Warehousing regulator registers 1st liquid storage for palm oil in Gujarat

The Warehousing Development and Regulatory Authority has registered its first warehouse handling liquid cargoes at Gandhidham in Gujarat, facilitating delivery of palm oils via futures exchanges. The oil storage tanks, owned by Yamada Logistics Pvt Ltd, were registered by the warehousing watchdog earlier this month. The two units, which have a capacity to store 350 tonne each of crude palm oil and refined, bleached and deodorised palmolein, have been accredited by the Multi Commodity Exchange of India as delivery centres.

Malaysia CPO ends up on bargain buys post 4-month low

The most-active February contract of crude palm oil ended over 1% higher on the Bursa Malaysia Derivatives due to bargain buying after it hit a four-month low. The contract closed at 2,604 ringgits per tn, up 1.6% from the previous close.

MCX CPO down on weak demand at high price levels

Futures contracts of crude palm oil were down on the MCX as demand from market participants remained subdued at prevailing high prices. Prices of crude palm oil have risen around 6% since Nov 15 on the MCX, after the government raised base import price and import duty on the commodity. The most-active December contract was trading down 0.53% at 583.3 rupees per 10 kg on the MCX.

Malaysia CPO ends down tracking CBOT soyoil

Futures contracts of crude palm oil ended lower on the Bursa Malaysia Derivatives, taking cues from soyoil contracts on the CBOT. The February contract closed at 2,563 ringgits per metric tonne, down 0.9% from the previous close.

Nigeria imported 450,000 tons of crude palm oil since beginning of year

Despite the high exchange rate and its price, Nigeria has imported 450,000 tons of crude palm oil valued at N116.3billion ($323.1 million) since the beginning of the year. The shipment was increased by 12 per cent as global price hit $718 per metric ton. The price of the commodity, which was $663 per metric ton in July, was increased to $718 per ton this month (November) based on high demand by indigenous manufacturers. The country domestic production currently stands at 970,000 metric tons, while demand is 2.7million tons, leaving a deficit of 1.73million.

Malaysia CPO ends tad down on firm ringgit vs doller

Futures contracts of crude palm oil ended marginally lower on the Bursa Malaysia Derivatives due to a strong ringgit against the dollar. Expectations of a fall in the Southeast Asian country’s palm oil exports in November due to low demand further weighed on the prices on the Malaysian bourse. The most-active February contract of crude palm oil on the Malaysian bourse closed at 2,587 ringgits (40,650.30 rupees) per metric tonne, down 0.1% from the previous close.

Malaysia CPO down 1% on weak Nov 1-25 export data.

Futures contracts of crude palm oil on the Bursa Malaysia Derivatives fell 1% because of weak export data. The most-active February contract of crude palm oil was at 2,600 ringgits (40,854 rupees) per tonne on the Malaysian bourse, down 30 ringgits from the previous close. Cargo surveyor Intertek Agri Services estimated Malaysia’s palm oil exports during Nov 1-25 at 1.08 million tonne, down 8.4% from a month ago.

Malaysia CPO closes lower on firm ringgit vs dollar

Futures contracts of crude palm oil ended over 1% lower on the Bursa Malaysia Derivatives on the back of a strong ringgit against the dollar. Firmness in the Malaysian currency makes palm oil more expensive for buyers holding other currencies. The most-active February contract of crude palm oil on the Malaysian bourse ended at 2,608 ringgits (41,064.22 rupees) per metric tonne, down 1.4% from the previous close.

Malaysia CPO closes higher on CBOT soyoil cues

Futures contracts of crude palm oil on the Bursa Malaysia Derivatives ended higher, tracking gains in soyoil contracts on CBOT. The most-active February contract of crude palm oil on the Malaysian bourse ended at 2,644 ringgits (41,748.70 rupees) per tn, up 0.8% from previous close. Cargo surveyor Intertek Agri Services Monday estimated exports during Nov 1-20 at 891,926 tn, down 6.25% on month.

India Palm oil imports up 10.06% to 92.93 lakh tonnes in 2016-17: SEA

India, the world’s leading vegetable oil buyer, had imported 84.43 lakh tonnes of palm oils during the last marketing year (November-October). Palm oil imports rose by 10.06 per cent to 92.93 lakh tonnes in 2016-17 marketing year that ended in October due to lower domestic production. The country’s total vegetable oils (edible and non- edible) import increased by 4.75 per cent to 154.40 lakh tonnes in 2016-17 from 147.38 lakh tonnes the last year. Among soft oil, import of sunflower oil increased to 21.69 lakh tonnes in 2016-17 from 15.16 lakh tonnes last year. The shipment of soybean oil declined to 33.16 lakh tonnes from 42.35 lakh tonnes, while that of mustard seed oil to 2.93 lakh tonnes from 3.77 lakh tonnes in the said period.

