#palmoil
Tuesday, January 31, 2017
Friday, January 27, 2017
How to trade Crude Palm Oil Futures ( FCPO ) 27012017
#palmoil
PALM WRAP: Chinese Palm Oil Demand to Rise, Malaysia Exports
By Anuradha Raghu
(Bloomberg) -- While high prices may keep Chinese buyers on
the sidelines in the first part of the new year, an expected
surge in supply later in 2017 in the world’s top producers will
drive a jump in purchases as prices decline, according to
analysts and traders.
* Futures -1.4% this week, 2nd weekly decline
* Trade in 3,051-3,163 ringgit/ton range
SUPPLY & DEMAND
* Malaysia palm oil exports +9.3% to 904,257 tons in Jan.
1-25: SGS
* Malaysia’s Jan. 1-25 palm oil exports 924,282 tons: Intertek
* China sugar, corn, palm oil imports decline in 2016: customs
* China Dec. palm oil imports +1.8% y/y to 679,537 tons
* China’s December agriculture exports and imports (table)
OTHER NEWS
* Soybeans, at 10-year discount to palm oil, may further
benefit: BI
* Trump not seen acting on biofuel policy in 1st 100 days: BI
* Palm oil production seen rebounding this year: Godrej’s
Mistry
COMPANY NEWS
* KLK increases stake in M.P. Evans to 10.14%
* Sime rises on plantation-unit-listing speculation, Phillip
says
MALAYSIA PALM OIL BOARD
* Dec. stockpiles +0.2% m/m to 1.67m tons
* Dec. production -6.4% m/m to 1.47m tons
* Dec. exports -7.5% m/m to 1.27m tons
* NOTE: Malaysia palm oil industry performance for Dec.
(table)
PHYSICAL PRICES MPOI
* As of Jan. 26 close:
* Malaysia Jan. crude palm oil: 3,310 ringgit/ton
($747/ton)
* Indonesia March CPO: $767.50/ton
* Jan. RBD palm olein: $758.25/ton
How to trade FTSE Bursa Malaysia KLCI Futures ( FKLI ) 27012017
#klci
KL SHARES OPEN HIGHER
KUALA LUMPUR, Jan 27 (Bernama) -- Bursa Malaysia opened marginally higher
today, supported by an overnight rally on Wall Street and ahead of
the Chinese New Year break, a dealer said.
At 9.08 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 3.40
points higher at 1.695.62, after opening 0.02 of-a-point better at 1,695.64.
The index closed at 1,692.22 yesterday.
Gainers edged losers 101 to 59 with 123 counters unchanged, 1,443 untraded
and 57 others suspended.
Turnover stood at 101.38 million shares worth RM23.07 million.
Most regional equities registered modest gains following record closing
highs on Wall Street.
Trading at Bursa Malaysia will close at midday today ahead of the Chinese
New Year holiday and resume trading next Tuesday.
Kenanga Research in a note said with the local bourse being open only for
the first half of the day, mild profit-taking activities is expected to
kick-in, while trading volume is expected to vaporise as investors take-off for
a long holiday break.
"Thus, we view the FBM KLCI to end the week on a listless tone within
1,680-1,690 today," it added.
The FBM Emas Index was 19.52 points higher at 11,870.86, the FBM Emas
Shariah Index accumulated 42.96 points to 12,369.76 and the FBMT100 Index rose
19.03 points to 11,577.79.
However, the FBM 70 added 6.10 points to 13,569.83 and the FBM Ace rose 5.81
points to 4,946.25.
Sector-wise, the Plantation Index bagged 4.20 points to 7,964.45 and the
Industrial Index garnered 35.93 points to 3,251.59.But, the Finance Index fell
4.26 points to 14,931.13.
Of the heavyweights, Maybank and Petronas Chemicals each edged up one sen to
RM8.33 and RM7.15 respectively, Tenaga added two sen to RM13.70 as Sime Darby
perked 43 sen to RM9.25, but Public Bank declined eight sen to RM20.20.
