Palmetto slips with a second consecutive weekly loss
Palm oil ended lower on Friday, and recorded a second consecutive weekly loss. This was due to a decline in Chicago soyoil and the persistently slow performance of Malaysian palm oil exports. The benchmark contract for palm oil delivery in June on the Bursa Derivatives exchange lost 37 ringgit or 0.84% to 4,376 Ringgit ($990.27). The contract has lost 4.37% in the last week. Anilkumar bagani, Sunvin Group's head of research, said that the futures traded sideways with prices opening lower.
VEGOILS - Palm up in hopes of better demand, but second consecutive weekly loss
Palm oil prices rose on Friday, on the hope of improved demand from India and China. However, they were still heading for their second consecutive weekly loss because of weakness in Chicago soyoil contracts and Malaysian palm oil exports that have been slowing down. By midday, the benchmark contract for palm oil delivery in June on the Bursa Derivatives Market gained 5 ringgit or 0.11% to 4,418 Ringgit ($999.32). This week, the contract has fallen by 3.45%.
IEA: Russia's oil export revenue fell in February
The International Energy Agency reported on Thursday that Russia's revenue from crude oil sales and oil products fell by 2.6% in February compared to the same period last year, to $15.88billion. This was due to the fall in crude oil price and the widening of discounts for Russian grades. The report also stated that Russian oil exports fell by 100,000 barrels a day (bpd), compared to January, following a recent round U.S. sanction. However, they were down nearly 500,000 bpd if viewed on an annual basis.
Palm slips due to weaker Dalian oil; Indian imports increase limit fall
The Malaysian palm futures continued to decline for a second consecutive session on Tuesday. Pressured by Dalian Oils, whose prices were lower, an increase in India’s palm oil imports helped limit the loss. At the close, the benchmark contract for palm oil delivery in May on the Bursa Derivatives Exchange fell 11 ringgit or 0.24% to 4,488 Ringgit ($1,017.69). David Ng is a proprietary trader with Kuala Lumpur's Iceberg X Sdn. Bhd. He said that the market was down because of soybean oil's overnight drop and Dalian’s weakness.
Palm oil is a weaker competitor to other oils
The price of Malaysian palm oils futures dropped for the second session in a row on Tuesday. This was due to weaker edible oils from rival producers and concerns over U.S. tariff policies. By midday, the benchmark contract for palm oil delivery in May on the Bursa Derivatives exchange fell 59 ringgit or 1.31% to 4,440 Ringgit ($1,002.71) per metric ton. David Ng, a proprietary trading at Kuala Lumpur's Iceberg X Sdn. Bhd., explained that the market was down because of soybean oil's overnight drop and Dalian weakness. This was primarily due to U.S.
VEGOILS - Palm falls due to profit taking, Chicago soyoil weakness, and bearish MPOB stock
Malaysian palm futures ended three sessions of consecutive gains on Monday. Profit-taking and lower Chicago soyoil price pressures, as well as a slower than expected decline in inventories, were to blame. The benchmark contract for palm oil delivery in May on the Bursa Derivatives Exchange fell 123 ringgit (2.66%) to close at 4,502 Ringgit ($1,018.32). Anilkumar bagani, the commodity research director at Mumbai's Sunvin Group, said that during Asian hours, the market traded lower due to profit-taking and weakness in Chicago Soyoil Futures.
Palm oil prices fall on weaker export data and a muted competition.
Malaysian palm futures fell on Monday, following a drop in the prices of rival oils. The weakening exports of palm oil from Malaysia in February also affected sentiment. The benchmark May palm oil contract on Bursa Malaysia's Derivatives Exchange fell 71 ringgit or 1.56% to close at $4,483 ringgit per metric tonne. The market also reacted to the lower performance of Malaysian palm oil in February. Dalian's palm oil contract, which is the most active contract in Dalian, lost 0.46% while soyoil rose by 0.25%.
Palm oil drops on weaker exports and a decline in rival oils
Malaysian palm futures fell on Monday, following a drop in rival oils. Weakness in palm oil exports from Malaysia in February also affected sentiment. By midday, the benchmark contract for palm oil delivery in May on Bursa Malaysia's Derivatives exchange had fallen 67 ringgit or 1.47% to 4,487 Ringgit ($1,005.60 per metric tonne). The market also followed the lower performance of Malaysian palm oil in February. Dalian's palm oil contract, which is the most active contract in Dalian, lost 0.4%.
