#palmoil
Palm oil for March delivery +0.4% at 3,105 ringgit/ton on Bursa Malaysia Derivatives by 12:16pm in Kuala Lumpur; futures earlier +0.5% and -0.4%.
- Prices +25% YTD
- Expectations of lower stockpiles in Indonesia, weak Malaysian ringgit support prices, says Tasvinderjit Singh, associate director at CIMB Futures in Kuala Lumpur; low demand for Malaysian palm still concern and may cap gains, he says
- NOTE: Indonesian Palm Oil Shipments Seen Climbing to 13-Month High
- Nov. stockpiles seen -1.4% m/m; output -4.8% m/m
- NOTE: Malaysia’s Dec. 1-20 palm oil exports -14% m/m to 629,043 tons: Intertek; shipments -17% m/m to 606,937 tons according to SGS
- Higher biodiesel consumption in Indonesia will also provide support to palm oil: Singh
- NOTE: Indonesia Est. 4.6m Kiloliters of Biodiesel Consumption in 2017
- Soybean oil for March delivery on Chicago Board of Trade +0.4% to 36.48c/lb; March soybeans +0.4% to $10.20/bu
- Soybean oil’s premium over palm oil at ~$111/ton vs avg ~$94 over past year: data compiled by Bloomberg
- Palm oil’s premium over gasoil at ~$202/ton vs avg ~$232 over past year: data compiled by Bloomberg
- May refined palm oil on Dalian Commodity Exchange +0.5% to 6,278 yuan/ton; May soybean oil +0.6% to 7,122 yuan/ton
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