palm oil contract on the Bursa Derivatives exchange in Malaysia shed 30 ringgit or 0.69% to 4,338 Ringgit ($961.86) per metric ton. The contract increased by 0.81% during the previous session. A Kuala Lumpur based trader stated that the weakness in the palm market at midday was due to concerns about exports. According to Intertek Testing Services, a cargo surveyor and AmSpec Agri Malaysia, an independent inspection company, exports of palm oil products from Malaysia for December decreased between 2.5% and 8.8%.
Palm oil prices rise on Indian purchases but still set to lose money each week
Malaysian palm futures reversed their early losses on the Friday as India, the world's largest edible oil importer, increased purchases in the last two days. However, they are still expected to decline by a significant amount each week. By midday, the benchmark contract for palm oil delivery in March on the Bursa Derivatives Market of Malaysia had gained 0.48% and reached 4,354 Ringgit ($968.63). This week, the contract has fallen by 5.84%. Anilkumar bagani, research head at Mumbai-based Sunvin Group, said that the futures were able to overcome the weakness of early trade because India, which is the largest edible oil importer on the planet, increased palm oil purchases.
After two years of losses, VEGOILS Palm ends the year with a gain of more than 19%
The market closed lower on Tuesday due to lack of new buying at year's end. The benchmark contract for palm oil delivery in March on Bursa Malaysia's Derivatives exchange fell by 107 ringgit or 2.35% to $4444 ringgit (US$994.63) a metric ton. Anilkumar bagani, the research head of Sunvin Group in Mumbai, said that futures prices were lower due to a lack of new buying from destination markets. Dalian's palm oil contract, which is the most active contract in Dalian, lost 1.1% and gained 0.16%. The Chicago Board of Trade soyoil price fell 0.45%. As palm oil competes to gain a share in the global vegetable oil market, it tracks the price changes of competing edible oils.
Palmetto to gain nearly 21% after two years of losses
The market was lower on Tuesday due to lack of new buying at year's end. By midday, the benchmark contract for palm oil delivery in March on the Bursa Derivatives exchange fell 53 ringgit or 1.16% to 4,498 Ringgit ($1,007.17) per metric ton. Anilkumar bagani, the research head of Sunvin Group in Mumbai, said that futures prices were lower due to a lack of new buying from destinations markets. Dalian's palm oil contract, which is the most active contract in Dalian, lost 1.32% and gained 0.05%. Chicago Board of Trade soyoil prices fell by 0.05%. As palm oil competes to gain a share in the global vegetable oils industry, it tracks the price changes of competing edible oils.
Palm closes lower due to Dalian weakness; market waits for further leads
Malaysian palm oils futures continued to lose money on Monday. This was in line with the decline of rival soyoils at the Dalian exchange, and the market was waiting for further triggers during the holiday season. At the close, the benchmark contract for palm oil delivery in March on Bursa Malaysia's Derivatives exchange fell 72 ringgit or 1.56% to 4,552 Ringgit ($1,019.48 per metric ton). Dalian's palm oil contract, which is the most active contract, dropped by 0.34% while soyoil prices fell by 0.18%. Chicago Board of Trade soyoil fell 0.13%. As palm oil competes to gain a share in the global vegetable oils industry, it tracks the price fluctuations of competing edible oils.
Palm oil prices slip on Dalian weakness; market waits for further leads
Malaysian palm oils futures fell on Monday in line with the decline of rival soyoils traded on the Dalian exchange, as the market awaited more triggers during the holiday season. By midday, the benchmark contract for palm oil delivery in March on the Bursa Derivatives exchange had fallen 4 ringgit or 0.09% to 4,620 Ringgit ($1,034.25) per metric ton. A Kuala Lumpur based trader stated that "Today's Futures will be lackinglustre. Dalian's soyoil contract with the highest volume dropped by 0.31%, while palm oil contracts increased by 0.11%. Chicago Board of Trade soyoil prices rose by 0.28%.
Palm prices fall in the run-up to Christmas
The price of palm oil in Malaysia traded sideways Tuesday, ahead of Christmas holidays as profit-taking capped gains. At the close, the benchmark contract for palm oil delivery in March on the Bursa Derivatives exchange was up 13 Ringgit or 0.29% at 4,555 Ringgit ($1,015.83). Anilkumar bagani, commodity researcher at Sunvin Group, stated that crude palm oil futures were trading sideways or lower due to profit-taking ahead of Christmas holidays. The contract rose by 2.46% Monday, ending six consecutive sessions of losses. This was due to the stronger Dalian oil prices, and traders buying cheaper contracts following recent declines.