Thursday, January 26, 2017
How to trade FTSE Bursa Malaysia KLCI Futures ( FKLI ) 26012017
#klci
BURSA MALAYSIA ENDS MORNING SESSION HIGHER
Share prices on Bursa Malaysia ended the morning session higher today as buying interest emerged and Asian stock markets responded positively to stronger-than-expected Japanese export data.
At 12.30 pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 4.16 points better at 1,688.09, compared with Wednesday's close of 1,683.93.
It opened 2.32 points higher at 1,684.85.
Gainers outnumbered losers 338 to 276, while 327 counters were unchanged, 799 untraded and 72 others suspended.
Turnover stood at 775.88 million shares worth RM691.36 million.
Most regional markets, including Malaysia, moved into positive territory for the third straight session in tandem with Wall Street's advance.
It was underpinned by the strong quarterly earnings report cards, as well as a renewed post-election rally coming from Trump’s business-friendly initiatives so far.
Regionally, Japan's Nikkei 225 added 1.73 per cent to 19,387.08 and China's Shanghai Composite gained 0.13 per cent to 3,153.77.
A rebound in crude oil prices amid the weakening US dollar also contributed some momentum to Bursa Malaysia as well as regional peers.
US Crude was up 0.9 per cent to US$53.20 per barrel and Brent Crude added 0.9 per cent to US$55.57 per barrel.
The FBM Emas Index bagged 39.23 points to 11,821.81, the FBMT100 Index was 38.36 points higher at 11,528.13 and the FBM Emas Shariah Index increased 36.97 points to 12,303.63.
The FBM 70 surged 83.06 points to 13,518.43 and the FBM Ace rose 1.31 points to 4,930.13.
On a sectoral basis, the Industrial Index improved 21.56 points to 3,198.51, the Finance Index improved 42.85 points to 14,902.94 and the Plantation Index garnered 25.01 points for 7,974.33.
Of the heavyweights, Public Bank gained four sen to RM20.24, Sime Darby increased nine sen to RM8.79, Petronas Gas bagged 16 sen to RM20.46, while Maybank, Tenaga and Petronas Chemicals each eased two sen to RM8.31, RM13.68 and RM7.14 respectively.
Of the actives, Borneo Oil inched up half-a-sen to 16.5 sen, CIMB gained four sen to RM5.00, while Matang was unchanged at 13 sen
How to trade Crude Palm Oil Futures ( FCPO ) 26012017
#fcpo
PALM OIL: Futures Drop to Track Soyoil as Tight Supply Weighed
By Anuradha Raghu
(Bloomberg) -- Palm oil for April delivery drops as much as 1% to 3,094 ringgit/ton on Bursa Malaysia Derivatives, trades -0.5% at 3,111 ringgit by midday break in Kuala Lumpur.
- Futures dragged lower by drop in U.S. soybean oil on Wednesday, says Rajesh Modi, trader at Sprint Exim in Singapore
- Soybean oil for March delivery on Chicago Board of Trade +0.1% to 34.90c/lb, -1.2% Wednesday; March soybeans -0.1% to $10.54 3/4/bu
- Price decline may be limited by short-term supply tightness and concerns about flash floods in Malaysia: Modi
- Malaysia end-Jan. stockpiles seen at 1.52-1.54m tons vs 1.67m tons in Dec.; supplies in Feb. may drop further: Modi
- Malaysia’s Jan. 1-20 crude palm oil production -11.4% m/m, according to estimates by Malaysian Palm Oil Association
- NOTE: Number of people evacuated in Pahang due to floods rose to nearly 6,000 by Thursday morning, some federal and state roads closed, according to state news agency Bernama
- In Johor, flood evacuees rise to ~8,000 people Thursday morning
- NOTE: Johor is 3rd-biggest palm-growing state in Malaysia, followed by Pahang
- Soybean oil’s premium over palm oil at ~$68/ton vs avg ~$91 over past year: data compiled by Bloomberg
- Palm oil’s premium over gasoil at ~$210/ton vs avg ~$227 over past year: data compiled by Bloomberg
- May refined palm oil on Dalian Commodity Exchange -0.2% to 6,280 yuan/ton; May soybean oil -0.3% to 6,964 yuan/ton
Wednesday, January 25, 2017
Tuesday, January 24, 2017
How to trade Crude Palm Oil Futures ( FCPO ) 24012017
#fcpo
PALM OIL: Futures Snap 4-Day Drop on Dalian Rally, Low Output
By Anuradha Raghu
(Bloomberg) -- Palm oil for April delivery gains as much as 1.7% to 3,150 ringgit/ton on Bursa Malaysia Derivatives, biggest intraday advance for most-active contract since Jan. 11.
