palm oil

Futures contracts of crude palm oil ended higher on the Bursa Malaysia Derivatives after the Malaysian government suspended export duty on the tropical oil for a three-month period. The most active March contract of crude palm oil on the Malaysian bourse hit a one-month high of 2,615 ringgits (41,442.66 rupees) per tn earlier, before settling 0.2% higher at 2,590 ringgits. The decision to suspend export duty was taken to reduce Malaysia’s palm oil stocks and to 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. The suspension will be lifted before the three-month period if the southeast Asian country’s stock level declines to 1.6 mln tn.

Futures contracts of crude palm oil on the MCX were down, tracking benchmark contracts on the Bursa Malaysia Derivatives. The most-active January contract on the domestic bourse was at 562.7 rupees per 10 kg, down 0.3% from the previous close. Prices on the Malaysian bourse fell today due to a strong ringgit against the US dollar and expectations of a month-on-month rise in Malaysia’s palm oil stocks in December. Investors now await Malaysian Palm Oil Board’s data on palm oil output, exports, and inventory for December.

Futures contracts of crude palm oil on the Bursa Malaysia Derivatives ended 3% higher, tracking soyoil contracts on the CBOT. Prices of crude palm oil and soyoil typically move in tandem, as they are used as substitutes for each other. The most-active March contract of crude palm oil on the Malaysian bourse hit a one-month high of 2,612 ringgits (41,303.60 rupees) per tn earlier. The March contract settled at 2,607 ringgits per tn, up 3% from the previous close. Expectations of higher demand for soyoil and palm oil from China ahead of the Lunar New Year are also seen supporting the prices.

Futures contracts of crude palm oil on the Bursa Malaysia Derivatives ended over 1% higher due to a month-on-month rise in the country’s palm oil exports in December. Cargo surveyor Intertek Agri Services estimated Malaysia’s palm oil exports for December at 1.42 mln tn, up 6.7% on month. The most active March contract of crude palm oil on the Malaysian bourse hit a two-week high of 2,548 ringgits (40,259.83 rupees) per tn earlier, while the March contract settled 1.2% higher at 2,532 ringgits.

Futures contracts of crude palm oil on the Bursa Malaysia Derivatives ended lower, tracking losses in soyoil contracts on CBOT. Prices of crude palm oil and soyoil typically move in tandem, as both are used as substitutes for each other. A strong ringgit against the dollar further weighed on crude palm oil prices on the Malaysian bourse. Firmness in the Malaysian currency makes the commodity more expensive for buyers holding other currencies. The most-active March contract of crude palm oil on the Malaysian bourse closed at 2,520 ringgits (39,723.01 rupees) per tn, down 0.7% from the previous close.

Futures contracts of crude palm oil on the Bursa Malaysia Derivatives ended over 2% higher due to a month-on-month rise in the country’s palm oil exports during Dec 1-25. Cargo surveyor Intertek Agri Services today estimated Malaysia’s palm oil exports between Dec 1 and Dec 25 at 1.09 mln tn, up 1% on month. The most-active March contract of crude palm oil on the Malaysian bourse closed at 2,504 ringgits (39,299.35 rupees) per tn, up 2.2% from the previous close. A weak ringgit against the dollar further supported crude palm oil prices on the Malaysian bourse. Weakness in the Malaysian currency makes crude palm oil attractive for overseas buyers.

Malaysian palm oil futures fell, easing from gains made earlier in the day, as it fell on a stronger ringgit, its currency of trade. A stronger ringgit typically makes palm oil more expensive for holders of foreign currencies. It closed on 0.2 percent stronger against the dollar at 4.0710 and is currently trading at around 14-month lows. The benchmark palm oil contract for March delivery on the Bursa Malaysia Derivatives Exchange fell 0.9 percent to 2,499 ringgit ($613.85) a tonne at the close of trade. Trading volumes stood at 41,112 lots of 25 tonnes each at the end of the trading day.

The January contract of crude palm oil rose on MCX as investors covered their short positions after prices hit an over seven-week low of 546.3 rupees per 10 kg earlier. The January contract on the domestic bourse was at 553 rupees per 10 kg, up 0.2% from the previous close.

