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Palm oil production drops, and it is likely to be the second consecutive week of a loss in output. Stock fears are also causing a decline.
Malaysian palm futures were down slightly on Friday, indicating that they are on course for a second loss in a week, due to the expectation of a higher production and bigger stocks. By midday, the benchmark palm oil contract on 'the Bursa Derivatives Market?was down by 7 ringgits, or 0.16%.
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VEGOILS - Palm oil drops to a near 3-week low and suffers a second weekly loss
Malaysian palm oil futures fell?to an almost three-week low Friday amid expectations of rising production and increasing?stockpiles. The benchmark palm oil contract for September delivery at the Bursa Derivatives Exchange fell 23 ringgit (0.51%) to 4,483 Ringgit ($1,102.29), its lowest level since June 15. This week, the contract dropped 1.86%.
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El Nino concerns and palm oil extends its gains over stronger rival oils
The market for Malaysian palm oils futures rose again on Tuesday as fears of production disruptions due to El Nino and firmer edible oils supported the market. By midday, the benchmark palm oil contract for September delivery at 'the Bursa Derivatives Exchange in Malaysia' had gained?21 Ringgit (0.46%) to 4,571 Ringgit ($1,122.54) per metric ton.
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Palm oil rises against stronger competitors, crude oil
Malaysian palm futures rose on Wednesday as they 'tracked gains in rival edible oil and crude oil prices rose due to fresh U.S. Iran tensions. By midday, the benchmark palm oil contract on the Bursa Derivatives exchange for September delivery had gained 21 ringgit or 0.46% to 4,568?ringgit ($1,122.36). The contract fell 0.07% Tuesday.
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Palm slips as Indonesia Biodiesel Allocation Uncertainty Continues
Malaysian palm oil futures declined on Thursday as the market was pressured by the uncertainty surrounding Indonesia's biodiesel allocation mandate. The benchmark 'palm oil contract' for a September delivery on Bursa Malaysia derivatives Exchange fell 15 ringgit or 0.33% to 4,594 Ringgit ($1,127.64).
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Biodiesel is a popular alternative fuel in Indonesia due to rising oil prices
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Industry warns that EU restrictions on Chinese components could halt the rollout of renewables in developing countries.
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El Nino is worried about the counter-firm ringgit as well as palm oil.
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