- Futures at 3,144 ringgit by 12pm in Kuala Lumpur
- Palm oil tracking gains in Dalian, Chicago markets, says Josephine Goh, associate director of futures and commodities at RHB Investment Bank. Persistent low production in southern region of Peninsular Malaysia also supporting prices, she says
- Immediate upside resistance seen at 3,170-3,175 ringgit; downside support seen at 3,080-3,075 ringgit: Goh
- May refined palm oil on Dalian Commodity Exchange +2.1% to 6,384 yuan/ton, snapping 5-day decline; May soybean oil +1.4% to 7,066 yuan/ton
- March soybeans on Chicago Board of Trade +0.9% to $10.66 3/4/bu; soybean oil for March delivery +0.9% to 35.45c/lb
- Market uncertain how badly floods have affected plantation areas in Malaysia: Goh
- NOTE: ~1,400 residents in state of Johor affected by flooding by Tuesday, according to state news agency Bernama
- Johor is 3rd-biggest palm-growing state in Malaysia
- Soybean oil’s premium over palm oil at ~$72/ton vs avg ~$92 over past year: data compiled by Bloomberg
- Palm oil’s premium over gasoil at ~$216/ton vs avg ~$228 over past year: data compiled by Bloomberg
How to trade FTSE Bursa Malaysia KLCI Futures ( FKLI ) 24012017
#fkli
BURSA MALAYSIA ENDS MORNING SESSION HIGHER
KUALA LUMPUR, Jan 24 (Bernama) -- Share prices on Bursa Malaysia ended the morning session higher on improved buying interest but gains remained modest ahead of the extended weekend for the Lunar New Year festive, a dealer said.
At 12.30 pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 6.49 points better at 1,677.80 compared with Monday's close of 1,671.31.
It opened 3.7 points higher at 1,674.37.
Losers outpaced gainers 320 to 300 while 346 counters were unchanged, 768 untraded and 35 others were suspended.
Turnover stood at 797.80 million shares worth RM747.78 million.
Also, US President Donald Trump's announcement on withdrawing from the Trans Pacific Partnership (TPP) deal would dampen sentiment on regional markets including Malaysia.
The pact was aimed at deepening economic ties between nations, slashing tariffs and fostering trade to boost growth.
Members had also hoped to foster a closer relationship on economic policies and regulation.
The FBM Emas Index bagged 42.22 points to 11,741.79, the FBMT100 Index was 44.88 points higher at 11,449.20 and the FBM Emas Shariah Index increased 41.08 points to 12,234.86.
The FBM 70 rose 54.95 points to 13,392.88 but the FBM Ace declined 5.37 points to 4,928.01.
On a sectoral basis, the Industrial Index improved 7.43 points to 3,162.69 and the Plantation Index garnered 25.45 points at 7,920.83 but the Finance Index improved 29.56 points to 14,797.15.
Of heavyweights, Maybank added one sen to RM8.29, Petronas Chemicals rose four sen to RM7.17 but Tenaga fell four sen to RM13.86.
Public Bank, Sime Darby and IHH Healthcare were unchanged at RM20.16, RM8.70 and RM6.31, respectively.
