The Malaysian palm is poised to gain a weekly profit on the strength of physical demand
The price of Malaysian palm oils rose for the third session in a row on Friday. This was due to strong demand before Eid al-Fitr, an Islamic holiday. Also, rival vegetable oil prices were strong. By midday, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange for June delivery had gained 80 ringgit or 1.86% to $4392 ringgit (US$991.20) per metric ton. The contract is expected to gain 0.39% this week, the first weekly gain for three weeks.
Malaysian palm oil rises in second session of strong Dalian oils
Malaysian palm futures rose on Thursday for the second consecutive session, following the strength of the Dalian market as China shifts to purchasing palm oil in response to a trade dispute with Canada. The benchmark contract for palm oil delivery in June on the Bursa Derivatives exchange gained 54 ringgit or 1.27% to 4,313 Ringgit ($973.81) per metric ton. The ongoing China-Canada canola oil trade is supporting palm prices.
EIA: US crude oil inventories are rising, but fuel is being drawn down due to ongoing maintenance.
The Energy Information Administration (EIA), which tracks seasonal refinery maintenance, reported on Wednesday that U.S. crude stockpiles increased and fuel inventories decreased last week. The EIA reported that crude inventories increased by 1.4million barrels, to 435.2million barrels for the week ending March 7. This was compared to analysts' expectations in an online poll of a 2million-barrel increase.
Palm posts weekly gains despite production concerns
Malaysian palm futures posted a sharp gain on Friday, with a weekly gain of 1.6%. This was due to fears that production would be cut in key palm oil producing areas. The benchmark contract for palm oil delivery in May on the Bursa Derivatives Market gained 147 ringgit or 3.28% to close at $4,627 ringgit (1,048.73 USD) per metric ton. Anilkumar bagani, the research head at Mumbai-based Sunvin Group…
VEGOILS - Palm oil gains over Chicago soyoil; inventory data to be released
After two sessions of losses on the Chicago Soyoil Market, the Malaysian Palm Oil Board's futures prices rose on Wednesday. By midday, the benchmark contract for palm oil delivery in May on the Bursa Derivatives exchange was up 21 Ringgit or 0.48% to 4,370 Ringgit ($983.13) per metric ton. On March 10, the Malaysian Palm Oil Board will release its monthly statistics. The Chicago Board of Trade's (CBOT), which trades soyoil, rose by 0.58%.
Palm oil falls on weaker Dalian oil, Sino-US Tariff War
Malaysian palm oils futures ended lower on Tuesday due to weaker Dalian oils, and fears over China's response to new U.S. duties on Chinese products. The benchmark May palm oil contract on Bursa Derivatives Exchange dropped 137 ringgit or 3.06% to close at $4,347 ringgit (US$973.79) per metric ton. This was the lowest close for nearly a whole month. China had retaliated swiftly against new U.S. import tariffs earlier in the day.
Palm oil falls due to weaker Dalian oils, and US tariffs
Malaysian palm futures fell on Tuesday due to weaker Dalian oils, and worries about upcoming U.S. trade tariffs against key trading partners. By midday, the benchmark contract for palm oil delivery in May on the Bursa Derivatives exchange fell by 105 ringgit or 2.34% to 4,379 Ringgit ($980.74) per metric ton. The increasing uncertainty on the global vegetable markets has also scared traders, said Paramalingam Supramaniam. Director at Selangor-based brokerage Pelindung Bestari.
As alternatives gain market share, palm oil prices will be pressured by a slowing demand.
Prices are expected to fall as palm oil production recovers and imports drop due to price-sensitive consumers. This will reduce the advantage of tropical oil over its rivals even though top producer Indonesia increases biodiesel production. Benchmark palm futures have lost market share due to the shift of top importers such as India to cheaper alternatives like soybean and sunflower oil.
Palmetto prices end higher amid fears of reduced production and weak demand
The price of Malaysian palm oils futures increased for the second session in a row on Thursday. This was due to expectations of a decrease in production. However, gains were limited by a lack demand from major importing countries. The benchmark contract for palm oil delivery in April on the Bursa Derivatives Market gained 71 Ringgit or 1.64% to close at $4,405 Ringgit ($993.91) per metric ton. Paramalingam Supramaniam is the director of Selangor brokerage Pelindung Bestari.
Palm prices rise on concerns about lower production and demand
The price of Malaysian palm oils futures rose for the second session in a row on Thursday. This was due to expectations of a decrease in production. However, a lack demand from major importing countries restricted gains. At midday, the benchmark palm oil contract on Bursa Derivatives Exchange for April delivery gained 31 ringgit or 0.72% to 4,365 Ringgit ($986.44) per metric ton. Paramalingam Supramaniam is the director of Selangor brokerage Pelindung Bestari.
Palm oil prices rise on Dalian oil demand and stronger Dalian crudes
Malaysian palm oils futures closed higher on Wednesday. They were boosted by the stronger Dalian edible oil, and traders were hopeful about a possible resumption in palm oil demand out of India. At the close, the benchmark April palm oil contract on Bursa Derivatives Exchange rose 24 ringgit or 0.56% to 4,332 Ringgit per metric ton. The contract fell 1.35% Tuesday. Anilkumar bagani, head of commodity research at Mumbai's Sunvin Group…
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.
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.
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…
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.
VEGOILS - Palm oil drops as the weather improves in Malaysia. Gains for a second consecutive week
The price of Malaysian palm oils futures fell on Friday as supply concerns eased. However, the contract continued to rise for the second consecutive week, thanks to improved weather conditions in Malaysia, the second largest producer in the world. The benchmark palm-oil contract for February delivery at the Bursa Derivatives Exchange fell 3 ringgit or 0.06% to 5,132 Ringgit ($1,161.87) per metric ton. The contract increased by 2.29% in the last week.
Palm oil drops as the weather improves in Malaysia. Set for second week gains
The price of Malaysian palm futures fell on Friday as supply concerns eased. Weather conditions in Malaysia, the second largest producer of palm oil, also improved. However, the contract was still set to increase for a second consecutive week. By midday, the benchmark palm oil contract on Bursa Derivatives Exchange for February delivery had fallen 20 ringgit or 0.39% to 5,115 Ringgit ($1,157.24). This week, the contract has increased by 1.89%.
Palm prices rise on lower-than-expected end-Nov stock forecasts
Malaysian palm futures rose on Thursday due to lower estimated November stocks. The country is the second largest palm oil exporter in the world. By midday, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange for February delivery had gained 70 ringgit or 1.39% to $5,102 ringgit (1,152.47 USD) per metric ton. A survey shows that Malaysian palm oil inventories fell to 1,79 million tons during November.
Oil Slips as U.S. Gasoline Stocks Surprise
Oil prices edged lower on Wednesday as a large, surprise build in U.S. gasoline stocks outweighed easing supply concerns from a ceasefire deal between Israel and Hezbollah.Brent crude futures fell 12 cents, or 0.2%, to $723.69 a barrel by 10:40 a.m. ET (1540 GMT) and U.S. West Texas Intermediate crude CLc1 eased 15 cents, or 0.2%, to $68.64.U.S. gasoline stocks rose by 3.3 million barrels in the week to 212.2 million barrels…
Palm oil prices end higher due to rival oils' strength and a weaker Ringgit
Malaysian palm futures closed higher on Wednesday. This was supported by gains made in vegetable oils that are competing with palm oil and the weaker ringgit. Investors will be looking for clues at an industry conference starting in Indonesia later this week, and data from the Malaysian Palm Oil Board due next week. On the closing, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange for January delivery gained 112 Ringgit (2.33%) to 4,918 Ringgit ($1,117.73).