Chevron restructures its business and reshuffles the leadership
Chevron announced on Monday that it will reorganize its business structures, and reshuffle its leadership team. This is the latest step taken by the U.S. oil major to streamline its operations. As it deals with cost overruns, delays and delays on a major Kazakhstan project, the company said that it could lay off as much as 20% of its worldwide workforce by 2026. The $53 billion purchase of Hess by Exxon Mobil has been delayed due to an arbitral battle. Oil, Products and Gas will be consolidated in two segments - Upstream and Downstream, Midstream & Chemicals.
Palm oil to see fifth-week gain due to concerns over production
Malaysian palm futures were up on Friday, and on course for their fifth consecutive weekly gain. This would be the longest winning streak in three years. The market was supported by expectations of a weaker production. By midday, the benchmark contract for palm oil delivery in May on the Bursa Derivatives exchange had gained 58 Ringgit or 1.25% to 4,700 Ringgit ($1,063.83) per metric ton. This week, the contract has increased by 2.47%. David Ng is a proprietary trader with Kuala Lumpur's trading firm Iceberg X Sdn Bhd.
Palm oil prices rise by more than 2 percent after Malaysian data on palm oil
Malaysian palm futures rose on Monday for the fourth consecutive session, after data released by the industry regulator revealed a drop in stocks. Expectations of improved demand also added to the bullish market sentiment. The benchmark contract for palm oil delivery in April on the Bursa Derivatives Exchange rose 91 ringgit or 2.02% to 4,595 Ringgit ($1,028.65). The Malaysian Palm Oil Board's (MPOB) data showed that Malaysian palm oil stocks dropped more than expected to the lowest level since 21 months in January…
Palm oil prices rise on expectations of reduced production in Malaysia
The price of Malaysian palm oils futures rose on Monday, as lower production expectations and lower export estimates offset the weakness in Chicago soyoil contracts. By midday, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange was up 0.38% to 4,232 Ringgit ($968.42). Anilkumar bagani, the commodity research director at Mumbai-based Sunvin Group, says that futures prices were affected by the sharply lower Chicago soyoil after U.S. President Donald Trump threatened to sanction Columbia.
Palm oil is a weaker competitor than other oils
Malaysian palm oils futures ended lower on Thursday for the second consecutive session, due to weakness in vegetable oils. The benchmark contract for palm oil delivery in April on the Bursa Derivatives exchange lost 17 ringgit or 0.4% to 4,191 Ringgit ($943.49) per metric ton. Anilkumar bagani, head of commodity research at Mumbai-based Sunvin Group, said that "Bursa Malaysia derivatives crude palm oil Futures opened lower today"... due to a selloff…
Palm oil declines due to weaker rival oils
The price of Malaysian palm oils futures fell for the second session in a row on Thursday. This was due to the weakness in vegetable oils. At midday, the benchmark April palm oil contract on Bursa Malaysia's Derivatives exchange fell 64 ringgit or 1.52% to 4,144 Ringgit ($933.02). Anilkumar bagani, head of commodity research at Mumbai-based Sunvin Group, said that "Bursa Malaysia derivatives crude palm oil Futures opened lower today"... due to a selloff…
Indonesia suspends subsidies on palm oil biodiesel, replanting and replanting
An official announced on Thursday that Indonesia has temporarily frozen the distribution of subsidies to its mandatory biodiesel programmes and palm oil replanting programs due to a restructuring at its palm fund agency. Achmad Maulizal, an official at BPDPKS said that the agency is undergoing changes since it now has responsibility for managing cocoa and coconut funds. The agency is responsible for collecting export levies on palm oil products, and then distributing funds to finance programmes like mandatory biodiesel production, replanting, and research.
Shell warns about weaker LNG and oil sales in the fourth quarter
Shell cut its forecast for liquefied gas production in the fourth quarter of the year on Wednesday. It also said that oil and gas trading is expected to be lower than the results from the previous three-month period. Shell said in a trading update before the full-year results on Jan. 30, it would also take non-cash impairments of $1.5 billion up to $3 billion, including $1.2 billion for its renewables division linked to European assets and North American ones.
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.
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…
Palm slips due to poor demand in India
The price of Malaysian palm oil futures fell on Monday due to weak demand in India, a key destination market. At the close, the benchmark March palm oil contract on Bursa Derivatives Exchange fell 26 ringgit (0.6%), to 4,342 Ringgit ($963.18) 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 was due to concerns about exports. According to Intertek Testing Services…
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.