Of actives, Connectcountry gained one sen to 15 sen, SKH Consortium inched-up half-a-sen to eight sen and UMW O&G added three sen to 71 sen while Hibiscus was unchanged at 46.5 sen.
Monday, January 23, 2017
How to trade FTSE Bursa Malaysia KLCI Futures ( FKLI ) 23012017
#klci
KL SHARES OPEN HIGHER BUT SENTIMENT REMAINS TEPID
KUALA LUMPUR, Jan 23 (Bernama) -- Bursa Malaysia opened higher this morning but sentiment remained tepid, with trading underpinned by the continued looming uncertainties over US president Donald Trump’s fiscal policies.
At 9.15 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 0.55 of-a-point higher at 1.665.44, after opening 0.48 of-a-point lower at 1,665.92.
The index closed at 1,664.89 on Friday.
Gainers edged losers 144 to 90 with 185 counters unchanged, 1,315 untraded and 20 others suspended.
Turnover stood at 121.39 million shares worth RM49.77 million.
Of the heavyweights, TNB rose six sen to RM13.92, Sime Darby added three sen to RM8.55, while Maybank, Petronas Chemicals, Public Bank and IHH were flat at RM8.27, RM7.19, RM20.10 and RM6.30 respectively.
How to trade Crude Palm Oil Futures ( FCPO ) 23012017
#fcpo
Palm Oil Production Seen Rebounding This Year: Godrej’s Mistry
By Phoebe Sedgman
(Bloomberg) -- Global production will rise 6m tons in 2016-17 oil year, Godrej International’s Dorab Mistry says in slides prepared for a presentation.
- Malaysia’s 2017 output est. at 19.5m tons, Indonesia production est. at 33.5m-34m tons in 2017
- India edible oil imports seen at 14.3m tons in 2016-17
- Compares with 14.95m tons est. in Nov.
- Demonetization has slowed business activity in India, has been bearish for vegetable oil imports
- Indonesia Estate Crop Fund can cover 200,000 tons/month of palm oil biodiesel
- Palm oil prices seen rising to ration demand
- End-Jan. stockpiles will be very tight
Monday, January 16, 2017
How to trade Crude Palm Oil Futures ( FCPO ) 16012017
#fcpo
PALM OIL: Futures Extend Gains on Export Demand, Weaker Ringgit
By Anuradha Raghu
(Bloomberg) -- Palm oil for April delivery, most-traded contract by volume, rises as much as 0.7% to 3,105 ringgit/ton on Bursa Malaysia Derivatives.
- Trades +0.4% at 3,095 ringgit by 3:51pm in Kuala Lumpur
- March contract +0.3% to 3,130 ringgit
- +1.5% last week
- Weaker ringgit, concerns over tight supply and stronger demand are supporting prices, says Tasvinderjit Singh, associate director at CIMB Futures in Kuala Lumpur. There may be some selling pressure due to profit-taking, he says
- NOTE: Malaysian ringgit -0.1% Monday
- Demand expected to improve ahead of Chinese holidays later this month: Singh
- NOTE: Malaysia’s Jan. 1-15 palm oil exports +6.7% m/m to 513,762 tons: Intertek
- Soybean oil’s premium over palm oil at ~$84/ton vs avg ~$92 over past year: data compiled by Bloomberg
- Palm oil’s premium over gasoil at ~$214/ton vs avg ~$229 over past year: data compiled by Bloomberg
- May refined palm oil on Dalian Commodity Exchange closes +0.8% at 6,320 yuan/ton; May soybean oil +0.9% to 7,000 yuan/ton
- March soybeans on Chicago Board of Trade +0.6% to $10.46 1/4/bu Friday; soybean oil for March delivery -1.3% to 35.60c/lb
- U.S. markets closed Monday for holiday
How to trade FTSE Bursa Malaysia KLCI Futures ( FKLI ) 16012017
#klci
BURSA MALAYSIA REMAINS LOWER AT MID-AFTERNOON
KUALA LUMPUR, Jan 16 (Bernama) -- Bursa Malaysia remained lower at mid-afternoon today weighed by losses in heavyweights led by Petronas Gas and Maybank.
