Palm oil ends the week lower due to weak crude oil.
Malaysian palm futures closed lower on Friday after a two-week rally. Weaker crude oil prices pushed the market. At the close, the benchmark palm oil contract on Bursa Derivatives Exchange for January delivery fell 6 ringgit or 0.13% to 4,514 Ringgit ($1,068.66). The contract dropped 0.68% in the past week. David Ng said that the market fell as low crude oil prices weighed on market sentiment. He is a proprietary trader with Kuala Lumpur based trading firm Iceberg X Sdn. Bhd. Palm oil is less appealing as a biodiesel feedstock due to the weaker crude oil futures. The oil prices fell, headed for a loss of about 3% per week after the IEA predicted a growing surplus and U.S.
Palm oil follows weak crude oil down, and is set to fall weekly
Malaysian palm futures fell on Friday as crude oil prices dropped, causing the market to fall. By midday, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange for January delivery had fallen 8 ringgit or 0.18% to 4,512 Ringgit ($1,068.43). David Ng said that the market fell as low crude oil prices weighed on the market sentiment. He is a proprietary trader with Kuala Lumpur based trading firm Iceberg X Sdn. Bhd. Palm oil is less appealing as a biodiesel feedstock due to the weaker crude oil futures. Oil prices fell in early trading, heading towards a weekly loss. There is uncertainty about global energy supply after U.S.
VEGOILS-Palm ends higher despite weak India demand, soyoil competition
Malaysian palm futures closed higher on Thursday, reversing previous losses despite a weaker demand from India and increasing pressure from cheaper soyoil. At the close, the benchmark palm oil contract on Bursa Derivatives Exchange for January delivery was up 6 Ringgit or 0.13% at 4,518 Ringgit ($1,069.35). According to Paramalingam Supramaniam of brokerage Pelindung Bestari, the market fell after news that India's imports of palm oil had fallen to a four month low. Meanwhile, cheaper soybeans, and soybean oil, squeezed demand for Palm Oil. The Solvent Extractors' Association of India reported that India's palm oils imports dropped in September to their lowest level since May…
Palm oil prices fall due to weak Indian demand and competition from soyoil
Malaysian palm futures fell on Thursday due to a weakening of demand from India, and the growing pressure from soyoil. By midday, the benchmark palm oil contract on Bursa Derivatives Exchange for January delivery was down 13 Ringgit or 0.29% at 4,499 Ringgit ($1,064.85) per metric ton. According to Paramalingam Supramaniam of brokerage Pelindung Bestari, the market fell after news that India's imports of palm oil had fallen to a four month low. Meanwhile, cheaper soybeans, and soybean oil, squeezed demand for Palm Oil. The Solvent Extractors' Association of India reported that India's palm oils imports dropped in September to their lowest level since May…
Palm exports rise on the back of a strong three-session decline
The Malaysian palm futures market reversed the losses it had suffered for three sessions in a row on Wednesday as export data helped to offset concerns about high inventories and rising U.S. China trade tensions. The benchmark contract for palm oil delivery in January on the Bursa Derivatives Exchange climbed 13 ringgit or 0.29% to 4,474 Ringgit ($1,057.93), a metric tonne, at the close. Paramalingam Supramaniam is the director of Selangor brokerage Pelindung Bestari. He said that buyers are waiting for price drops before buying. The market is vulnerable to selling pressure, Supramaniam said. "With end stock still high and the China/U.S.
Palm prices slip on uncertainty about demand and high stocks
Malaysian palm futures declined for a forth consecutive session on Wednesday, due to concerns about subdued consumer demand and large inventories. Meanwhile, mounting U.S. - China trade tensions dampened sentiment. By midday, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange for January delivery had fallen 8 ringgit or 0.18% to 4,488 Ringgit ($1,062.75) per metric ton. Paramalingam Supramaniam is the director of Selangor brokerage Pelindung Bestari. He said that buyers are waiting for prices to drop before buying. The market is vulnerable to selling pressure, Supramaniam said. In September, Malaysian palm oil inventories rose to near two-year levels.
