Palm climbs on stronger oil rivals, signs of export recovery
Malaysian palm oils futures rose by more than 1% Wednesday after falling the previous session. This was due to stronger competitor oils and improved export demand from India and China. At midday, the benchmark palm oil contract for?March delivery at the Bursa Derivatives exchange gained 43 ringgit or 1.06% to 4,107 Ringgit ($1,013.32) per metric ton. Paramalingam Supramaniam is the director of Selangor brokerage Pelindung Bestari. Supramaniam said that January exports are picking up steam with positive figures for the first 10 of the month and expectations for the first 15 days to be positive.
Nigeria invests $2 billion to support energy transition
Nigeria's energy transition is being driven by green finance. The president announced plans on Tuesday for a $2 billion climate fund, saying that the oversubscribed green bond was proof of investor interest. Bola Tinubu, speaking at the Abu Dhabi Sustainability Week Summit, said that Nigeria's Climate Investment Platform was aiming to mobilize $500 million to build climate-resilient structures, and the National Climate Change Fund aims to raise $2 billion to fund?projects to reduce emissions and increase resilience.
Palm prices are little changed, traders say
Malaysian palm futures were mostly flat on Monday, as traders assessed the demand and supply data from the palm oil board. By midday, the benchmark palm 'oil contract on the Bursa Malaysia Derivatives Exchange for March delivery had gained 3 ringgit (0.07%) to 4,039 Ringgit ($993.85) per metric ton. The contract dropped 0.17% during the previous session. David Ng is a proprietary trader with Kuala Lumpur based trading firm Iceberg X Sdn Bhd. He said that the market (slightly higher) during Asian hours was due to traders reviewing data from the Malaysian 'Palm Oil Board.
Sources say that Chevron Vitol Trafigura are all competing to control Venezuelan oil imports.
Sources familiar with the situation say that Chevron, Vitol, Trafigura and other companies are competing to get deals from the U.S. Government to export crude oil from Venezuela. Venezuelan officials are trying to control oil sales in the United States. This competition is a reflection of the desire for many oil companies to gain access to Venezuela's crude oil stocks and production. Donald Trump, the U.S. president, has demanded Venezuela grant the United States access to the oil sector. This comes just days after the U.S. seized the South American nation's President Nicolas Maduro. U.S.
Palm oil falls on stronger Ringgit, but rivals make up losses
The price of Malaysian palm oil futures fell on Tuesday, as the strength in edible oils at the Dalian commodity exchange was outweighed by the firmer ringgit. Meanwhile, market participants were awaiting data from the Palm Oil Board that will be released next week. The benchmark contract for palm oil delivery in March on the Bursa Derivatives exchange lost 22 ringgit or 0.55% to close at 3,992 Ringgit ($987.14) per metric ton. A Kuala Lumpur based trader stated that "Today's CPO Future is tracking Dalian performance and the?ringgit while waiting for the 12th January MPOB Report"…
Palm oil falls on stronger Ringgit, but rivals make up losses
Malaysian palm futures fell on Tuesday, as the weaker ringgit overshadowed 'the strength of rival edible oils from Dalian and Chicago. Market participants were waiting for further information to be released by the Malaysian Palm Oil Board next week. By midday, the benchmark March palm oil contract on the Bursa Derivatives Exchange had fallen 14 ringgit or 0.35% to 4,000 Ringgit ($987.41). In the morning, the contract was traded within a narrow range of?3,997-4.034 ringgits per ton.
US oil companies benefit after Trump signals access Venezuelan reserves
U.S. Oil Companies' Shares jumped Monday fueled by the prospect that the U.S. could gain access to Venezuela's vast reserves of oil after President Donald Trump announced that the U.S. was taking control of Venezuela following the arrest of their president. Venezuela has the largest oil reserves in the world, but its production has plummeted over the past decades because of?mismanagement?, a lack of foreign investment after the nationalization and sanctions on the oil industry. Trump stated on Saturday that the U.S.
Palm gains muted by firmer Ringgit, despite crude gains
Malaysian palm futures were flat on Wednesday, as the 'ringgit strengthened and weighed down on the market. However, the pressure from the stronger currency was offset by the higher crude oil price. At the close, the benchmark contract for?palm?oil delivery in March on the Bursa Derivatives exchange fell 1 ringgit or 0.02% to 4,035 Ringgit ($998.02) per metric ton. The contract has risen 3.35% over the last two sessions. A Kuala Lumpur based?trader said that the palm?oil was slightly lower due to a stronger Ringgit.
Palm oil prices remain stable as ringgit and rival oil are firmer.
Malaysian palm futures were little altered on Wednesday, ahead of the Christmas holidays. A strong ringgit offset higher soyoil prices and crude oil. At the midday break, the benchmark palm oil contract on the Bursa Derivatives exchange for delivery in?March? fell 3 ringgit or 0.07% to 4,033 Ringgit ($994.57) per metric ton. The contract has risen 3.35% over the last two sessions. A trader based in Kuala Lumpur said that the palm oil market had a marginally lower price due to a stronger Ringgit. Palm's trade currency, the ringgit, rose 0.12% in value against the dollar.
Russell: Despite Trump's trade moves, the US imports to Asia will drop by 2025.
Asia's imports from the United States of crude oil, coal, and liquefied gas are expected to decrease this year in spite of President Donald Trump’s efforts?to increase shipments through his trade and tariff policy. China is the main driver of the decline in US imports. China, as the world's largest buyer of commodities, has slowed down its purchases since Trump increased tariffs on U.S. imported Chinese goods, with an average rate of around 47.5%. According to commodity analysts Kpler…
Russell: Despite Trump's trade moves, the US imports to Asia will drop by 2025.