At 3 pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 5.64 points lower at 1,666.86, compared with Friday's close of 1,672.5, after opening 0.48 of-a-point weaker at 1,672.02.
Losers more than doubled the number of gainers by 517 to 212, with 309 counters unchanged, 695 untraded and 18 others suspended.
Turnover stood at 1.16 billion shares worth RM754.74 million.
Among heavyweights, Maybank lost 12 sen to RM8.20, Petronas Gas fell 22 sen to RM20.58, CIMB shed nine sen to RM4.73 and Public Bank eased four sen to RM20.40.
TNB was flat at RM13.94.
Friday, January 13, 2017
Thursday, January 12, 2017
How to trade FTSE Bursa Malaysia KLCI Futures ( FKLI ) 12012017
#fkli
Shares on Bursa Malaysia picked up momentum at mid-morning today with market sentiment lifted by the overnight rise in global oil prices.
At 11 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 6.29 points better at 1,681.5, after opening 0.43 of-a-point higher at 1,675.64.
The index closed at 1,675.21 on Wednesday.
Market breadth was positive with gainers outpacing losers 428 to 202, with 323 counters unchanged, 780 counters untraded and 26 others suspended.
Turnover stood at 949.94 million shares worth RM566.14 million.
The overnight US Crude price stood at US$52.28 per barrel, three cents higher, while Brent Crude ended US$1.46 higher at US$55.10 a barrel.
For heavyweights, Maybank rose two sen to RM8.32, TNB and Sime Darby were flat at RM14 and RM8.50, while Public Bank increased four sen to RM20.10.
How to trade Crude Palm Oil Futures ( FCPO ) 12012017
#fcpo
Nomura is positive on sector due to recovery in palm oil price and production following end of El Nino impact, analysts June Ng and Abhishek Kumar write in report.
- Sees further share-price upside for Asean palm oil stocks
- Prefer upstream planters with strong growth profiles such as First Resources (top pick), Genting Plantations, Astra Agro and London Sumatra over bigger planters like IOI Corp. and Golden Agri
- Palm oil prices to continue to take lead from soybean prices “as long as there are no major changes in weather pattern”
- Stronger dollar helps boost earnings in domestic currency
- Increase palm oil price estimate for FY17-FY18 to 2,800-2,850 ringgit; crude palm oil futures for March 2017 delivery +1.65%
- Raise Astra Agro, Genting Plantations, Sime Darby to buy from neutral; Golden Agri to neutral from reduce
- Shares; AALI rises as much as 0.7%, IOI rises as much as 0.9%, GENP gains as much as 0.6%, LSIP climbs as much as 0.3%, FR advances as much as 0.8%, SIME rises as much as 0.2%
- NOTE: Jan. 11, Palm Oil Reserves in Malaysia Seen Falling in January: Analysts
- Credit Suisse Bullish on Palm Oil in Short Term on Tight Supply
Tuesday, January 10, 2017
How to trade Crude Palm Oil Futures ( FCPO ) 10012017
#palmoil
Malaysia’s Jan. 1-10 Palm Oil Exports 351,907 Tons: Intertek
By Anuradha Raghu
(Bloomberg) -- Shipments rise 8.1% from 325,509 tons during Dec. 1-10, according to cargo surveyor Intertek Testing Services.
Monday, January 9, 2017
How to trade Crude Palm Oil Futures ( FCPO ) 09012017
#fcpo
SOY/CORN: China Soy, Meal Drop as South America Sales to Pick Up
No. 1 soybeans for May delivery fall as much as 1.5% to 4,204 yuan/ton on Dalian Commodity Exchange.