VEGOILS - Palm extends losses to third session due to profit-taking
The Malaysian palm futures market closed lower on Tuesday for the third session in a row, due to profit-taking, a weakening of sentiment, and traders waiting for export data. The benchmark palm-oil contract for December delivery at Bursa Derivatives Exchange fell 39 ringgit or 0.87% to 4,460 Ringgit ($1,054.87) per metric ton. A Kuala Lumpur based trader stated that the market was lower due to profit-taking, and a weakening sentiment. The trader added that traders are also waiting for the October 1-15 export numbers to be released in order to get a better idea of the market's direction. On Wednesday, cargo surveyors will release their estimates of exports.
VEGOILS-Palm falls on profit taking; traders await export data
The price of Malaysian palm oils futures fell on Tuesday due to profit-taking, a weakening market sentiment and traders awaiting export data. At the midday break, the benchmark palm oil contract on Bursa Derivatives exchange for December delivery fell 18 ringgit (0.4%), to 4,481 Ringgit ($1,061.09) per metric ton. The contract has fallen in the two sessions that have preceded it. A Kuala Lumpur based trader stated that the market was lower due to profit-taking, and a weakening sentiment. The trader added that traders are also waiting for the October 1-15 export numbers to be released in order to get a better idea of the market's direction.
VEGOILS - Palm closes 1% lower due to market caution and stock accumulation
Malaysian palm futures fell for the second session in a row on Monday due to a cautious investor mood and an expectation of increasing inventories, as increased production pressured market. At the close, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange for December delivery fell 48 ringgit or 1.06% to 4,496 Ringgit ($1,064.14) per metric ton. David Ng is a proprietary trader with Kuala Lumpur's trading firm Iceberg X Sdn. Bhd. He said that the lower prices of crude palm oil were due to the market's risk-off attitude and expectation of higher stock levels in coming weeks, amid increased production.
Palmetto slips by more than 1% due to market caution and anticipated stock building-up
Malaysian palm futures continued to fall for the second session in a row on Monday. This was due to a cautious investor sentiment, and an expectation of increasing inventories with increased production. By midday, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange for December delivery had fallen 78 ringgit or 1.72% to 4,466 Ringgit ($1,057.79). David Ng is a proprietary trader with Kuala Lumpur's trading firm Iceberg X Sdn. Bhd. He said that the lower prices of crude palm oil were due to the market's risk-off attitude and expectation of higher stock levels in coming weeks, amid increased production.
VEGOILS - Palm posts second weekly increase despite MPOB stock decline
Malaysian palm futures posted a second weekly gain despite falling by nearly 1% during the session. Stockpiles higher than expected weighed down on prices while Indonesia's plans for biodiesel supported prices. At the close, the benchmark palm oil contract on Bursa Derivatives Exchange for December delivery fell 45 ringgit (0.98%) to 4,546 Ringgit ($1,076.74) per metric ton. The contract increased by 2.34% in the past week. David Ng is a proprietary trader with Kuala Lumpur's Iceberg X Sdn. Bhd. He said that the Malaysian Palm Oil Board report is bearish because stocks are higher than what was expected by the market.
Palm range bound ahead of key data but set for weekly gains
Malaysian palm futures were in a range on Friday but still set to gain for the second week running as traders awaited crucial data about demand and supply. Meanwhile, Indonesia's plans for biodiesel supported prices. By midday, the benchmark palm oil contract on Bursa Derivatives Exchange for December delivery had fallen 10 ringgit or 0.22% to 4,581 Ringgit ($1,085.55) per metric ton. The contract is up 3.44% this week. David Ng is a proprietary trader with Kuala Lumpur's Iceberg X Sdn. Bhd. He said that the market expects a negative report from the Malaysian Palm Oil Board. Ng said that Indonesia's B50 Biodiesel Plan was supporting the prices.
