Palmetto falls due to profit booking and increased stocks; set for weekly losses
The price of Malaysian palm oils futures reversed gains made earlier in the week and was headed to a weekly drop on Friday as traders booked profits before a long weekend holiday. Additionally, elevated inventories weighed on sentiment. By midday, the benchmark palm oil contract on Bursa Malaysia's Derivatives Exchange fell 13 Malaysian Ringgit (or 0.29%) to 4,441 Malaysian Ringgit ($1,055.37). Earlier in the session, it rose up to 0.75%. The contract has fallen 0.16% for the entire week. The market will be closed on the 15-16th of September for a holiday.
Palm falls as stronger Ringgit weighs
The price of Malaysian palm oils futures fell on Tuesday due to a strong ringgit. Market participants were waiting for the Malaysian Palm Oil Board's (MPOB) next-day data on demand and inventories. At closing, the benchmark palm oil contract on Bursa Malaysia's Derivatives Exchange for November delivery fell 7 ringgits, or 0.16% to 4,481 Ringgit ($1,066.40). A survey shows that Malaysian palm oil inventories will rise for the sixth consecutive month in august, as production continues outpacing exports, despite an improvement in demand. Dalian's palm oil contract, which is the most active contract in Dalian, was up by 0.51%.
Palm oil rises as rival crude and rival oil prices are stronger
Malaysian palm oil futures closed higher on Monday as they tracked stronger edible oil prices in Dalian and Chicago. Crude oil prices also increased, supporting prices. The benchmark palm-oil contract for delivery in November on the Bursa Derivatives exchange closed at 4,488 Ringgit ($1,064.77) per metric ton after gaining 40 ringgit or 0.9%. Dalian's palm oil contract, which is the most active contract, rose by 0.11%. The Chicago Board of Trade's (CBOT), which trades soyoil, saw a 0.96% increase. As palm oil competes to gain a share in the global vegetable oils industry, it tracks the price fluctuations of competing edible oils.
Palm prices fall on Dalian's weakening and lack of new buying
Malaysian palm futures declined on Monday as a result of weaker edible oil at Dalian futures. A lack of new buying also added to the pressure. By midday, the benchmark palm oil contract on Bursa Derivatives Exchange for November delivery had fallen 4 ringgit or 0.09% to 4,444 Ringgit ($1,053.58) per metric ton. Anilkumar bagani, the research head at Mumbai-based Sunvin Group's vegetable oil brokerage, explained that the lack of new buying, particularly from India, had further pushed up prices, despite the fact that production in both Malaysia and Indonesia was decent during August.
VEGOILS - Palm logs weekly gains as traders wait for supply data to provide further clues
Malaysian palm oils traded at a narrow range on Thursday and posted a weekly increase, while traders awaited the Malaysian Palm Oil Board's demand and supply figures next week. The benchmark contract for palm oil delivery in November on the Bursa Derivatives Market gained 7 ringgit or 0.16% to 4,449 Ringgit ($1,058) per metric ton by close. The contract increased by 1.42% in the past week. The Malaysian Stock Exchange will be closed Friday due to a public holiday. Paramalingam Supramaniam is the director of Selangor brokerage Pelindung Bestari. He said that traders are reducing their positions in anticipation of next week's Malaysian Palm Oil Board exports and data.
ConocoPhillips announces it will reduce its workforce by 20-25%. Shares fall
ConocoPhillips, the U.S. oil-and-gas producer, will reduce 20-25% its workforce in a restructuring that is expected to take place over the next few months, according to a spokesperson for the company. Five sources had previously reported that CEO Ryan Lance revealed his plans via a video message sent out early on a Wednesday morning. The shares of the third largest U.S. oil company fell 4.5%, to $94.55, compared with a 2.6% decline in the S&P 500 Energy Index. ConocoPhillips, as well as its competitors, have been under pressure from the fall in oil prices this year. They were forced to reduce staff, cut capital expenditure, and reduce drilling. In February, U.S.
ConocoPhillips announces it will reduce its workforce by 20-25%. Shares fall
ConocoPhillips, the U.S. oil-and-gas producer, will reduce 20-25% its workforce in a broad restructuring. A company spokesperson confirmed this on Wednesday after five sources said that CEO Ryan Lance had detailed his plans in an early morning video message. The shares of the third-largest U.S. oil company fell 4.2% to $94.91, compared with a drop of 2.1% in the S&P 500 Energy Index. ConocoPhillips, and its competitors, have been under pressure to reduce staff, cut capital expenditure and reduce drilling this year due to the fall in oil prices. U.S. Oil service giant announced that it would be laying off 20% of its employees in February. It is also reducing its workforce.