Malaysia CPO ends down on strong ringgit vs dollar

Futures contracts of crude palm oil on the Bursa Malaysia Derivatives ended 1% lower due to a strong ringgit against the dollar. Firmness in the Malaysian currency makes palm oil more expensive for buyers holding other currencies. The most-active February contract of crude palm oil on the Malaysian bourse closed at 2,712 ringgits (42,373.88 rupees) per metric tonne, down 1% from the previous close. Gains in soyoil contracts on the CBOT, however, prevented a sharp fall in crude palm oil prices on the Malaysian bourse.

MCX crude palm oil futures up on bargain buying

Futures contracts of crude palm oil rose on MCX due to bargain buying after prices hit a near one-week low of 559.7 rupees per 10 kg. The November contract of crude palm oil on MCX was at 562 rupees on the MCX, up 0.2% from previous close. Traders are expecting a hike in import duty on edible oils which also added to the positive market sentiment.

Malaysia CPO ends lower on weak export data

Futures contracts of crude palm oil on the Bursa Malaysia Derivatives ended lower due to a month-on-month decline in the country’s palm oil exports during Nov 1-15. Cargo surveyor Intertek Agri Services today estimated Malaysia’s palm oil exports during Nov 1-15 at 660,465 metric tonne, down 4.3% on month. The most-active January contract of crude palm oil on the Malaysian bourse closed at 2,712 ringgits (42,377.25 rupees) per metric tonne, down 0.2% from the previous close.

Malaysia Oct palm oil output up 13% on month at 2.01 mln tn.

Production of palm oil in Malaysia soared 12.9% on month in October to 2.01 mln tn, while palm oil inventories were up 8.4% at 2.19 mln tn. Exports of palm oil increased 2.04% to 1.55 mln tn. Crude palm oil stocks were at 1.23 mln tn at the end of October, up 15.38% on month, while processed palm oil stocks were up 0.58% at 959,251 tn. Malaysia is the world’s second-largest producer and exporter of palm oil. Biodiesel exports from Malaysia were at 5,572 tn in October, down 33.61% from September.

Indonesia palm oil exports down 7.5% on month at 2.76 mln tn in Sep.

Indonesia palm oil exports fell 7.5% month on month to 2.76 mln tn in September despite higher production and lower supply of other vegetable oils in the global market. palm oil exports (excluding palm oil-based biodiesel and oleochemicals) to China dropped 17.5% month on month to 370,470 tn in Sep, and those to India were 17% lower month on month at 650,750 tn.

Malaysian palm oil futures fell.

Malaysian palm oil futures fell in the second half of trade, dropping from a one-week high earlier in the session on expectations of weaker cargo surveyor export data scheduled for release on Friday.

Malaysia CPO ends higher tracking CBOT soyoil gains

Futures contracts of crude palm oil on the Bursa Malaysia Derivatives ended higher, taking cues from soyoil contracts on the CBOT. The most active January contract of crude palm oil on the Malaysian bourse ended at 2,822 ringgits (43,391.34 rupees) per metric tonne, up 1.3% from the previous close.

Malaysia CPO ends marginally up on bargain buying.

Futures contracts of crude palm oil on the Bursa Malaysia Derivatives ended slightly higher due to bargain buying, after prices hit a near two-week low of 2,772 ringgits (42,648.72 rupees) per metric tonne earlier. Crude palm oil contracts on the Malaysian bourse rose also taking cues from soyoil contracts on the CBOT. A strong ringgit against the dollar, however, capped the gains. The most active January contract of crude palm oil on the Malaysian bourse ended at 2,785 ringgits per metric tonne, up 0.1% from the previous close.

European Parliament environment committee voted to ban biofuels produced from palm oil

None of the palm oil producing governments have yet made any statement in the European media about the EU plan to ban biofuels from palm oil. Members of the European Parliament environment committee voted on 23 October to ban biofuels produced from palm oil, as part of the revision of the Renewable Energy Directive. Malaysia Minister of Plantation Industries and Commodities stated clearly the EU approach was unacceptable and could lead to trade retaliation. In Brussels, calling for a ban on palm oil may be seen as a quaint pet project of a few MEPs. In Malaysia, it is seen as an existential threat to families and livelihoods.

Krishnapatnam Port to receive 11,880 MT CPO on Nov 07.

Around 11,880 MT of imported crude palm oil is expected to arrive at Krishnapatnam port, Andhra Pradesh, on Nov 07 via Parekh Marine shipping agency. In a bid to curb rising imports of edible oils, especially palm oil, soyoil and coconut oil, the government had in August raised import duty on crude palm oil to 15% from 7.5%. India is the largest importer of edible oils in the world and palm oil accounts for over 60% of the total import of edible oils by the country.