Palm slips by more than 1% and records second weekly drop
Malaysian palm futures fell more than 1% Friday, marking a second consecutive weekly decline. Prices were pressured by a stronger ringgit and weaker edible oils. The benchmark contract for palm oil?for?March delivery at the Bursa Derivatives Market in Malaysia fell 74 ringgit (1.86%) to 3,906 Ringgit ($958.76), its lowest closing rate since June 12. The contract is down 2.79% for the week. A Kuala Lumpur based trader said that the main reason for the decline in crude palm oil prices was the 'weakness on the oilseeds markets where Dalian palm olein remains in the red?after overnight drops.
Palm falls on weaker competitors, but ringgit is firm; second weekly fall set to occur
Malaysian palm futures dropped more than 1% Friday, and were on track for a second consecutive weekly drop as weaker rival edible oils weighed on the market. By midday, the benchmark March palm oil contract on Bursa Derivatives exchange fell 47 ringgit or 1.18% to 3,933 Ringgit ($963.97) per metric ton. The contract has fallen 0.92% this week. A Kuala Lumpur-based trader said that the main reason for the decline in crude?palm oil was the weakness on the oilseeds markets. The Dalian palm olein, which is a rival to palm oil, remained negative overnight after overnight drops. The trader said that a firm ringgit at 4.08 is also preventing buyers from buying.
Palm trades at a tight range, as a strong crude oil offsets slowing exports
Malaysian palm futures were in a tight trading range on Wednesday as higher?crude prices supported the market while concerns about sluggish?exports and 'elevated inventories' continued to weigh. The benchmark palm?contract? for March delivery at Bursa Derivatives Exchange rose 3 ringgit (0.08%) to $3,965 ringgit (970.39 USD) per metric ton. The contract dropped 1.39% over the last three sessions, and reached a six-month high. David Ng, a 'proprietary trader' at Kuala Lumpur based trading firm Iceberg X Sdn. Bhd., stated that the market is still concerned about a?weak export and high stock level in the country.
Palm range bound as strong Chicago soyoil counters slow exports
Malaysian palm futures were traded in a tight range on Wednesday as concerns about sluggish?exports and high inventories continued to?pressurize the market. However, stronger Chicago soyoil prices and crude oil supported prices. At the midday break, the benchmark March palm oil contract on Bursa Derivatives Exchange fell 5 ringgit or 0.13% to 3,957 Ringgit ($969.14), a metric tonne. The contract has fallen 1.39% over the last three sessions. David Ng, a proprietary trader with Kuala Lumpur's Iceberg X Sdn. Bhd, said that the market is still concerned about the low exports and the high stock levels.
Palm oil closes at its lowest level in six months amid concerns about rising stocks and weaker competitor oils
Malaysian palm oil futures fell on Tuesday for the third straight session, due to weaker competitor oils and worries about rising stocks in light of softer exports. The benchmark March palm oil contract on Bursa Derivatives Exchange fell 52 ringgit or 1.3% to $3,961 ringgit (US$969.88) per metric ton. This was its lowest closing rate since June 13. Anilkumar bagani, the commodity research director at Sunvin Group in Mumbai, said that crude palm oil futures had been trading lower due to the overall weakness of?the global market for vegetable oils. Bagani said that the persistently lower Malaysian palm-oil export performance raised the possibility of further increases in stocks.
Palm oil prices drop on Dalian weakness and stronger Ringgit
Malaysian palm-oil futures closed lower on Monday due to a weaker Dalian edible oil and a stronger Ringgit. The benchmark contract for?palm oi l for February delivery at Bursa Malaysia's Derivatives exchange fell 12 ringgit or 0.3% to 4,006 Ringgit ($979.46), a metric tonne, as of the close. Dalian's most-active palm oil contract fell 0.96%, while the soyoil contract declined 0.95%. Chicago Board of Trade soyoil prices rose 0.12%. As palm oil competes to gain a market share on the global vegetable oils market, it tracks price changes of rival edible oils. The Malaysian Ringgit, the palm industry's trade currency, has slightly increased by 0.07% in relation to the U.S.
Palm recoups losses early, but stronger ringgit caps advances
The market recovered early losses in Malaysian palm oil on Monday. This was in line with the recovery of Dalian palm oil futures. However, a stronger ringgit had a negative impact on the market. By midday, the benchmark palm oil contract for February delivery at the Bursa Derivatives exchange in Malaysia rose by 3 ringgit or 0.07% to 4,021 Ringgit ($983.85) per metric ton. Earlier in the day, it fell by 0.32%. Dalian's soyoil contract, which is the most active contract in the city, fell 1.12%. Its palm oil contract also dropped?0.7% at midday after falling 1.24% earlier in the day. The Chicago Board of Trade's soyoil price remained flat.
