Palmetto reaches highest level in five weeks; set for weekly gains
Malaysian palm futures rose?to the highest level in five week?on friday, supported by stronger Dalian edible oils and a weaker ringgit. They were also poised to post weekly gains. By midday, the benchmark?palm-oil contract for May delivery at the Bursa Derivatives exchange had gained 59 Ringgit or 1.4% to 4,266 Ringgit ($1,080.82) per metric ton. The contract is on track to have its largest weekly gain since the week of November 25th 2024. It has gained 5.54% this week due to a price rally in crude oil. "Bursa Malaysia CPO Futures opened gap higher after a bullish rally on Chicago soyoil and crude oil futures overnight.
Palm oil reaches a one-month record as crude prices surge
Malaysian palm futures rose on Thursday. They closed at their highest levels in a month, supported by an increase in crude oil price. The benchmark contract for palm oil delivery in May on the Bursa Malaysia Derivatives Exchange rose by 26 Ringgit (0.62%) to close at $4,205 ringgit (1,067.26) per ton. This is the highest price since February 5. After a decline in early trading on Thursday, the contract reached a high of 4,268 ringgits per ton during this session. "Bursa Malaysia crude Palm Oil Futures have recovered from their early losses. The…
Palm bounces back with strong crude oil
Malaysian palm futures rose?on Thursday, and reached the highest levels in a month. This was aided by an increase in crude oil prices. By midday, the benchmark palm 'oil contract on the Bursa Derivatives exchange for May delivery?added 36 ringgit (0.86%) to $4,215 ringgit (1,069.25 USD) per metric ton. The price of a metric ton rose up to 4,220 Ringgit earlier in the day, its highest level since the 5th of February. "Bursa Malaysia crude palm oil futures recovered from their early losses." Palm?oil's recovery is attributed to a major shift in the price dynamics, as palm oil now trades at a discount to gas oil because of the Middle East tensions.
Palm oil ends Chicago soyoil's lower track, and profit-taking
After three sessions of gains, the price of palm oil in Malaysia fell on Wednesday due to profit-taking and lower Chicago soyoil. The benchmark 'palm oil contract' for May delivery on the Bursa Malaysia Derivatives Exchange fell 8 ringgit or 0.19% to 4,178 Ringgit ($1,059.87), a metric tonne, at the close. Dalian's soyoil contract, which is the most active, gained?0.46%. Palm oil, on the other hand, was up by 0.22% after falling by as much as 0.49 percent earlier in the session. Soyoil traded on the Chicago Board of Trade was down by 0.27%. Palm oil tracks the price movement of rival edible oils in its competition for a piece of the global vegetable oil market.
Palmetto falls after three sessions on the basis of profit-taking
Malaysian palm futures declined on Wednesday, after reaching a near four-week-high in the previous session. Profit-taking and falling edible oil prices from Dalian and Chicago weighed on the contract. After three consecutive sessions of gains, the benchmark palm oil contract for?May delivery at the Bursa Derivatives exchange lost 32 ringgit or 0.76% to 4,154 Ringgit ($1,052.18) per metric ton. Today's crude palm future will track the soft Dalian and Chicago soybean oil to take profits?after the rally. It will trade in the range of 4,150-4300 ringgit per tonne based on the current crude prices, said a Kuala Lumpur based trader.
Palm extends its rally for third session as it tracks rivals and higher crude
The price of Malaysian palm oil futures rose for the third consecutive session on Tuesday. They settled at their highest level in nearly four weeks. This was due to gains in edible oils from the 'Dalian and Chicago market, as well as a rise in crude prices. The benchmark contract for palm oil delivery in May on the Bursa Derivatives exchange rose 39 ringgit or 0.94% to 4,186 Ringgit ($1,061.63) per metric ton. A Kuala Lumpur based trader stated that "Bursa CPO future opened higher due to firmer price margins in competing oilseeds." He also added that gains in energy amid ongoing Israeli and U.S. attacks on Iran were also supporting prices.
