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.
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…
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…
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.
Sources say that Chinese exporters will increase prices and renegotiate after the tax rebates are cut.
Analysts and traders said that Chinese exporters will increase prices on a variety of products, from used cooking oil to aluminium, and renegotiate their contracts to pass the cost of Beijing’s tax incentives. On Friday, the world's second-largest economy announced that it would reduce its export tax rebate rates for certain refined oil products, solar panels, batteries, and non-metallic minerals from 13% down to 9%. It also said that it would cancel the rebates for products made of aluminium…
US soyoil prices jump as China reduces export incentives for biofuel feedstocks competing with US soyoil
U.S. Soyoil Futures rose 2% on the Friday after China announced it would reduce export incentives for certain products, including used cooking oils. Used cooking oil is a low-cost source of feedstock that U.S. Biofuels Makers use instead domestically produced soybean oil. China's Finance Ministry said that it will reduce or cancel export-tax refunds beginning next month. This includes some refined oil products, which traders have said include used cooking oil (UCO). This announcement is the latest wildcard in the U.S.
Palm oil drops for the third consecutive day due to weaker competitors and selling pressure
Malaysian palm futures ended lower on Thursday for the third session in a row, due to weakness in the prices of vegetable oils listed in Dalian and pressure from sellers in crude palm (CPO). The benchmark Bursa Derivatives Exchange palm oil contract closed down 23 ringgit or 0.46% at $4,964 Ringgit ($1,108.53). Paramalingam Supramaniam is the director of brokerage Pelindung Bestari in Selangor. He said that the CPO market was suffering from the constant selling pressure. This has generated interest and kept offers high for the local olein.
Palm oil suffers heavy losses in Dalian competitors oils
The prices of vegetable oils rivals in Dalian have been falling heavily, which has led to a fall in the palm oil futures in Malaysia for a second consecutive session. By midday, the benchmark palm oil contract on Bursa Derivatives Exchange for January delivery had fallen 114 ringgit or 2.27% to 4,912 Ringgit ($1,103.57). Prices have dropped sharply below the 5,000-ringgit mark, which is exacerbated due to weakness in the Chinese vegetable oil market. This indicates a consolidation after the recent bull market from Sept. 18 through Nov.
The price of VEGOILS - Palm has fallen due to profit taking before the GAPKI conference
Malaysian palm futures declined on Tuesday, after four sessions of gains. Profit taking was a factor in the decline. This is due to profit-taking ahead of the Indonesian Palm Oil Association's (GAPKI), which will be held later this week. By midday, the benchmark palm oil contract on Bursa Derivatives Exchange for January delivery had fallen 41 ringgit or 0.84% to 4,850 Ringgit ($1,110.86). Profit-taking is evident today, just before the GAPKI Conference.
Palm oil ends the day higher than rival oils as market focuses on key data
Malaysian palm oil futures closed Monday after rival vegetable oils. The market is waiting for data from the Malaysian Palm Oil Board and export figures. On the closing, the benchmark palm oil contract on Bursa Derivatives Exchange for January delivery gained 23 ringgit (0.47%) to 4,891 Ringgit ($1,119.22). The futures prices seem to follow the support for Dalian palm oil. Once the MPOB data and export figures are released, we will determine our position. For now, it will be following the leads of rival oils," said a Kuala Lumpur based trader.
Palm oil rangebound against rival oils as market eyes key data
Malaysian palm oil futures were sideways Monday as they followed rival vegetable oils while the market awaited data from the Malaysian Palm Oil Board and export figures. During the midday break, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange gained 1 ringgit or 0.02% to 4,869 Ringgit ($1,116.74). The futures prices seem to follow the support for Dalian palm oil. Once the MPOB data and export figures are released, we will determine our position. For now, it will be following the leads of rival oils," said a Kuala Lumpur based trader.
VEGOILS - Palm closes 3% more, reaches highest level in nearly two and half years
Malaysian palm futures rose more than 3% Friday, the highest level in nearly two-and-a-half years, in response to higher soyoil, crude oil, and positive estimates for domestic exports. The benchmark contract for palm oil delivery in January on the Bursa Derivatives Exchange rose 169 ringgit or 3.6% to 4,865 Ringgit ($1,112.00), its highest closing since June 30, 2020. This week the contract posted a gain of 7.25%, which is its second weekly increase in a row and its best performance since mid-June.