Palm oil losses on stronger ringgit and rival weakness; palm oil ends the week down 3%
Malaysian palm oils futures dropped on Friday due to a stronger ringgit and the weakness of rival Dalian edible oil. This was their first loss in three weeks. The benchmark "palm oil" contract for February delivery at Bursa Derivatives Malaysia Exchange dropped 45 ringgit or 1.11% to 4,018 Ringgit ($981.68) per metric ton, its lowest close since November 25. The contract fell 3.23% in the last week. A Kuala Lumpur-based Trader said that the weakening of rival oils and a stronger Ringgit had a negative impact on palm prices. Palm oil prices on the Dalian Commodity Exchange fell 1.27%, while soyoil prices dropped 0.5%. Chicago Board of Trade soyoil prices fell 0.35%.
Palm drops due to ringgit strength and is on track for a weekly loss
Malaysian palm futures fell on Friday due to a stronger ringgit, as well as the weakness of rival Dalian edible oil. They were on course for their first loss in three weeks. By midday, the benchmark palm oil contract on Bursa Derivatives Exchange for February delivery fell 15 ringgit or 0.37% to 4,048 Ringgit ($989.01), a metric tonne. The contract has fallen 2.50% this week. A Kuala Lumpur based trader said that the weakening of rival oils,?coupled with an increased ringgit,?pressured palm prices today. The most active palm oil contract on the?Dalian Commodity Exchange fell 1.18%, while soyoil prices dropped by 0.2%. The Chicago Board of Trade's soyoil price fell 0.02%.
Palm oil vegoils a little higher than Dalian soyoil
Malaysian palm futures rose slightly on Thursday after losing ground the previous session, following the movement of soyoil at the Dalian Commodity Exchange. The benchmark palm oil contract on the Bursa Malaysia Derivatives Exchange for February delivery rose by 1 ringgit or 0.02% to 4,064 Ringgit ($989.29). Dalian's palm oil contract, which is the most active contract, rose 0.44% while soyoil gained 0.5%. Chicago Board of Trade soyoil prices fell by?0.82%. Palm oil monitors the price changes of competing edible oils in its bid to capture a larger share of global vegetable oils.
Palm catches up with Dalian rivals, strengthening ringgit caps the advance
The Dalian Commodity Exchange's strength in edible oils rivals helped to support the palm oil futures on Thursday. However, the stronger ringgit limited the gains. By midday, the benchmark palm 'oil 'contract for February delivery at the Bursa Derivatives exchange in Malaysia rose 46 ringgit or 1.13% to $4109 ringgit (US$1,000.97) per metric ton. The futures traded today in positive territory due to the strength of rival oils. The February contract reached a morning high of 4,128 ringgit. However, the price did not sustain due to a stronger ringgit. Dalian's most-active palm oil contract grew 0.93%, while the soyoil contract grew 0.55%.
VEGOILS-Palm oil tracks rival soyoil lower
Malaysian palm futures declined on Monday due to the weakness of rival Dalian and Chicago soybean oil prices, which was a result of concerns over China's slow purchase of U.S. soya beans. By midday, the benchmark palm oil contract on Bursa Derivatives Exchange for February delivery fell by 57 ringgit or 1.37% to 4,095 Ringgit ($996.84). The Farm Trade in Kuala Lumpur, a consulting and trading firm, said that the uncertainty over China's bean purchases keeps pressure on the soy complex. With current loading, it is unlikely China will reach their initial purchase targets as per the agreement with the U.S. by December. According to a Tuesday shipping schedule, the U.S.
Palm snaps a four-day losing streak in Chicago soyoil strength
The market recovered after four consecutive sessions of losses on Wednesday, as the Chicago soyoil price and Dalian palm oils prices rose. At closing, the benchmark palm oil contract on Bursa Derivatives Exchange for February delivery gained 32 ringgit (0.8%), or to $4,022 ringgit (US$972.91) per metric ton. In the previous session, it had reached its lowest level since July 2. A Kuala Lumpur based trader said that the price of Bursa Malaysia CPO futures experienced a technical recovery after yesterday's steep fall. He added that Dalian palm oil was recovering and Chicago soyoil was strengthening.