Futures contracts of crude palm oil fell 2% on the Bursa Malaysia Derivatives tracking losses in soyoil contracts on the CBOT. The most-active March contract of crude palm oil on the Malaysian bourse closed at 2,449 ringgits (38,489.67 rupees) per metric tonne, down 2% from the previous close. Lower demand for crude palm oil further weighed on the prices. Demand for palm oil demand weakens during winters, as it tends to solidify in low temperatures, pushing buyers to rein in purchases.

Futures contracts of crude palm oil on the Bursa Malaysia Derivatives ended lower due to a strong ringgit against the dollar. The most-active March contract of crude palm oil on the Malaysian bourse closed at 2,518 ringgits (39,541.18 rupees) per metric tonne, down 0.4% from the previous close.

Futures contracts of crude palm oil on the MCX fell, tracking losses in benchmark contracts on the Bursa Malaysia Derivatives. The most-active January contract on the domestic bourse was at 565.5 rupees per 10 kg, down 0.2% from the previous close. Prices on the Malaysian bourse fell due to an-month decline in the southeast Asian country’s palm oil exports during Dec 1-15.

Indonesia’s palm oil exports fell 5.6% on month to 2.6 mln tn in October as demand from India and Pakistan declined. Export of palm oil, excluding oleochemical and palm oil-based biodhiesel, to India fell 16% on month to 544,170 tn partly due to higher import duties, while exports to Pakistan dropped 32% on month to 144,260 tn. On the other hand, the country’s palm oil exports to China, the European Union, the US, and Bangladesh increased 14%, 18%, 11% and 22% on month in October to 423,740 tn, 474,500 tn, 120,780 tn and 151,860 tn, respectively.

The February contract of crude palm oil ended over 2% higher on the Bursa Malaysia Derivatives due to bargain buying after prices hit a 16-month low of 2,375 ringgits (37,289.83 rupees) per tn. The most active February contract closed at 2,515 ringgits per tn, up 2.6% from the previous close. Crude palm oil inventories in Malaysia rose 21% on month to 1.49 mln tn in November.

Futures contracts of crude palm oil ended lower on the Bursa Malaysia Derivatives due to an on-month rise in stocks in November amid low demand from overseas markets. The most active February contract closed at 2,450 ringgits (38,588.24 rupees) per metric tonne, down 0.3% from the previous close. Crude palm oil inventories in Malaysia rose 21% on month to 1.49 million metric tonne in November.

Malaysia’s crude palm oil inventory in November rose 16% on month to 2.56 million metric tonne, and exports declined 12% to 1.35 million metric tonne. However, palm oil production was down 3.3% on month at 1.9 million metric tonne in November. Stocks of crude palm oil were at 1.49 million metric tonne at the end of November, up 21% on month. Processed palm oil stocks were also up, rising 10% on month to 1.07 million metric tonne. Malaysia is the world’s second-largest producer and exporter of palm oil. Biodiesel exports from Malaysia were at 9,087 metric tonne in November, up from 5,572 metric tonne sold overseas in October.

Futures contracts of crude palm oil on the Bursa Malaysia Derivatives ended higher due to an on-month fall in the country’s palm oil output in November. Malaysia’s palm oil production was down 3.3% on month at 1.9 million metric tonne in November. The rise in prices was also due to bargain buying, as prices had hit an over five-month low of 2,455 ringgits (38,792.91 rupees) per metric tonne. The February contract on the Malaysian bourse closed at 2,471 ringgits per metric tonne, up 0.5% from the previous close.

Futures contracts of crude palm oil ended lower on the Bursa Malaysia Derivatives due to strength in 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 hit an over five-month low of 2,455 ringgits (38,799.88 rupees) per tonne earlier. The contract closed at 2,457 ringgits per tonne, down 0.9% from the previous close.

Futures contracts of crude palm oil ended lower on the Bursa Malaysia Derivatives, taking cues from soyoil contracts on the CBOT. The most-active February contract of crude palm oil on the Malaysian bourse hit an over four-month low of 2,530 ringgits (40,056.7 rupees) per metric tonne.

Contracts of crude palm oil hit a two-week low on MCX tracking losses on the benchmark Bursa Malaysia Derivatives. The most active December contract of crude palm oil on MCX was down 0.7% from previous close.

Futures contracts of crude palm oil ended lower on the Bursa Malaysia Derivatives due to strength in ringgit against the dollar. The most-active February contract of crude palm oil on the Malaysian bourse closed at 2,583 ringgits (40,947.99 rupees) per tn, down 0.8% from the previous close.