The U.S. trade policies of President Donald Trump, which include tariffs and increased shipments of crude oil and coal to Asia are expected to lead to a decline in imports this year. The drop in US imports is mostly due to?China. As the largest buyer of commodities worldwide, China has slowed down its purchases since Trump increased tariffs on U.S. imported?Chinese?goods. According to commodity analysts Kpler, Asia's crude oil imports are expected to drop to 1.43 million barrels a day (bpd), down from 1.56million bpd and the record 1,65million bpd of 2023. South Korea is the largest importer.
Palm trades at a tight range, as a strong crude oil offsets slowing exports
Malaysian palm futures were in a tight trading range on Wednesday as higher?crude prices supported the market while concerns about sluggish?exports and 'elevated inventories' continued to weigh. The benchmark palm?contract? for March delivery at Bursa Derivatives Exchange rose 3 ringgit (0.08%) to $3,965 ringgit (970.39 USD) per metric ton. The contract dropped 1.39% over the last three sessions, and reached a six-month high. David Ng, a 'proprietary trader' at Kuala Lumpur based trading firm Iceberg X Sdn.
Palm range bound as strong Chicago soyoil counters slow exports
Malaysian palm futures were traded in a tight range on Wednesday as concerns about sluggish?exports and high inventories continued to?pressurize the market. However, stronger Chicago soyoil prices and crude oil supported prices. At the midday break, the benchmark March palm oil contract on Bursa Derivatives Exchange fell 5 ringgit or 0.13% to 3,957 Ringgit ($969.14), a metric tonne. The contract has fallen 1.39% over the last three sessions. David Ng, a proprietary trader with Kuala Lumpur's Iceberg X Sdn. Bhd, said that the market is still concerned about the low exports and the high stock levels.
Palm oil closes at its lowest level in six months amid concerns about rising stocks and weaker competitor oils
Malaysian palm oil futures fell on Tuesday for the third straight session, due to weaker competitor oils and worries about rising stocks in light of softer exports. The benchmark March palm oil contract on Bursa Derivatives Exchange fell 52 ringgit or 1.3% to $3,961 ringgit (US$969.88) per metric ton. This was its lowest closing rate since June 13. Anilkumar bagani, the commodity research director at Sunvin Group in Mumbai, said that crude palm oil futures had been trading lower due to the overall weakness of?the global market for vegetable oils.
Palm extends its losses due to concerns about rising stocks and weaker competitors oils
Malaysian palm oils futures fell on Tuesday, for the?third session in a row. They were pressured by lower rival oils as well as?concerns about rising stocks due to a drop in exports. At midday, the benchmark palm 'oil 'contract for March delivery at Bursa Malaysia derivatives Exchange fell 27 ringgit or 0.67% to $3,986 Ringgit ($976.96). Anilkumar bagani, the commodity research director at Sunvin Group in Mumbai, said that crude palm oil futures had been trading lower due to overall weakness on global vegetable oil markets.
Palm oil prices drop on Dalian weakness and stronger Ringgit
Malaysian palm-oil futures closed lower on Monday due to a weaker Dalian edible oil and a stronger Ringgit. The benchmark contract for?palm oi l for February delivery at Bursa Malaysia's Derivatives exchange fell 12 ringgit or 0.3% to 4,006 Ringgit ($979.46), a metric tonne, as of the close. Dalian's most-active palm oil contract fell 0.96%, while the soyoil contract declined 0.95%. Chicago Board of Trade soyoil prices rose 0.12%. As palm oil competes to gain a market share on the global vegetable oils market, it tracks price changes of rival edible oils.
China's crude oil imports in November rose 3.9% due to new import quotas
China's crude throughput increased 3.9% in November according to?data from the statistics bureau on Monday. This was due to a new batch of quotas for crude oil imports by?independent refining companies?to offset maintenance at certain state-owned refineries. The largest oil producer in the world processed 60.83 millions metric tons of crude oil during this month. This is equivalent to 14.86million barrels per day. This was a slight increase from the 14.94 million bpd in October. MuyuXu…
Turkey Cuts Russian Urals Oil Imports, Turns to Kazakh, Iraqi Supply
Turkey sharply reduced its imports of Russia's flagship Urals crude oil in November, shipping data from energy consultancy Kpler showed, as Western sanctions on Russian energy suppliers tightened and Turkish refineries shifted to alternative grades.Shipments of Urals to Turkey fell by 100,000 barrels per day from October levels, with total imports dropping to around 200,000 bpd last month, data from Kpler and LSEG showed.Turkey has become one of the largest buyers of Russian crude since 2022 when European buyers stopped purchases…
Palm oil reaches almost a three-week high due to strong soyoil
Supported by higher soyoil, Malaysian palm oil prices rose for the fifth straight session to close at their highest level in nearly three weeks. The benchmark contract for palm oil delivery in January on the Bursa Derivatives Exchange rose 17 ringgit (0.4%) to 4,226 Ringgit ($1,018.80). Paramalingam Supramaniam said that the contract increased in line with the soybean oil price, but worries about the November demand, and the strength of ringgit, capped gains. Supramaniam stated that the upper limit will be maintained until more information is available about the November demand…
Demand concerns and a stronger ringgit counteract a firmer soyoil, which keeps palm steady.
The price of Malaysian palm oils futures was little changed on Tuesday, despite a strengthening soyoil and concerns about demand. At the midday break, the benchmark contract for palm oil delivery in January on the Bursa Derivatives exchange gained 10 ringgit or 0.24% to 4,219 Ringgit ($1,017.61). The contract has rallied over the last four sessions. Paramalingam Supramaniam said that the contract increased in line with the soybean oil price, but worries about the November demand, and the strength of ringgit, capped gains.