Crude oil and palm oil are both weaker than their rival oils
The market was pressured by the weaker rival oils and crudes, as well as the inability to breach a technical level. At the close, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange for delivery in November fell 35 ringgit (0.78%) to 4,441 Ringgit ($1,056.12) per metric ton. The contract increased by 2.19% on Monday. A Kuala Lumpur-based broker said that the absence of follow-through purchases and the failure to break psychologically important levels had a negative impact on crude palm oil futures as well as rival Dalian. The trader said that Dalian and FCPO both failed to surpass the psychological marks of 9,500 yuan (or 4,500 ringgit) and respectively.
Palm prices rebound on the back of bargain-buying and strong export demand
The price of Malaysian palm oils futures increased on Tuesday, after two sessions of declines. This was due to bargain hunting and data from cargo surveyors showing robust exports in the last month. By midday, the benchmark palm oil contract on Bursa Derivatives Exchange for November delivery had gained 64 ringgit (1.46%) to 4,444 Ringgit ($1,056.84 per metric tonne). The contract dropped 2.41% over the last two sessions. Monday was a holiday and the market was closed. After last week's drop, crude palm oil futures rose on bargain buying. Strong exports have also helped to lift market sentiment.
Palm poised to snap a three-week advantage over weaker rival oils
The market was weighed down by the weakness of rival edible oils, and traders were closing their positions before the long weekend. At midday, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange fell 43 ringgit or 0.97% to 4,406 Ringgit ($1,047.80). This week, the contract has fallen by 2.36%. A Kuala Lumpur based trader reported that overnight weakness in rival oilseeds had spilled over into palm oil futures. Some market participants may have closed positions before the long weekend. On Monday, the Malaysian Bourse and Chicago Board of Trade are closed for a holiday. Dalian's palm oil contract, which is the most active contract, fell by 2.03%.
VEGOILS-Palm falls tracking weaker soyoil prices
Malaysian palm futures declined on Thursday due to weaker soyoil and possible trade talks between China and the United States. At the close, the benchmark palm oil contract on Bursa Derivatives Exchange for November delivery fell 40 ringgit or 0.89% to 4,448 Ringgit ($1,057.79). The contract increased by 0.4% during the previous session. According to Paramalingam Supramaniam of brokerage Pelindung Bestari, the market has traded lower because soyoil is continuing to decline. Traders are closely monitoring the upcoming Sino U.S. Trade talks to see if China will increase their soybean purchases from the U.S.
VEGOILS-Palm slips tracking weaker soyoil prices
Malaysian palm futures fell on Thursday as a result of lower soyoil costs, and also because trade talks between China and the United States were likely to be in focus. At the midday break, the benchmark palm oil contract on Bursa Derivatives exchange for delivery in November fell 26 ringgit (or 0.58%) to 4,462 Ringgit ($1,061.12) per metric ton. The contract increased by 0.4% during the previous session. According to Paramalingam Supramaniam of brokerage Pelindung Bestari, the market has traded lower because soyoil is continuing to decline. Traders are closely monitoring the upcoming Sino U.S. Trade talks to see if China will increase their soybean purchases from the U.S.
Palm prices rise on US tariff relief for Indonesia; slow demand limits gains
Malaysian palm futures rose on Wednesday after recovering from a two-day decline, supported by the news that U.S. exempted Indonesian oil palm from a tariff of 19%, but sluggish market demand outside China limited gains. At the close, the benchmark palm oil contract on Bursa Derivatives Exchange for November delivery gained 19 ringgit (0.46%) to 4,489 Ringgit ($1,067.54) per metric ton. It had fallen 1.3% over the past two days. CPO futures traded higher after news broke that the U.S. had exempted Indonesian Palm Oil from a tariff of 19%, according to Anilkumar bagani, research head at Mumbai-based vegetable oils broker Sunvin Group.
