Palm oil closes at its highest level in 14 weeks with a weekly gain of more than 3%

Malaysian palm futures closed higher Friday, and recorded a third weekly gain in a row. This was boosted by the strength of rival edible oils from Dalian and Chicago. Futures have also recorded a weekly gain of 3.40% and their highest close in the last 14 weeks. The benchmark contract for palm oil delivery in October on the Bursa Derivatives Exchange rose 106 ringgit or 2.52% to 4,316 Ringgit ($1,017.92). "Palm Oil prices rose, supported by strength in Chicago Soyoil and Dalian Palm and Soyoil Futures, along with expectations of a lower ringgit because of a strong U.S. Dollar," said Darren Lim.
EIA: US crude stocks fall as exports increase; fuel demand falls

EIA reports that crude exports have risen to 3.5 million barrels per day. CHICAGO, 16 JULY - The Energy Information Administration reported on Wednesday that crude oil stocks in the United States fell last week, as exports increased, and gasoline and distillate stockpiles also rose. This has led to some concern about fuel demand. The EIA reported that crude inventories dropped by 3.9 millions barrels, to 422.2 million in the week ending July 11. This was compared to analysts' expectations based on a poll of a 552,000 barrel draw. The EIA reported that crude exports increased by 760,000 barrels a day, to 3.5 millions bpd. Meanwhile, net U.S.
Palm oil reaches a new high in the race against rival soyoil

The price of Malaysian palm oils futures rose on Wednesday, after gains made by rival soyoil in Dalian and Chicago helped to recover previous session losses. The benchmark contract for palm oil delivery in October on the Bursa Derivatives exchange gained 62 Ringgit or 1.49% to $4225 ringgit ($996.46) per metric ton. The futures opened higher today after a resurgent move in Chicago soyoil futures, ICE Canola futures and Euronext Rapeseed Futures on Tuesday night and a rise in Chicago soyoil prices and energy today in Asian hours, said Anilkumar bagani, research director at Mumbai-based vegetable oils broker Sunvin Group.
Palm oil prices rise on Chicago soyoil and crude oil firmer, while the ringgit is soft.

The price of Malaysian palm oils futures increased on Wednesday. This was due to gains in the rival Chicago soyoil market, higher crude oil prices, and a weaker Malaysian ringgit. By midday, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange for October delivery had gained 45 ringgit or 1.08% to 4,208 Ringgit ($990.58). Prices of soyoil on the Chicago Board of Trade have increased by 0.77%. Dalian's soyoil contract was the most active, rising 0.4%. Palm oil contracts were slightly down 0.07%. As palm oil competes to gain a share in the global vegetable oil market, it tracks the price fluctuations of competing edible oils.
Palm exports fall by nearly 2% due to profit-taking

The price of palm oil in Malaysia fell by nearly 2% Tuesday, after two sessions of gains. Profit-taking and weaker data on exports weighed. The benchmark palm-oil contract for September delivery at Bursa Malaysia's Derivatives exchange lost 82 Ringgit or 1.94% to $4148 ringgit ($978.53), a metric tonne, at the close. A Kuala Lumpur-based broker said that the market was focused on profit-taking after Dalian palm oil became softer. AmSpec Agri Malaysia is an independent inspection company that reports that exports of Malaysian Palm Oil Products for the period July 1-15 fell by 5.3% in comparison to the period June 1-15.
VEGOILS-Palm trades lower on profit-taking, market awaits export data