Palm oil rises for a third session and follows rivals who are firmer, while crude is higher
The price of Malaysian palm oils futures rose for the third time on Tuesday. This was due to the rise in crude oil prices and gains in rival edible oils traded in Dalian and Chicago, as well as the rising 'crude' oil prices. However, weak export data limited the upside. By 0250 GMT, the benchmark palm oil contract on Bursa Malaysia's Derivatives Exchange for May delivery had gained 4 ringgit (0.1%), or $4151 ringgit (1,057.31) per metric ton. The session began with the contract reaching its highest level in over three weeks. A Kuala Lumpur based trader stated that "Bursa Malaysia's CPO future opened higher…
Palm oil mirrors the strength of its Chicago rival; crude provides support
Malaysian palm futures closed Monday higher than they had done in a week, following gains made by Chicago edible oils. Meanwhile, advances?in energy complex?also added support. The benchmark?palm-oil contract for May delivery at Bursa Malaysia's Derivatives Exchange rose 104 ringgit or 2.57% to 4,146 Ringgit ($1,056.57) per metric ton. The price of CPO futures on the Bursa Malaysia exchange opened higher today, following the price spreads for rival oilseeds, according to a Kuala Lumpur-based trader. He added that the gains in energy were also supporting the sentiment as "supply risk concerns intensify amid the escalating Middle East tensions…
Barclays predicts Brent crude oil will reach $100 per barrel following the US and Israel's strike on Iran
Barclays increased its Brent crude oil futures forecast to around $100 per barrel, up from $80.00 on Friday, following the bombing of several Iranian sites by Israel and the United States. Oil markets may have to confront their worst fears Monday. The bank stated in a report that Brent (per barrel) could reach $100 as the market grapples with the potential of a supply disruption in light of the'spiraling Middle East security situation. On Saturday, the United States and Israel launched an attack on Iran, calling for its overthrow and targeting top leaders. Iran responded with missiles that were fired at Israel and Gulf neighboring countries.
Palm tracks rival Chicago Soyoil Dalian's olein lower
Malaysian palm futures fell on Wednesday, marking the fourth?straight session of declines, following weakness in Chicago soyoil and Dalian's palm oil. The benchmark palm oil contract for May delivery at Bursa Derivatives Exchange dropped 1 ringgit or 0.02% to 4,052 Ringgit ($1,042.45) per metric ton. A Kuala Lumpur based trader said, "Palm follows mostly firmer external market conditions and some bargain-buying? Dalian's soyoil contract that is most active rose by?0.96% while palm oil contract fell by 0.16%. Prices of soyoil on the Chicago Board of Trade dropped by 0.46%.
Palm oil surpasses rival Dalian and Chicago oils are higher
Malaysian palm oils futures climbed a little higher on Wednesday, after three consecutive sessions of declines, as they tracked the strength in Dalian & Chicago soy oil, and market participants were awaiting cargo surveyor export data for further direction. By midday, the benchmark contract for palm oil delivery in May on the Bursa Derivatives exchange had gained 19 ringgit or 0.47% to 4,072 Ringgit ($1,046.79) per metric ton. A Kuala Lumpur based trader said, "Palm follows mostly stronger external?markets. The trader stated that the ringgit was trading near a high, and the gains were capped.
Palm falls overnight on weakness in Chicago soyoil; ringgit firmer
Malaysian palm futures continued to decline on Monday. They were weighed down by weaker crude oil, overnight weakness in Chicago soyoil and a stronger ringgit. The benchmark palm oil contract on Bursa Malaysia's Derivatives exchange for May delivery lost 8 ringgit or 0.2% to close at 4,084 Ringgit ($1,050.41) per metric ton. The dollar strengthened by 0.31%, increasing the price of the palm for foreign currency buyers. The Chicago Board of Trade soyoil price rose by 0.73%, after falling by 1.31% the previous session. Dalian Commodity Exchange will be closed during the Lunar New Year holiday.
Palm falls overnight on weakness in Chicago soyoil; ringgit firmer
Malaysian palm futures continued to fall on Monday. They were weighed down by weaker crude oil, overnight weakness in Chicago soyoil and a stronger ringgit. By midday, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange had fallen 29 ringgit or 0.71% to 4,063 Ringgit ($1,044.74) per metric ton. The dollar strengthened by 0.28%, increasing the price of the palm for foreign currency buyers. The Chicago Board of Trade soyoil price rose by 0.62%, after falling by 1.31% the previous session. Dalian Commodity Exchange will be closed during the Lunar New Year holiday.
