#fcpo
#palmoil
Palm oil for March delivery drops as much as 2.1% to 3,013 ringgit/ton on Bursa Malaysia Derivatives, lowest intraday level for most-active contract since Nov. 25.
- Futures at 3,045 ringgit by 4:13pm in Kuala Lumpur
- Palm oil -3.7% this week, heads for biggest weekly decline since July; +23% YTD
- Palm oil tracking losses in soybean oil and Dalian markets, according to Josephine Goh, associate director of futures and commodities at RHB Investment Bank
- Weak Malaysian ringgit providing cushion, prices are “trying to defend” 3,000 ringgit level: Goh
- NOTE: Malaysian ringgit -0.1% Friday
- Soybean oil for March delivery on Chicago Board of Trade +0.1% to 35.14c/lb, -3.4% Thursday; March soybeans little changed at $10.04 1/4/bu, -1.3% Thursday
- Malaysia Dec. 1-20 palm oil output -11.6% m/m, according to estimates from growers’ group Malaysian Palm Oil Association
- Output in Peninsular Malaysia -12.5% m/m; Sabah -12% m/m, Sarawak +3% m/m
- Soybean oil’s premium over palm oil at ~$94/ton vs avg ~$93 over past year: data compiled by Bloomberg
- Palm oil’s premium over gasoil at ~$195/ton vs avg ~$232 over past year: data compiled by Bloomberg
- May refined palm oil on Dalian Commodity Exchange closes -1.4% at 6,082 yuan/ton; May soybean oil -1.3% to 6,890 yuan/ton
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