The market was waiting for export data to determine the next direction. By midday, the benchmark palm oil contract on Bursa Derivatives Exchange for September delivery had fallen 52 ringgit or 1.23% to 4,178 Ringgit ($982.60). A Kuala Lumpur trader stated that the market today is focused on profit-taking after its recent increase on the backs of Dalian palm oil. Dalian's palm oil contract, which is the most active contract in Dalian, gained 0.02%. Chicago Board of Trade soyoil prices were down 0.43%. As palm oil competes to gain a share in the global vegetable oil market, it tracks the price changes of competing edible oils. On Tuesday, after U.S.
Palm oil prices rise as rival oil prices do.
Malaysian palm futures closed higher Monday as they tracked stronger edible oils and higher crude oil prices. They were also helped by the weaker ringgit. The benchmark palm-oil contract for September delivery at Bursa Malaysia's Derivatives exchange gained 58 Ringgit or 1.39% to $4,232 Ringgit ($995.76) per metric ton. "Prices are being supported by the firm crude oil that continues to bolster global edible oil markets," Darren Lim said, commodities strategist for Singapore-based brokerage Phillip Nova. The slight weakening of the ringgit has also maintained buying interest, making Malaysian Palm Oil more competitive abroad.
Palm oil rises two weeks in a row on the strength of rival oils
Malaysian palm futures rose Friday, logging its second weekly gain in spite of higher June stocks. This was due to stronger edible oils and the weaker ringgit. At closing, the benchmark palm oil contract on Bursa Derivatives Exchange for September delivery gained 29 ringgit (0.7%), to 4,175 Ringgit ($982.35) per metric ton. The contract increased by 2.78% in the past week. Dalian's palm oil contract, which is the most active contract, increased by 0.63%. Chicago Board of Trade Soyoil Prices fell by 0.64%. As palm oil competes to gain a share in the global vegetable oils industry, it tracks the price fluctuations of competing edible oils.
Palm oil gains on the strength of rival oils and is set to gain for a second consecutive weekly.
The market was supported by a stronger ringgit and stronger edible oils. By midday, the benchmark palm oil contract on Bursa Derivatives Exchange for September delivery had gained 37 ringgit or 0.89% to 4,183 Ringgit ($993.42) per metric ton. The contract is up 2.98% this week. Dalian's palm oil contract, which is the most active contract, increased by 0.86%. Chicago Board of Trade Soyoil Prices fell by 0.36%. As palm oil competes to gain a share in the global vegetable oil market, it tracks the price fluctuations of competing edible oils. Data from the industry regulator showed that Malaysian palm oil stocks increased by 2.41%…
Palm oil prices rise for the fourth consecutive session as stronger competitors gain ground
Investors analyzed data from the Malaysia Palm Oil Board to determine whether or not they should buy futures of palm oil in Malaysia. By midday, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange for September delivery was up 27 Ringgit (0.65%) to 4,184 Ringgit ($984.47) per metric ton. "Malaysian Palm Oil Futures extended modest gains. Supported by technical momentum, a lower ringgit and strength in the related vegetable oil markets. Meanwhile, crude oil prices remained firm despite news about planned production increases," Darren Lim said, commodities strategist with brokerage Phillip Nova.
Palm firms track rival oils
The price of palm oil in Malaysia rose again on Tuesday, reaching its highest level in almost three months. This was due to the gains made by rival vegetable oils as well as a weaker currency. The benchmark palm-oil contract for September delivery at the Bursa Derivatives Exchange rose 78 ringgit or 1.92% to 4,149 Ringgit ($979.23), a metric tonne, as of closing. A Kuala Lumpur based trader reported that the market rose on the strength of Dalian palm and Chicago soyoil. Dalian's palm oil contract, which is the most active contract, grew by 2.34%. Chicago Board of Trade soyoil prices rose 0.5%.
Palm oil follows rival oils in higher prices
The price of Malaysian palm oils rose again on Tuesday. This was due to the weaker ringgit and gains in other vegetable oils. By midday, the benchmark palm oil contract on Bursa Derivatives Exchange for September delivery had gained 49 ringgit or 1.2% to 4,120 Ringgit ($972.62) per metric ton. A Kuala Lumpur based trader reported that the market rose on the strength of Dalian palm and Chicago soyoil. Dalian's palm oil contract grew by 1.52% while the most active soyoil contract increased by 0.2%. Chicago Board of Trade soyoil prices rose 0.54%. As palm oil competes to gain a share in the global vegetable oils industry, it tracks the price changes of competing edible oils.
Palm oil prices rise on the back of strong crude oil