Palm slips due to weak soyoil but is still on track to end its two-week slide
Malaysian palm futures fell on Friday due to weaker soyoil, and concerns over the potential for an excess of production. Traders are awaiting export data as they await further clues. By midday, the benchmark 'palm oil contract' for a May delivery on Bursa Malaysia Derivatives Exchange had fallen 12 ringgit or 0.29% to 4,105 Ringgit ($1,050.95) per metric ton. The contract is on track to end a two-week losing run after gaining 2% this week. Anilkumar bagani, commodity researcher at Mumbai-based Sunvin Group, says that the market will be focusing on palm oil export data from February 1-20, as well as production data including full-month estimations.
Palm rises by more than 2% as Chicago soyoil and crude oil are stronger
Malaysian palm futures closed more than 2% higher Thursday as trading resumed after a two-day Lunar New Year break, due to stronger Chicago soyoil prices and crude oil. The benchmark 'palm oil' contract for May delivery at the Bursa Derivatives Exchange rose 101 ringgit or 2.51% to 4,117 Ringgit ($1,053.75) per metric ton. Anilkumar bagani, the commodity research head of Mumbai-based Sunvin Group, stated that the Crude Palm Oil Futures rose in a bullish tone following a rally on Chicago soyoil and energy futures. The contract was catching up with the vegetable oil price movement in similar markets during the Malaysian holiday, Bagani said.
Palm exports weaken on early harvesting expectations and low export data
Malaysian palm futures fell on Monday ahead of the Lunar New Year holidays, which begin Tuesday. They were pressured by a sluggish export data for early February and expectations of an accelerated harvest. At the close, the benchmark May palm oil contract on Bursa Derivatives Exchange dropped 32 ringgit or 0.79% to 4,014 Ringgit ($1,029.76). The contract increased?0.22% during the previous session. Anilkumar bagani, head of commodity research at Sunvin Group in Mumbai, said that palm oil prices were under pressure because market participants expected an early harvest ahead of Ramadan, along with weaker exports.
Palm slips due to weak export data and early harvest expectations
Malaysian palm oil futures fell on Monday as the market was weighed down by a sluggish February export report and an expectation of a?accelerated harvest. By midday, the benchmark palm oil contract for May delivery at the Bursa Derivatives exchange fell 16 ringgit (0.4%), to 4,030 Ringgit ($1,034.13) per metric ton. The contract increased by 0.22% during the previous session. Palm oil prices were under pressure due to the expectation of an early harvest of palm oil in February before Ramadan. He said that "Destination Markets are mostly quiet…
Vitol CEO: Oil supply is squeezed by geopolitical factors
Vitol CEO Russell Hardy stated on Thursday that the global oil market has tightened despite predictions of an 'oversupply'. U.S. sanctions have limited the?outlets? for Russian and Iranian oil, which is causing a?increase in demand for oil from alternative sources. Due to sanctions, Russia and Iran have become increasingly dependent on China. India has agreed to stop buying Russian oil under the pressure of U.S. president Donald Trump. Hardy, speaking at the International Energy Week in London, said that the overall demand for non-sanctioned crude oil has increased. This is tightening the oil market, while sanctioned crude oil remains in floating storage in the high seas.
VEGOILS - Palm oil gains over rival soyoil. Key data on production and price forecasts are awaited.
Malaysian palm futures closed higher Monday. The market is awaiting data from the Malaysian Palm Oil Board and the Price Outlook Conference. The benchmark April palm oil contract on the Bursa Derivatives exchange rose 19 ringgit (0.46%) to 4,173 Ringgit ($1,061.29) per metric ton at close. A Kuala Lumpur trader stated that the market would follow the 'Dalian' lead until tomorrow's MPOB data and POC analysts outlook for further leads. Dalian's top-active palm oil contract dropped 0.31%, while the soyoil contract rose 0.07%. Chicago Board of Trade soyoil rose by 1.63%.
Oil Prices Rise After US Urges Caution for Vessels Traveling Near Iran
Oil prices rose more than 1% on Monday after the U.S. Department of Transportation issued an advisory to U.S.-flagged vessels to stay as far as possible from Iranian territory while voyaging through the Strait of Hormuz and Gulf of Oman.Brent crude oil futures were up 89 cents, or 1.3%, at $68.94 a barrel by 11:24 a.m. EST (1624 GMT). U.S. West Texas Intermediate crude rose 83 cents, or 1.3%, to $64.38.The U.S. DOT's Maritime Administration agency noted that vessels going through the Strait of Hormuz and Gulf of Oman have historically faced the risk of being boarded by Iranian forces, including as recently as February 3.