Palm rebounds against Dalian soyoil and bargain-buying
After six consecutive sessions of losses, the price of palm oil in Malaysia rose on Monday. This was boosted by higher Dalian soyoil and traders buying cheaper contracts following recent declines. At the close, the benchmark contract for palm oil delivery in March on the Bursa Derivatives exchange was up 112 Ringgit or 2.53% at 4,545 Ringgit ($1,012.93) per metric ton. Anilkumar bagani, commodity researcher at Sunvin Group, stated that crude palm oil prices were higher because investors snapped up cheaper contracts following recent price declines.
Palm oil rises in line with stronger Dalian soyoil
Malaysian palm futures climbed on Monday, ending a six session losing streak. The rebound in Dalian soybean oil prices, and traders buying cheaper contracts following the recent declines, were behind this rise. By midday, the benchmark contract for palm oil delivery in March on the Bursa Derivatives exchange was up 56 Ringgit or 1.26% at $4,489 Ringgit ($1,000.45). Anilkumar bagani, commodity researcher at Sunvin, said that crude palm oil prices were higher because investors snapped up cheaper contracts following recent price declines.
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.
Indonesia will increase crude palm oil export tax to 10%
Indonesia's chief economic minister announced on Thursday that it will increase the export levy on crude palm oil (CPO), from 7.5% to 10%, to fund higher biodiesel subsidy. Airlangga Hartarto stated that the levy would be implemented as soon as the Finance Ministry has issued its relevant regulation. Indonesia, which is the largest palm oil producer in the world, collects levies for its mandatory biodiesel program, where the bio-content, or B40, will increase to 40% from the current 35% starting January 1.
Palm oil prices continue to fall amid uncertainty about biofuel policies in Indonesia and the US
Malaysian palm futures fell on Thursday for the fifth consecutive session as market uncertainty over Indonesian biofuel policies and U.S. policy weighed on it. At midday, the benchmark contract for palm oil delivery in March on the Bursa Derivatives exchange fell 44 ringgit or 0.97% to 4,485 Ringgit ($996.45) per metric ton. Anilkumar bagani, head of commodity research at Mumbai's Sunvin group, explained that the price decline in crude palm oil continued from Wednesday, following a shift in sentiment on global vegetable oil markets.
Palm prices fall for the third consecutive session due to poor demand in key markets
The price of palm oil in Malaysia fell for the third consecutive session on Tuesday due to weak demand from major destination markets. At the close, the benchmark contract of Bursa Malaysia's Derivatives exchange fell 34 ringgit (0.71%) to 4,724 Ringgit ($1,058.01) per metric ton. Anilkumar bagani, the commodity research director at Mumbai-based Sunvin Group, stated that futures were under pressure due to lower overnight Chicago Soyoil Futures and lack fresh demand from destinations markets…
MPOC expects palm prices to remain above 4,800 Ringgit
The Malaysian Palm Oil Council (MPOC), an agency of the Malaysian government, said Tuesday that palm oil prices will remain above 4,800 Ringgit ($1,075.03) by December due to the recovery in soybean oil prices. MPOC stated that the price rise would be dependent on the supply conditions in Malaysia, Indonesia and especially if monsoons continue to be severe throughout December. This would disrupt production. The agency also said that the low energy prices would be a factor limiting the price rise.
Palm oil demand falls due to poor demand in key markets
The price of Malaysian palm oils futures dropped for the third session in a row on Tuesday due to a lackluster demand from major destination markets. By midday, the benchmark contract of Bursa Derivatives Exchange fell 67 ringgit or 1.41% to 4,691 Ringgit ($1,055.11) per metric ton. Anilkumar bagani, the commodity research director at Mumbai-based Sunvin Group, stated that futures were under pressure due to lower overnight Chicago Soyoil Futures and a lack of new demand from destination markets, particularly in India.
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…
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…
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.
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.
Indonesia's plans for renewable energy may endanger forests
Indonesia, which is heavily dependent on coal for electricity, needs to move away from fossil fuels. It aims to generate 75 gigawatts from renewable sources over the next fifteen years. This compares with the 13 gigawatts it produces today. This push will be based on the use of biofuels that burn cleaner, i.e. organic material converted into liquid fuel. The government claims that biofuels will reduce Indonesia's dependence on costly fuel imports and greenhouse gases, while increasing palm oil production. This will in turn spur economic growth.
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.
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.
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. Paramalingam Supramaniam is the director of Selangor brokerage Pelindung Bestari.
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%. Paramalingam Supramaniam is the director of Selangor brokerage Pelindung Bestari.
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. This is the second consecutive month of declines as torrential rainfall disrupted production.
Palm oil futures in Malaysia rise on Dalian's market.
The price of Malaysian palm oils futures increased for the second session in a row on Wednesday. This was fueled by the strong Dalian vegetable oil contract. However, the market focus was on the November poll conducted among planters and analysts to determine the direction. At midday, the benchmark palm oil contract on Bursa Derivatives Exchange for February delivery gained 47 ringgit or 0.93% to $5,122 ringgit (1,148.17 USD) per metric ton.
Palm snaps a five-day rally as soyoil weakens
Malaysian palm futures dropped on Monday, ending a streak of five consecutive sessions in which they had gained. They were dragged lower by a decline in the prices of soyoil in Dalian and Chicago, and lower November exports. The benchmark palm-oil contract for February delivery at the Bursa Derivatives Exchange in Malaysia lost 62 Ringgit or 1.24% to close at 4,958 Ringgit ($1,112.41) per metric ton. The contract gained 6.9% in November. This was its fourth consecutive monthly gain.
