Palm oil falls on rival oils; market waits for production forecasts in May
The price of palm oil in Malaysia reversed its gains on Tuesday. They continued to decline for the sixth consecutive session due to weaker oils on the Dalian and Chicago market. Meanwhile, the focus shifted from the May production forecasts. At the close, the benchmark July palm oil contract on Bursa Derivatives Exchange fell 35 ringgit (0.91%) to 3,792 Ringgit ($896.45) per metric ton. Dalian's palm oil contract lost 1.63%, while the most active Dalian soyoil contract dropped 0.49%.
Palm oil prices rise on Chicago soyoil production, May outlook
After five consecutive sessions of declines, Malaysian palm oils futures rose Tuesday. Supported by the strength in Chicago soyoil, and with the focus now shifting to production forecasts for May, the prices were boosted by the recent gains in Chicago soyoil. By midday, the benchmark palm oil contract on Bursa Derivatives Exchange for July delivery had gained 6 ringgit or 0.16% to 3,833 Ringgit ($906.79) per metric ton.
Palm slips due to firmer ringgit and weak crude oil, Chicago soyoil
Malaysian palm futures declined on Monday, continuing to decline for a fifth consecutive session. Pressured by the persistent strength of the ringgit and lower Chicago soyoil, and crude, they fell. By midday, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange for July delivery had fallen 93 ringgit or 2.4% to $3,788 ringgit (US$902.33) per metric ton. The strengthening of the ringgit has eroded the competitiveness of Malaysian Palm Oil…
Palm oil prices rise but a stronger ringgit and weak demand cap gains
Malaysian palm futures edged higher on Friday, after three sessions of decline. The gains were limited by the stronger ringgit, and weak demand in key markets. By midday, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange was up 0.41% to 3,927 Ringgit ($914.53) per metric tonne. The contract has fallen by 3.6% this week. Anilkumar bagani, head of commodity research at Mumbai-based Sunvin Group…
Palm closes at lowest level in 7 months due to higher production and stock levels
Malaysian palm futures continued to fall for the third session in a row on Wednesday, as market sentiment was still weighed down by concerns about higher production levels and increased inventories. The benchmark contract for palm oil delivery in July on Bursa Derivatives Exchange fell by 33 ringgit or 0.84% to 3,910 Ringgit ($906.77) per metric ton, the lowest price it has closed at since September 20 of last year. David Ng is a proprietary trader with Kuala Lumpur's Iceberg X Sdn Bhd.
Palm oil prices fall on a stronger ringgit and weaker competitors
The price of palm oil in Malaysia fell for the second session in a row on Tuesday as the stronger ringgit weighed down on sentiment, along with weaker vegetable oils. At the close, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange for July delivery fell 25 ringgit (0.63%) to 3,940 Ringgit ($910.98) per metric ton. A Kuala Lumpur based trader reported that palm has continued to fall as a stronger ringgit encouraged heavy selling activity in the market.
Palm extends its losses as a firmer Ringgit weighs
The price of palm oil futures in Malaysia fell for the second session running on Tuesday, due to a stronger Ringgit. At midday, the benchmark palm oil contract on Bursa Derivatives exchange for July delivery fell 22 ringgit (0.55%) to 3,943 Ringgit ($911.47) per metric ton. A Kuala Lumpur based trader reported that palm has continued to fall as a stronger ringgit encouraged heavy selling activity in the market. Dalian's palm oil contract, which is the most active contract, fell by 1.55%.
Palm oil gains on stronger edible oils and logs weekly gain
Malaysian palm futures rose Friday, ending a three-week loss streak as higher rival edible oils lifted sentiment. The benchmark contract for palm oil delivery in July on the Bursa Derivatives Exchange rose 22 ringgit or 0.55% to 4,058 Ringgit ($928.60). The contract increased by 2.09% in the last week. A Kuala Lumpur based trader reported that the price of crude palm oil futures was boosted by overnight gains in rival oilseeds. This included Chicago soyoil.
Palm oil prices rise on stronger edible oils and are set to gain weekly
Malaysian palm futures rose on Friday as the market regained confidence after a three-week loss streak. At midday, the benchmark palm oil contract on Bursa Derivatives Exchange for July delivery gained 80 ringgit or 1.98% to 4,116 Ringgit ($940.80), a metric tonne. This week, the contract has increased by 3.55%. A Kuala Lumpur based trader reported that the price of crude palm oil futures was boosted by overnight gains in rival oilseeds.
Palm futures are flat due to rising production and a strong Ringgit, which offset the boost from rival oils
Malaysian palm oils futures were little changed Thursday, as participants awaited clues from vegetable oil competitors. However, a strong Ringgit and increasing production limited gains. At closing, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange for July delivery fell 1 ringgit or 0.02% to 4,036 Ringgit ($923.57) per metric ton. Early trade saw the contract fluctuate between 4,005 and 4,054 Ringgit per ton, after closing last session at 4,037 Ringgit.
