Palm oil for Feb. delivery -1.4% to 3,140 ringgit/ton on Bursa Malaysia Derivatives, biggest decline for most-active contract since Nov. 14.
- Futures on Tuesday close +1.5% at 3,183 ringgit, highest since May 2012; +26% YTD
- “With no major demand season ahead, it looks difficult for palm oil to gather momentum to push higher,” Gnanasekar Thiagarajan, head of trading and hedging strategies at Kaleesuwari Intercontinental, says by phone. There’s some negative sentiment from drop in crude, he says
- NOTE: India Dec. Palm Oil Imports May Drop At Least 11% Y/Y, GGN Says
- NOTE: Oil Trades Near $51 After Slumping on Signs of Shale Comeback
- Palm oil still overall bullish, there will be minor profit taking from time to time: Thiagarajan
- NOTE: MIDF Raises 2017 Palm Oil Prices Est. 11% on Low Inventories
- NOTE: Malaysian Palm Oil Board to Release November Data on Dec. 14
- NOTE: Malaysia palm oil reserves seen +8.3% m/m to 1.7m tons in Nov., output -3% m/m to 1.63m tons: Bloomberg survey
- Malaysian Palm Oil Association forecasts Nov. production -2.1% m/m to 1.64m tons
- Output seen -7.8% m/m in East Malaysia, +1.6% in Peninsular Malaysia
- Soybean oil for Jan. delivery on Chicago Board of Trade -0.3% to 37.69c/lb; Jan. soybeans +0.1% to $10.49 1/4/bu
- Soybean oil’s premium over palm oil at ~$122/ton vs avg ~$94 over past year: data compiled by Bloomberg
- Palm oil’s premium over gasoil at ~$235/ton vs avg ~$232 over past year: data compiled by Bloomberg
- May refined palm oil on Dalian Commodity Exchange closes +1.1% to 6,414 yuan/ton; May soybean oil +0.6% to 7,200 yuan/ton
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