Palm extends its losses and records second weekly loss
Malaysian palm futures closed lower on Friday, and recorded a second weekly loss in a row due to sluggish demand for exports. The benchmark contract for palm oil delivery in March on the Bursa Derivatives Market fell by 74 ringgit or 1.64% to 4,434 Ringgit per metric ton. The contract fell 9.6% in the last week. A Kuala Lumpur based trader said that crude palm oil's losses continued as the export demand was weak. This week's figures showed continued declines. The trader stated that the market expects exports to fall for the next ten days. Exports of palm oil products from Malaysia fell between 7.6% to 8.3% in the period Dec. 1-20 compared with a similar period last month.
Palm oil ends lower due to losses in soyoil; weaker Ringgit limits decline
Malaysian palm futures fell for the second consecutive session on Monday, giving up gains made at midday following losses by rival soyoils. However, a weaker Ringgit helped limit losses. Bursa Derivatives Exchange benchmark contract dropped 1.2% at close to 4,758 Ringgit ($1,069.21). The contract dropped more than 4% in the last week. Anilkumar bagani, head of commodity research at Mumbai's Sunvin group, said that the prices for crude palm oil futures opened lower but recovered at midday on the back of bargain-buying following the steady performance seen in other oils, notably soyoil, rapeseed and rapeseed.
Palm oil rebounds on Dalian Oils, stronger rival, and a weaker ringgit
Malaysian palm futures recovered on Monday following the recovery of rival Dalian oils as well as a weakening of the ringgit. By midday, the benchmark contract of Bursa Derivatives' Exchange rose 0.23% ($1,082.77) to 4,827 Ringgit ($1,082.77) per metric ton. The contract dropped more than 4% in the last week. Anilkumar bagani, head of commodity research at Mumbai's Sunvin group, said that although crude palm oil futures started lower, they quickly recovered due to bargain-buying following the steady performance seen in other oils, notably soy and rapeseed, he added.
Palme ends the week with a loss of more than 4%
Malaysian palm oils futures continued to lose money on Friday as they tracked the weakness of rival vegetable oil at Chicago and Dalian and recorded a loss for the week. On the closing, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange for February delivery fell 17 ringgit or 0.35% to 4,904 Ringgit ($1,102.77). The contract dropped 4.37% in the last week. The futures appear to be trading in a range, waiting for a new lead. A Kuala Lumpur based trader stated that he was waiting to see the Dalian exchange's behavior before deciding on a direction. Dalian's soyoil contract with the highest volume fell by 1.2% while palm oil contracts gained 0.5%.
VEGOILS - Palm trades slow on the back of weaker oil rivals; set to a loss for the week
Malaysian palm oils futures continued to fall on Friday as they tracked the weakness of rival vegetable oil at Chicago and Dalian, and were expected to record a loss for the week. By midday, the benchmark palm oil contract on Bursa Derivatives Exchange for February delivery had fallen 35 ringgit or 0.71% to 4,886 Ringgit ($1,097.98). This week, the contract has dropped 4.72%. The futures appear to be trading in a range, waiting for a new lead. A Kuala Lumpur based trader stated that he was waiting to see the Dalian exchange's behavior before deciding on a direction. Chicago Board of Trade Soyoil fell 0.61%.
In 2025, the global diesel price will be supported by refinery closures
Analysts and traders said that the global diesel market would likely see a price boost in 2025 due to the closing of around 1% of the refining capacity. This will offset the current weakness of the market and the structural downward pressure caused by the shift towards cleaner fuels. Markets end 2024 in a shaky state, despite the peak season demand. Margins in key energy hubs around the world, such as Singapore, Northwest Europe, and the Gulf of the United States, have fallen from November's high levels, due to the return of some refineries after maintenance shutdowns.
Dalian palm and VEGOILS-Palm end lower in profit-booking
Malaysian palm futures continued to lose on Wednesday as traders booked profits after early gains that had been triggered by a fall in November stocks. The benchmark palm-oil contract for February delivery at Bursa Malaysia's Derivatives exchange lost 96 Ringgit or 1.94% to $4,855 Ringgit ($1,095.94), a metric tonne, at the close. Malaysian palm oil stocks fell for the second consecutive month, dropping 2.6% from November to 1,84 million tons. This was revealed by the Malaysian Palm Oil Board on Tuesday. The fall in palm oil inventories may fuel a rally for benchmark futures.
