palm oil

Futures contracts of crude palm oil rose on the Bursa Malaysia Derivatives today tracking gains in CBOT soyoil and on worries of lower output in the coming months. The most-active May contract of crude palm oil on the Malaysian bourse was trading at 2,540 ringgits (42,087 rupees) per tn, up 17 ringgits from the previous close. Strength in the ringgit against the dollar is likely to limit sharp gains in the contract as it makes exports less attractive for sellers of the commodity.

Ukraine imported 11.3 KMT of palm oil in January 2018, i.e. 9.6% less than in the previous month (12.5 KMT) and 2.6% less than in January 2017. Palm oil imports to Ukraine hit a seven-year high of 101.7 KMT in September-January 2017/18. This is up almost 18% from the same time last season (86.2 KMT).

Futures contracts of crude palm oil on the Bursa Malaysia Derivatives settled largely flat today, as gains due to a weak ringgit against the dollar were offset by weakness in soyoil contracts on CBOT. The most-active May contract of crude palm oil on the Malaysian bourse settled at 2,490 ringgits (41,252.97 rupees) per tn, up 1 ringgit from the previous close. A weak Malaysian currency makes the commodity cheaper for buyers holding other currencies.

Futures contracts of crude palm oil were up on the Bursa Malaysia Derivatives tracking overnight gains in the CBOT soyoil. The most-active May contract of crude palm oil on the Malaysian bourse was trading at 2,491 ringgits (41,352 rupees) per tn, up 6 ringgits from the previous close. An 8.8% on month rise in Malaysia palm oil exports during Feb 1-20 is also seen creating positive sentiments.

Futures contracts of crude palm oil rose on the Bursa Malaysia Derivatives due to concern over a likely fall in the country’s palm oil production in January. The most-active April contract of crude palm oil on the Malaysian bourse settled at 2,486 ringgits (40,880.60 rupees) per tn, up 0.7% from the previous close. The Malaysian Palm Oil Board is likely to release data for January palm oil exports, output, and inventory

The April futures contract of crude palm oil on the Bursa Malaysia Derivatives ended over 1% higher due to bargain buying after prices hit a two-week low of 2,445 ringgits per tn earlier. The most-active April contract of crude palm oil on the Malaysian bourse settled at 2,493 ringgits (40,955.24 rupees) per tn, up 1.1% from the previous close. Gains in soyoil contracts on CBOT also supported crude palm oil prices on the Malaysian bourse.

The EU law makers approved a plan for reforming the energy market in order to reduce energy consumption and prevent climate change. The plan includes a ban on the use of palm oil in transport fuel production from 2021.

Futures contracts of crude palm oil on the Bursa Malaysia Derivatives ended higher today tracking soyoil contracts on CBOT. The most active April contract of crude palm oil on the Malaysian bourse settled at 2,493 ringgits (40,509.63 rupees) per tn, up 0.7% from the previous close.

The February contract of crude palm oil on MCX hit a near one-month low tracking benchmark contracts on the Bursa Malaysia Derivatives. Prices of crude palm oil fell on the Malaysian bourse due to a strong ringgit against the dollar and on concerns over a likely fall in demand from the European Union.

E.U. biofuels groups praised a vote by the European Parliament on Jan. 17 to phase out the use of palm oil in biofuels and allow some crop-based fuels. Still, more needs to be done, said ePURE leaders, the European renewable ethanol association. Europeans deserve a climate policy that lives up to the promises made by politicians. The Parliament has sent a message that not all biofuels are created equal by focusing on getting rid of those that drive deforestation like palm oil. But its amendments still risk making it harder for E.U. member states to realistically boost renewables in transport.

The March futures contract of crude palm oil on the Bursa Malaysia Derivatives hit a near two-week low of 2,528 ringgits (40,497.92 rupees) per tn due to a strong ringgit against the dollar. A firm ringgit makes the commodity more expensive for buyers holding other currencies. The most-active March contract of crude palm oil on the Malaysian bourse settled at 2,545 ringgits per tn, down 0.9% from the previous close.

Palm oil imports to Russia totaled 35 KMT in November 2017, i.e. they decreased by more than half from the previous month (73 KMT). mports were down more than 13% year-on-year in the first three months of MY 2017/18 at 202 KMT against 232 KMT a year ago. As expected, the current marketing year continues witnessing a downward trend in palm oil purchases by Russia.

Futures contracts of crude palm oil on the Bursa Malaysia Derivatives ended over 2% lower today due to a strong ringgit against the dollar. A firm ringgit makes the commodity more expensive for buyers holding other currencies. The most-active March contract of the commodity on the Malaysian bourse settled at 2,567 ringgits (40,992.24 rupees) per tn, down 2.1% from the previous close. An on-month rise in Malaysia’s crude palm oil stocks in December further weighed on the prices.

Futures contracts of crude palm oil on the Bursa Malaysia Derivatives ended higher due to a month-on-month decline in the country’s production in December. Malaysia’s crude palm oil output in December fell 5.6% on month to 1.8 mln tn. The most-active March contract of crude palm oil on the Malaysian bourse settled at 2,621 ringgits (41,683.75 rupees) per tn, up 0.9% from the previous close. Higher stocks at the end of December, however, capped the gains. The southeast Asian country’s crude palm oil stocks at the end of December were at 1.7 mln tn, up 12.2% on month.

Malaysia’s palm oil exports in 2017-18 (Oct-Sep) are estimated at 18 mln tn, up 5.9% on year. The USDA arm has pegged Malaysia’s total domestic consumption marginally higher at 3.19 mln tn, compared with 3.17 mln tn. “The increase is in line with population growth and marginal growth in biodiesel production for domestic consumption. Malaysia’s palm oil ending stocks in 2017-18 are estimated to fall to 1.5 mln tn from 1.7 mln tn a year ago.

Ukraine imported 28.8 KMT of palm oil in November 2017, or 88% more than in the previous month (15.3 KMT) and 51.6% more than in November 2016 (19 KMT). Palm oil imports to Ukraine hit a seven-year high of some 78 KMT in September-November 2017/18. This is up 43.7% from the same time last season (54.6 KMT).

Palm oil on the European vegetable oils market was stronger, tracking gains in Malaysian palm oil futures on positioning ahead of Wednesday’s MPOB supply/demand and stocks report. Prices for palm oil were between unchanged and $10 a tonne higher after Malaysian palm oil futures closed between 13 and 31 ringgit higher as futures traders anticipate better exports ahead of data due later this week. CBOT soyoil futures were between 0.27 and 0.41 cents per lb lower.

Production for MY2017/18 remained within Posts forecast of 21 million tons. Post El-Nino recovery will see production increase by month-on-month basis and will peak on third and last quarter of MY 2017/18. Total harvested area in 2017/18 is projected to increase to 5.2 million hectares.

Futures contracts of crude palm oil on the Bursa Malaysia Derivatives ended over 1% higher after Malaysia, lifted the 5.5% export duty on the tropical oil. The most-active March contract of crude palm oil on the Malaysian bourse hit an over six-week high of 2,631 ringgits (41,732.63 rupees) per tn earlier, before settling at 2,627 ringgits, 1.3% higher from the previous close. The decision to suspend export duty was taken to reduce Malaysia’s palm oil stocks and strengthen prices. The country’s palm oil stocks were at a near two-year high of 2.56 mln tn at the end of November.

Malaysia, the world’s second-largest palm oil producer, will suspend export taxes on crude palm oil for a three-month period starting on Jan 8 to boost prices. The export tax suspension will be lifted before the three-month period if crude palm oil stocks fall to 1.6 million tonnes.