Slow demand limits palm gains from US tariff exemptions for Indonesia
Malaysian palm futures rose Wednesday, recovering after a two day drop. Supported by the news that U.S. exempted Indonesian oil palm from a tariff of 19%, but sluggish market demand outside China limited gains. At the midday break, the benchmark palm oil contract on Bursa Derivatives Exchange for November delivery gained 40 ringgit or 0.89% to 4,510 Ringgit ($1,072.53) per metric ton. The price had fallen by 1.3% over the past two days. CPO futures traded higher after news broke that the U.S. had exempted Indonesian Palm Oil from a tariff of 19%, according to Anilkumar bagani, research head at Mumbai-based vegetable oils broker Sunvin Group.
Palm slips on Dalian palm oil
The price of Malaysian palm olein futures dropped for the second session in a row on Tuesday. This was due to profit taking. By midday, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange for delivery in November had fallen 8 ringgit or 0.18% to 4,484 Ringgit ($1,066.35) per metric ton. A Kuala Lumpur based trader reported that crude palm oil futures continued to fall amid pressure from Dalian Palm Olein. Dalian's palm oil contract, which is the most active contract in Dalian, fell 0.96%. Chicago Board of Trade soyoil prices were down by 0.09%.
Palm slips on demand as prices rise
Malaysian palm futures fell on Monday as fears that recent high prices could dampen future demand weigh on the market. At the close, the benchmark palm oil contract on Bursa Derivatives Exchange for November delivery fell 36 ringgit or 0.79% to 4,493 Ringgit ($1,068.49). The contract increased by 1.55% during the previous session. Crude palm futures fell, retracing a portion of the gains made last week, as high prices could curb future demand. David Ng is a proprietary trader with Kuala Lumpur's trading firm Iceberg X Sdn. Bhd. Palm oil is also less competitive due to a narrowing of the spread between soybean and palm oils.
Palm prices fall as demand is threatened by high prices
Malaysian palm futures fell on Monday amid fears that recent high prices may dampen future demand. At the midday break, the benchmark palm oil contract on Bursa Derivatives exchange for delivery in November fell 22 ringgit or 0.49% to 4,507 Ringgit ($1,073.86) per metric ton. The contract increased by 1.55% during the previous session. Crude palm futures fell, retracing a portion of the gains made last week, as high prices could curb future demand. David Ng is a proprietary trader with Kuala Lumpur's trading firm Iceberg X Sdn. Bhd. Palm oil is also less competitive due to a narrowing of the spread between soybean and palm oils.
Palm oil prices rise on the back of strong export data and higher rival oils
Malaysian palm oils futures continued to lose money on Thursday, despite a strong export performance over the period August 1-20. This was due to the weakness of Dalian Commodity Exchange's vegetable oils. By midday, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange for delivery in November had fallen 18 ringgit (0.4%) to 4,480 Ringgit ($1,061.61) per metric ton. Dalian was weaker in the morning session. "Our palm November benchmark failed (to) sustain the 4,500-ringgit psychological marker and invited further selling at noon," said a Kuala Lumpur based trader. Dalian's palm-oil contract fell 0.11% while its most active soyoil contract dropped 0.45%.
Palm prices and export demand are on the rise.
The market was supported by higher palm olein and export demand. By midday, the benchmark palm oil contract on Bursa Derivatives Exchange for November delivery had gained 37 ringgit or 0.82% to 4,548 Ringgit ($1,077.47). David Ng is a proprietary trader with Kuala Lumpur's Iceberg X Sdn Bhd. He said that the price of crude palm oil has risen above 4,500 ringgit due to a recent increase in demand for palm oil. Cargo surveyors estimate that exports of palm oil during August 1-15 increased between 16.5% to 21.3% compared to a month ago. The trader stated that palm prices were also boosted by the higher palm olein price during Asian hours.
Palm oil posts a weekly gain of more than 5%
Malaysian palm-oil futures closed higher Friday, and recorded a second week of gains after data revealed that exports were up for the period August 1-15. At the close, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange was up 75 Ringgit or 1.7% at $4,478 Ringgit ($1,063.66) per metric ton. Futures rose 5.24% in value this week. According to AmSpec Agri Malaysia and Intertek Testing Services cargo surveyors, exports of Malaysian products containing palm oil rose by 21.3% between August 1-15. Dalian's palm oil contract, which is the most active contract, gained 0.11% while its soyoil contract dropped 0.19%.