Palm prices rise on higher soyoil and crude oil prices; second week of gains expected
Malaysian palm futures rose more than 2% Friday on the back of higher soyoil, crude oil and positive estimates for domestic exports. At midday, the benchmark palm oil contract on Bursa Derivatives Exchange for January delivery gained 134 Ringgit or 2.85% to 4,830 Ringgit ($1,103.24). The contract has gained 3.53% this week, and is expected to gain a second consecutive weekly. David Ng is a proprietary trader with Kuala Lumpur's Iceberg X Sdn. Bhd. He said that the palm market was reacting to higher soyoil prices and crude oil.
Palm prices fall as India avoids premium prices but still has the best week for 16 months.
Malaysian palm futures ended lower on Friday, but still recorded its highest weekly gain since more than 16-months, as India pulled away from buying amid an increasing premium over soft oils. Fund positions are largely driving the current prices. At the close, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange for January delivery fell 70 ringgit or 1.52% to 4,533 Ringgit per metric ton. The contract ended a winning streak of four sessions on that day, but posted a gain for the week of 6.53%.
VEGOILS - Boost exports on the back of positive estimates and weak output
Malaysian palm oil futures ended up higher on Monday after two sessions of losses. Supported by higher export estimates, and expected seasonal palm production decreases, the prices rose. The benchmark contract for palm oil delivery in January on the Bursa Derivatives exchange gained 46 ringgit or 1.08% to 4,301 Ringgit ($1,000.23). The contract dropped 1.3% over the last two sessions. Palm prices are currently reacting to better export estimates, and the expectation of a weaker production in the next few weeks…
Palm gains from better export estimates and expectations of low output
After two sessions of declines, Malaysian palm oil futures eked out a slight gain on Monday, backed by increased export estimates and expected seasonal palm production decreases. The benchmark contract for palm oil delivery in January on the Bursa Derivatives exchange gained 49 ringgit or 1.15% to 4,304 Ringgit ($1,001.16), a metric tonne, during the lunch break. The contract dropped 1.3% over the last two sessions. Palm prices are responding to better export estimates…
Palm gains on short-term supply, but much-anticipated first-quarter outlook
After two sessions of declining prices, Malaysian palm futures rose Wednesday on the back of an expected increase in supply for next year, and on short-term demand. At midday, the benchmark palm oil contract on Bursa Derivatives Exchange for January delivery gained 75 ringgit or 1.77% to 4,314 Ringgit ($1,005.13) per metric ton. The contract has lost 1.89% over the last two sessions. The price of palm oil has increased today, due to an anticipated increase in supply for the first quarter 2025…
Palm oil continues to decline against weaker competitors; export data cap losses
The price of Malaysian palm oils futures dropped for the second session in a row on Tuesday. This was due to the weakness of rival edible oil and crude oil, but robust export data helped limit this fall. The benchmark palm-oil contract for December delivery at the Bursa Derivatives exchange closed down by 1.04% to 4,268 Ringgit ($993.26) per metric ton. It has fallen 1.89% over two sessions. David Ng, a proprietary trading at Kuala Lumpur's Iceberg X Sdn.
Palm extends its loss due to rival oil weakness
The price of Malaysian palm oils futures continued to fall on Tuesday. This was due to the weakness in other oils, but strong export data helped limit losses. By midday, the benchmark palm oil contract on Bursa Derivatives Exchange for December delivery fell 38 ringgit or 0.88% to 4,275 Ringgit ($993.26) per metric ton. David Ng said that the market was being impacted by the overnight decline in Chicago soyoil prices and the lower Dalian palm olein, a proprietary trading at Kuala Lumpur based trading firm Iceberg X Sdn Bhd.
Shell's refining margins in the third quarter drop dramatically
Shell said that its refining profits fell sharply from the previous quarter to the third due to a slump in global demand. Its oil product trading earnings were also down, the company added. Shell's trading update, released ahead of its quarter-end results on October 31, revealed that its refining margins had fallen by almost 30% in the three months leading up to the end September. They were $7.7 per barrel the previous period. Shell has said that it expects its trading results in its Chemicals and Oil Products division to be lower than the second quarter.