Palm oil closes strong in Indonesian biodiesel plans and Dalian oils
Malaysian palm futures closed at their highest level in seven months on Thursday. This was due to the strength of rival Dalian oil and Indonesia's plans for biodiesel. Profit-taking ahead of Malaysia Palm Oil Board (MPOB's) monthly data is expected. The benchmark palm-oil contract for December delivery at the Bursa Derivatives exchange in Malaysia rose 49 ringgit or 1.08% to 4,594 Ringgit ($1,090.18) per metric tonne - its highest close since the 7th of March. For the third session in a row, the contract recorded gains. Paramalingam Supramaniam…
Palm oil gains from Indonesia's biodiesel plan, and strong Dalian oils
Malaysian palm futures rose for the third session in a row on Thursday. This was due to strength in Dalian oils, a rival oil company, and Indonesia's plans to produce biodiesel. However, traders are expected take profits before the Malaysia Palm Oil Board releases its monthly data. By midday, the benchmark palm oil contract on Bursa Derivatives Exchange for December delivery had gained 26 ringgit or 0.57% to 4,571 Ringgit ($1,085.23) per metric ton. Paramalingam Supramaniam of Selangor's brokerage Pelindung Bestari said that the palm oil market…
Palm closes highest in 7-weeks on strength of soyoil and crude oil
The price of Malaysian palm oil futures rose by more than 1% Wednesday due to higher soyoil prices and crude oil, which prompted traders cover their short positions. The benchmark palm-oil contract for December delivery at the Bursa Derivatives Exchange in Malaysia gained 76 Ringgit or 1.7% to 4,546 Ringgit ($1,078.79), the highest closing price ever since August 18. A Kuala Lumpur trader reported that the overnight strength of soyoil, crude oil and palm oil pushed crude palm oil futures up today. The trader stated that "the December contract broke over the psychological level 4,500 ringgit.
Palm oil gains over 1% due to soyoil and crude oil strength
The price of Malaysian palm oil futures increased by more than 1% Wednesday, boosted by increases in crude oil and soyoil prices which prompted traders to close out short positions. At midday, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange gained 60 ringgit or 1.34% to 4,530 Ringgit ($1,074.22) per metric ton, the highest level since August 18. A Kuala Lumpur based trader reported that the overnight strength of soyoil, crude oil and palm oil futures lifted them higher today. The trader stated that "the December contract broke over the psychological level 4,500 ringgit.
Palm oil prices rise on the back of reduced production, but soyoil remains firm
The price of Malaysian palm oils futures rose on Tuesday after two sessions of declines. This was due to expectations of a lower palm production, and higher soyoil. At the close, the benchmark palm oil contract on Bursa Derivatives Exchange for December delivery gained 35 ringgit or 0.79% to 4,472 Ringgit ($1,061.73) per metric ton. The contract dropped 0.20% over the last two sessions. David Ng is a proprietary trader with Kuala Lumpur's trading firm Iceberg X Sdn. Bhd. He said that crude palm oil futures were higher due to expectations of a weaker output in the upcoming weeks. The market sentiment was also lifted by higher soybean oil prices in the Asian hours.
Palm oil prices rise on the back of lower production prospects and stronger soyoil
The price of palm oil futures in Malaysia rose on Tuesday as the market grew optimistic about lower production and higher soyoil prices. By midday, the benchmark palm oil contract on Bursa Derivatives Exchange for December delivery had gained 23 ringgit (or 0.52%) to 4,460 Ringgit ($1,058.88). The contract dropped 0.20% over the last two sessions. David Ng is a proprietary trader with Kuala Lumpur's trading firm Iceberg X Sdn. Bhd. He said that crude palm oil futures were higher due to expectations of a weaker output in the coming week. The market sentiment was also lifted by higher soybean oil prices in the Asian hours.
Palm oil prices fall on the back of profit-taking, but production worries limit losses
Malaysian palm futures fell on Monday due to profit-taking. However, concerns about a possible drop in production supported the prices. At midday, the benchmark palm oil contract on Bursa Derivatives exchange for December delivery fell 32 ringgit (0.72%) to 4,410 Ringgit ($1,047.01) per metric ton. The price ended Friday at 4,442 Ringgit, a 0.09% decrease. Anilkumar bagani, the head of research for Mumbai-based Sunvin Group, said that crude palm oil futures fell due to profit-taking, amid market speculation about a possible increase in import duties by India on vegetable oils.
VEGOILS - Palm posts weekly gain and snaps three-week loss streak
Malaysian palm-oil futures ended a three week losing streak on Friday by posting a weekly gain. Short coverings supported the market while concerns about weak demand in India weighed. At the close, the benchmark palm oil contract on Bursa Derivatives Exchange for December delivery fell by 4 ringgit (0.09%) to 4,442 Ringgit ($1,056.11) per metric ton. The contract increased by 1.05% in the past week. A Kuala Lumpur based trader reported that the price of crude palm oil traded higher due to short coverings. Five dealers report that India's palm-oil imports fell in September to the lowest level for four months as refiners substituted palm oil with soyoil.