VEGOILS-Palm trades lower after Malaysian palm oil data
The price of Malaysian palm futures dropped on Tuesday, after the data released by the industry regulator confirmed that market expectations were correct. This was due to a decline in Malaysian stocks, production and exports. By midday, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange for February delivery had fallen 82 ringgit (1.6%) to 5,038 Ringgit ($1,138.27). Malaysian palm oil stocks fell for the second consecutive month, dropping 2.6% from November to 1,84 million tons. This is according to data released by the Malaysian Palm Oil Board.
Source: Bank sold US oil futures worth $270 million ahead of OPEC+ meeting.
One bank sold large volumes of U.S. Oil Futures Contracts in early afternoon trading Wednesday, according to a source with direct knowledge. This caused prices to drop more than 1% in minutes, and traders scrambled to figure out the reason. The transaction, which took place just hours before an OPEC+ virtual conference at which the group was expected to extend its supply cuts to the end of first quarter, had traders scrambling for the reason behind the sale. A person stated that the bank sold 4,000 barrels of U.S. West Texas Intermediate Crude Oil Futures at $69.21 per barrel in a single transaction around 1 p.m. EST (1800 GMT).
Palm oil prices rise on the back of bargain-buying and stronger Dalian oils
Malaysian palm oils futures rose for the fourth consecutive session on Thursday. This was boosted by Dalian oil's strength and bargain-buying. The benchmark contract for palm oil delivery in February on the Bursa Derivatives exchange rose by 86 ringgit or 1.79% to 4,884 Ringgit ($1,099.01), a metric tonne, at the close. Anilkumar bagani, Sunvin Group's research head, stated that the tight supply of palm oil is still a factor in the recovery of crude palm oil futures. Separately, Kuala Lumpur based traders said that the overnight sale of Chicago soyoil spilled over to crude palm oil futures today, but the rise in Dalian oils stopped the prices from further falling.
Palm oil prices rise on the back of bargains, and Dalian oils are stronger
The price of Malaysian palm oils rose slightly on Thursday due to bargain-buying and the strength of rival Dalian oils. At midday, the benchmark palm oil contract on Bursa Derivatives Exchange for February delivery rose by 6 ringgit or 0.13% to 4,804 Ringgit ($1,081.49) per metric ton. The contact increased by 3.36% in the last three sessions. Anilkumar bagani, Sunvin Group's research head, stated that the supply of palm oil is still tight, and this has led to a recovery in crude palm oil futures. Separately, Kuala Lumpur based traders said that the overnight sell-off in Chicago soyoil spilled over to crude palm oil futures today…
Palm gains from firmer Chicago soyoil; production concerns in Malaysia
Malaysian palm futures rose on Wednesday, for the third session in a row. This was boosted by the firmer Chicago soyoil as well as production concerns. At midday, the benchmark palm oil contract on Bursa Derivatives Exchange for February delivery gained 36 ringgit or 0.76% to 4,771 Ringgit ($1,072.62) per metric ton. Anilkumar bagani, Sunvin Group's research head, says that the crude palm oil futures have been trading in a range of sideways to uptrends after a sharp overnight rise in Chicago soyoil. However, the recent easing for South American soyoil is limiting the recovery.
Palm prices rise on higher soyoil, in anticipation of a decline in production
The price of Malaysian palm oil futures increased on Tuesday, reflecting the gains made by rival soyoil and supported in part by an expectation that production will decline in Malaysia. By midday, the benchmark palm oil contract on Bursa Derivatives Exchange for February delivery rose 36 ringgit (0.77%) to 4,735 Ringgit ($1,061.18) per metric ton. David Ng, a proprietary trading at Kuala Lumpur's Iceberg X Sdn. Bhd., explained that the palm market was reacting to higher soyoil. He said that the palm oil market has been under a lot pressure to sell…
Palm oil closes higher than rival oils, with possible tax increases on exports in Indonesia
Malaysian palm oils futures rose Monday after three sessions of declines. They were boosted by the stronger oil prices in rival countries and the expectation that Indonesia would raise its palm oil export taxes. At the close, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange for February delivery gained 54 ringgit or 1.16% to $4,696 ringgit (1,055.76) per ton. Anilkumar bagani, Sunvin Group's research head, says that the Malaysian palm oil futures have opened higher after recovering rival oils in Asian trading hours. He…
Palm oil prices rise on the strength of rival oils, and a possible increase in export taxes.