Palm tracks Chicago soyoil to break four-day losing streak
The price of Malaysian palm oils futures increased on Wednesday, after four consecutive sessions of declines. This was due to higher prices for Chicago soyoil as well as Dalian palm oil. By midday, the benchmark palm oil contract on Bursa Derivatives Exchange for February delivery had gained 50 ringgit or 1.25% to 4,040 Ringgit ($977.73), a metric tonne. In the previous session, the contract hit its lowest level since July 2. A Kuala Lumpur based trader said that the price of Bursa Malaysia CPO futures experienced a technical recovery after yesterday's steep fall. He added that Dalian palm oil was recovering and Chicago soyoil was strengthening.
Palm drops by over 2% and posts a weekly loss due to weak demand and a strong ringgit
The price of Malaysian palm oils futures fell by more than 2 percent on Friday. This erased earlier gains and led to a loss for the week, due to weak demand, as well as a strong ringgit. At the close, the benchmark contract for palm oil delivery in January on Bursa Derivatives exchange fell 87 ringgit or 2.09% to 4,068 Ringgit ($981.19) per metric ton. The contract dropped 1.45% in the past week. Paramalingam Supramaniam is the director of Selangor brokerage Pelindung Bestari. He said that the weak demand and strength of the Ringgit put pressure on the prices.
Palmettos end higher due to Indonesian output risks and a softer ringgit
Malaysian palm futures closed slightly higher for the third session in a row on Monday, thanks to a weaker ringgit as well as bullish predictions from industry analysts. The benchmark contract for palm oil delivery in January on the Bursa Derivatives exchange gained 6 ringgit or 0.14% to 4,151 Ringgit ($1,000.72). A Kuala Lumpur-based broker said that the contract has seen support after bullish presentations made at the Indonesia Palm Oil Conference held last week. Analysts have warned that palm oil could increase in price over the next few months due to uncertainties arising from land seizure policy and a plan for biodiesel by Indonesia, the top producer.
Demand concerns and a stronger ringgit counteract a firmer soyoil, which keeps palm steady.
The price of Malaysian palm oils futures was little changed on Tuesday, despite a strengthening soyoil and concerns about demand. At the midday break, the benchmark contract for palm oil delivery in January on the Bursa Derivatives exchange gained 10 ringgit or 0.24% to 4,219 Ringgit ($1,017.61). The contract has rallied over the last four sessions. Paramalingam Supramaniam said that the contract increased in line with the soybean oil price, but worries about the November demand, and the strength of ringgit, capped gains. Supramaniam stated that the upper limit will be maintained until more information is available about the November demand…
Palm oil reaches almost a three-week high due to strong soyoil
Supported by higher soyoil, Malaysian palm oil prices rose for the fifth straight session to close at their highest level in nearly three weeks. The benchmark contract for palm oil delivery in January on the Bursa Derivatives Exchange rose 17 ringgit (0.4%) to 4,226 Ringgit ($1,018.80). Paramalingam Supramaniam said that the contract increased in line with the soybean oil price, but worries about the November demand, and the strength of ringgit, capped gains. Supramaniam stated that the upper limit will be maintained until more information is available about the November demand, which from the initial figures does not appear to be good.
Palm oil rises with stronger Chicago soyoil
The price of palm oil in Malaysia rose for the fourth consecutive session on Tuesday. This was due to higher soyoil futures prices in Chicago after China bought American soybeans. At midday, the benchmark palm oil contract on Bursa Derivatives Exchange for January delivery gained 33 ringgit or 0.79% to 4,184 Ringgit ($1,002.16) per metric ton. David Ng, a proprietary trading at Kuala Lumpur's Iceberg X Sdn. Bhd., explained that the contract tracked gains on the Chicago soyoil markets today. Two traders who were familiar with the transactions said that China purchased at least 14 cargoes (cartons) of U.S. soya beans on Monday.
Palm prices down on weak demand and strong ringgit, but set to gain for a second week
Malaysian palm futures prices were little changed Friday as the weaker demand and stronger ringgit weighed heavily on the market. However, expectations of tighter production provided support. At midday, the benchmark palm oil contract on Bursa Derivatives exchange for January delivery fell 6 ringgit or 0.14% to 4,149 Ringgit ($1,001.69). The contract has risen 0.51% in the first week. Paramalingam Supramaniam is the director of Selangor brokerage Pelindung Bestari. He said that the weak demand and strength of the Ringgit put pressure on the prices. Supramaniam stated that the prices are being held at key levels because production is gradually entering lower output months.