Malaysian palm futures closed higher on Monday, as stronger crude oil supported the market after it had surpassed rival edible oils in earlier sessions. The benchmark palm-oil contract for September delivery at the Bursa Derivatives Exchange rose 8 ringgit (0.2%), to 4,070 Ringgit ($962.17) per metric ton, as of closing. A Kuala Lumpur based trader stated that "Crude trading is higher compared to Asia Morning Time, which lifts Chicago soybean oil. Oil recovered on Monday, as a tight oil market helped offset the effect of OPEC+ increasing oil production more than expected in august. Also, concerns about the possible impact of U.S.
VEGOILS - Palm oil drops for the second session due to weak competitors, crude oil
Malaysian palm futures declined for the second consecutive session on Monday, dragged down by lower rival edible oils and crude oils. A weak ringgit also provided some support. By midday, the benchmark palm oil contract on Bursa Derivatives Exchange for September delivery had fallen 15 ringgit or 0.37% to 4,047 Ringgit ($956.06) per metric ton. Dalian's palm oil contract, which is the most active contract, dropped by 0.42%. Chicago Board of Trade soyoil prices fell 1.76%. As palm oil competes to gain a share in the global vegetable oils industry, it tracks the price changes of competing edible oils.
Palm oil gains despite weakening of rival oils and profit-taking
Malaysian palm futures ended lower on Friday due to profit booking and weaker edible oils in Chicago and Dalian. However, the contract managed to record its seventh weekly increase in eight weeks. At the close, the benchmark palm oil contract on Bursa Derivatives Exchange for September delivery fell 29 ringgit or 0.71% to 4,062 Ringgit ($963.02), a metric tonne. The contract increased by 1.27% in the past week. David Ng said that the prices of crude palm oil were lower due to a decline in prices for soybean oil and Dalian Palm Olein. He is a proprietary trader with Kuala Lumpur based trading firm Iceberg X Sdn Bhd.
Palm oil falls due to weakness in competing oils and profit taking
Malaysian palm futures declined on Friday due to profit booking and weaker edible oils on the Chicago and Dalian market. However, they remain on track for their seventh weekly gain in the last eight. At the midday break, the benchmark palm oil contract on Bursa Derivatives exchange for September delivery fell 22 ringgit (or 0.54%) to 4,069 Ringgit ($963.08 a metric tonne). The contract is up 1.67% this week. David Ng said that the prices of crude palm oil were lower due to overnight declines in prices for soybean oil and Dalian Palm Olein. He is a proprietary trader with Kuala Lumpur based trading firm Iceberg X Sdn Bhd.
Palm oil trades in a sideways fashion as Dalian oils and Chicago soyoil counter each other.
Malaysian palm futures were in a narrow range on Thursday as the strength of rival Dalian oils supported gains, while the weakness of crude oil and Chicago soybean oil limited them. At midday, the benchmark palm oil contract on Bursa Derivatives Exchange for September delivery gained 12 ringgit (0.3%), to 4,074 Ringgit ($965.17) per metric ton. On Wednesday, the contract increased by 2.37%. Anilkumar bagani, research director at Mumbai-based Sunvin Group, said that the crude palm oil futures market was trading sideways, as the bullish momentum of Chinese vegetable oils in Asian hours supported it.
Palm slips due to weak crude and soyoil, lack of fundamentals
The price of Malaysian palm oil futures fell for the second consecutive session on Tuesday. This was due to the weakness in soyoil prices at the Dalian and Chicago exchanges and the lack of any fundamental triggers. The benchmark palm-oil contract for September delivery at Bursa Malaysia's Derivatives exchange lost 16 ringgit or 0.4% to $3,970 ringgit (US$946.14) per metric ton. "Market sentiment is cautious due to macro-uncertainties, and we are awaiting more clear fundamental signals," said Darren Lim. He is a commodities strategist with Singapore-based Phillip Nova.
Palm oil falls due to weak competition and lack of fundamentals
The Malaysian palm futures continued to fall for the second consecutive session on Tuesday. This was due to the weakness of rival oils on the Dalian and Chicago market and the softer crude prices as a result of a lack fundamental triggers. By midday, the benchmark palm oil contract on Bursa Derivatives Exchange for September delivery had fallen 29 ringgit or 0.73% to 3,957 Ringgit ($944.62) per metric ton. "Market sentiment is cautious due to macro-uncertainties, and we are awaiting more clear fundamental signals," said Darren Lim. He is a commodities strategist with Singapore-based Phillip Nova.
Palm oil and crude Dalian slips due to weak Dalian palm oil
Malaysian palm futures fell on Monday, erasing gains from the previous session, as Dalian palm oil and crude prices declined. By midday, the benchmark palm oil contract on Bursa Derivatives Exchange for September delivery had fallen 44 ringgit or 1.1% to $3,967 ringgit (USD $941.39) per metric ton. Dalian's palm oil contract, which is the most active contract in Dalian, dropped by 0.69%. Chicago Board of Trade Soyoil Prices rose by 0.42%. As palm oil competes to gain a share in the global vegetable oil market, it tracks the price fluctuations of competing edible oils.