The price of Malaysian palm oils futures rose on Monday due to stronger oil prices and the expectation that Indonesia may raise its palm oil export taxes in December. The benchmark contract for palm oil delivery in February on the Bursa Derivatives exchange gained 90 ringgit or 1.94% to 4,732 Ringgit ($1,062.89) per metric ton at the midday break. Anilkumar bagani, Sunvin Group's research head, says that the Malaysian palm oil futures have opened higher after recovering rival oils in Asian trading hours. He said that the almost certain rise in Indonesian palm oil export taxes in December 2024 had also increased the chance of a rebound in Malaysian palm futures.
Palm oil drops 8% in a week, the worst drop for 19 months.
Malaysian palm futures fell on Friday, their biggest weekly drop in over a year. Weak soybean oil prices and concerns about demand weighed them down. At the close, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange for February delivery fell 132 ringgit or 2.77% to 4,640 Ringgit ($1,039.19). This is the second weekly decline in a row and the biggest weekly drop since April 2023. David Ng, a proprietary trading at Kuala Lumpur's Iceberg X Sdn. Bhd., said that the lower opening of crude palm oil futures was due to the weakening prices of soybean oil and concern about a weaker demand for the next few weeks.
Palm to drop for second week on weak soya, concerns about demand
Malaysian palm futures fell on Friday, and are headed for another week of losses. Weak soybean prices and looming concerns about demand have weighed them down. At midday, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange for February delivery fell 81 ringgit or 1.7% to 4,691 Ringgit ($1,050.62) per metric ton. David Ng is a proprietary trader with Kuala Lumpur's trading firm Iceberg X Sdn. Bhd. He said that the crude palm oil futures were lower because of lower soybean oil prices, and concern about a weaker demand for palm oil in the coming week. Dalian's palm oil contract dropped 0.91%, while the most active soyoil contract in Dalian fell by 1.2%.
Palm extends its losses amid China trade fears and weak demand
Malaysian palm futures fell for the second session in a row on Thursday as concerns about U.S. Tariffs on China, and a weakened demand for palm, sparked a sale on the vegetable oil market. At the close, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange for February delivery fell 46 ringgit or 0.96% to 4,769 Ringgit ($1,069.28). The contract fell by 2.21% during the previous session. Paramalingam Supramaniam is the director of Selangor brokerage firm Pelindung Bestari. He said that the sell-offs in Chicago soyoil spilled into Dalian oils and contributed to a drop in Malaysian palm-futures.
Palm oil prices are down by more than 2% due to a weaker demand for exports and Chicago soyoil.
Malaysian palm futures dropped more than 2% Wednesday due to a weaker Chicago soyoil price and sluggish demand for exports. The benchmark contract for palm oil delivery in February on the Bursa Derivatives exchange lost 107 Ringgit or 2.17% to $4,817 Ringgit ($1,077.87), a metric tonne, at the close. The contract gained 0.51% during the last session. David Ng said that the market fell on a weaker export demand, and a decline in Chicago soybean oil, according to a proprietary trader with Kuala Lumpur's trading firm Iceberg X Sdn. Bhd. Exports of palm oil from Malaysia between Nov. 1-20 fell between 1.4% to 5.3%, according to cargo surveyors.
Palm prices fall on weaker demand for exports and Chicago soyoil.
Malaysian palm futures fell on Wednesday due to a weaker Chicago soyoil price and sluggish demand for exports. Investors are awaiting cargo surveyor data in order to determine the direction of prices. By midday, the benchmark palm oil contract on Bursa Derivatives Malaysia Exchange for February delivery had fallen 33 ringgit or 0.67% to 4,891 Ringgit ($1,094.92) per metric ton. The contract gained 0.51% during the last session. David Ng said that the market fell on a weaker export demand, and a decline in Chicago soybean oil, according to a proprietary trader with Kuala Lumpur's trading firm Iceberg X Sdn. Bhd.