Palm futures stable as strong ringgit and rising production offset boost from rival oil
Malaysian palm oils futures were in a tight range Thursday, as participants waited for cues from the market amid support by rival vegetable oil. However, despite a strong Ringgit and increasing production, gains were limited. By midday, the benchmark contract for palm oil delivery in July on the Bursa Derivatives exchange had fallen 14 ringgit or 0.35% to 4,023 Ringgit ($917.45). Early trade saw the contract fluctuate between 4…
Palm prices rise on bargain-buying; stronger Ringgit and economic uncertainty limit gains
Malaysian palm futures gained on Tuesday, after six sessions of consecutive losses. Supported by bargain-buying, the gains were limited, however, by a stronger Ringgit and economic uncertainty. The benchmark contract for palm oil delivery in July on the Bursa Derivatives Exchange gained 57 ringgit or 1.46% to $3,967 ringgit (US$904.06) per metric ton. Anilkumar bagani, head of commodity research at Mumbai-based Sunvin Group…
MPOC expects palm oil demand to increase in China and India as prices become more competitive.
The Malaysian Palm Oil Council said that demand for palm oil from major global buyers China, and India will increase because the vegetable oil has become more affordable compared to its competitors. The MPOC stated that palm oil was now "reasonably-priced" at 3,900 Ringgit ($889) for a metric ton. It added that the prices would likely remain at this level due to a rebound in soybean oil. In the last year…
VEGOILS - Buy more bargains, but the ringgit is stronger; economic uncertainty limits gains
The price of palm oil in Malaysia rose on Tuesday. This was due to bargain-buying, but the stronger ringgit, as well as economic uncertainty, limited gains. At midday, the benchmark palm oil contract on Bursa Derivatives Exchange for July delivery rose 8 ringgit (0.2%), to $3,918 ringgit (US$895.5) per metric ton. Anilkumar bagani, head of commodity research at Mumbai-based Sunvin Group, explained that the rise in crude palm oil futures was due to bargain buyers…
Palm trades higher but still on course for a third weekly loss
Malaysian palm oils futures continued to rise on Friday. They ended a losing streak of four sessions, thanks to the strength of rival vegetable oil, but they remain on track for a third consecutive weekly decline. By midday, the benchmark contract for palm oil delivery in July on the Bursa Derivatives exchange gained 4 ringgit or 0.1% to 4,015 Ringgit ($911.46) per metric ton. Futures prices have fallen by 4.68% this week.
Palm records its lowest weekly loss in 28 weeks, a third-weekly loss.
Malaysian palm oils futures reversed gains earlier, following rival oils in Dalian, and recorded a third consecutive weekly loss on Saturday, their lowest drop in 28 weeks. The benchmark contract for palm oil delivery in July on the Bursa Derivatives exchange lost 36 ringgit (0.9%), to $3,975 ringgit (US$901.36) per metric ton, at the close. Futures fell 5.63% in value this week. Dalian's palm oil contract fell 0.12%, while the most active soyoil contract dropped 0.05%.
Palm oil prices close at their lowest level since October, as weak competitors weigh
Malaysian palm oils futures continued to lose money on Wednesday due to the lacklustre performance of Dalian vegetable oil and expectations for improved production. The benchmark July palm oil contract on Bursa Derivatives Exchange fell 36 ringgit or 0.89% to 4,007 Ringgit ($912.98) per metric ton, its lowest price since October 1. A Kuala Lumpur trader stated that palm futures are tracking the spillover weakness of the external markets.
Palm production increases, causing a fourth consecutive session of declines
Malaysian palm futures dropped for the fourth session in a row on Thursday, closing at their lowest level since October 1. This was due to expectations that production would increase. However, strong competition oils prevented further losses. At the close, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange was down 3 ringgit or 0.07% to 4,012 Ringgit ($910.78) per metric ton.
Palm oil falls due to weaker soyoil and a firmer Ringgit
Malaysian palm futures declined on Monday for a sixth consecutive session as a result of a weaker ringgit, a decline in crude oil, and the weakness of soyoil. Concerns about U.S. trade tariffs also contributed to the drop. At midday, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange for July delivery fell 46 ringgit or 1.16% to 3,929 Ringgit ($895.80), a metric tonne. The price of crude palm oil futures fell on the back of lower soybean oil and crude oils…
Palm oil falls on firmer Ringgit, weaker soyoil and crude oil
Malaysian palm futures continued to fall on Monday, for the sixth consecutive session. The market was weighed down by a weaker ringgit, a decline in crude oil, and the weakness of soyoil. Concerns about U.S. trade tariffs also contributed to the drop. At the close, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange for July delivery fell 64 ringgit or 1.61% to $3,911 ringgit (US$895.58) per metric ton.