- Trades -1.4% at 4,206 yuan/ton by 10:39am local time
- South American sales are expected to pick up, boosting supplies, said Cao Yanhui, analyst at Guosen Futures
- “Domestic soy meal supplies are increasing and meal inventories are recovering as soy plants step up production”
- Soymeal for May delivery on Dalian -0.7% to 2,771 yuan/ton
- Soybeans for March delivery on Chicago Board of Trade +0.2% to $9.96 3/4 a bushel
- Prices -1.8% on Friday, biggest drop for most active contract in 4 weeks on slowing U.S. export sales
- NOTE: U.S. Soybean Sales Plunge 91% W/w, End-Year’s Lowest Since ’96
- Corn for May delivery -0.5% to 1,508 yuan/ton on Dalian, falling 3rd day
- Corn for March delivery +0.3% to $3.59 a bushel on Chicago Board of Trade
- Wheat for March delivery +0.7% to $4.26 1/4/bu on CBOT
- NOTE: Wheat Starts Year With a Bang After Longest Slump Since 1999
How to trade FTSE Bursa Malaysia KLCI Futures ( FKLI ) 09012017
#fkli
KL SHARES DECLINE AT MID-MORNING ON PROFIT-TAKING
Bursa Malaysia was lower at mid-morning today as some traders took profit following three consecutive intra-day highs last week.
At 11.05 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 3.93 points weaker at 1,671.56.
The index opened 0.16 of-a-point lower at 1,675.33 from last Friday's close of 1,675.49.
Losers outpaced gainers 320 to 258, with 323 counters unchanged, 822 counters untraded and 19 others suspended.
Turnover stood at 747.28 million shares worth RM360.05 million.
Meanwhile, ACE market debutant GFM Services Bhd emerged as one of the most actively traded stocks at mid-morning, with its shares rising eight sen to 46 sen with 40.42 million transacted.
At the opening bell, GFM Services was eight sen higher at 46 sen with 3.28 million shares traded.
Among other actives, Sumatec added half-a-sen to 9.5 sen, while Green Packet and DBE Gurney were unchanged at 30.5 sen and 4.5 sen.
For the heavyweights, Maybank was flat at RM8.25, TNB rose eight sen to RM14.02, Public Bank eased two sen to RM19.98 and Sime Darby fell six sen to RM8.49.
Friday, January 6, 2017
How to trade Crude Palm Oil Futures ( FCPO ) 06012017
#fcpo
Palm oil for March delivery drops as much as 0.9% to 3,069 ringgit/ton on Bursa Malaysia Derivatives, lowest level for most-active contract since Dec. 27.
- Prices -0.8% to 3,071 ringgit by midday break in Kuala Lumpur; -1.2% this week
- Palm oil futures decline on stronger ringgit, technical correction, Govind Ram Poddar, director at Singapore-based brokerage Sprint Exim, says by phone. Prices will remain supported above 3,000 ringgit as supplies remain “very tight”, he says
- NOTE: Malaysian ringgit +0.3% Friday
- Production in Indonesia seen -12% this month, Malaysia output may continue to drop in Jan.-Feb.: Poddar
- NOTE: Palm Oil Inventories in Malaysia Seen Dropping for First Time in 4 Months
- Soybean oil for March delivery on Chicago Board of Trade +0.1% at 35.25c/lb; March soybeans -0.2% to $10.10 3/4/bu
- Soybean oil’s premium over palm oil at ~$89/ton vs avg ~$92 over past year: data compiled by Bloomberg
- Palm oil’s premium over gasoil at ~$186/ton vs avg ~$230 over past year: data compiled by Bloomberg
- May refined palm oil on Dalian Commodity Exchange little changed at 6,132 yuan/ton; May soybean oil -0.2% to 6,862 yuan/ton
Thursday, January 5, 2017
Wednesday, January 4, 2017
How to trade Crude Palm Oil Futures ( FCPO ) 04012017
#fcpo
Palm oil for March delivery drops as much as 1% to 3,130 ringgit/ton on Bursa Malaysia Derivatives, trades -0.4% at 3,152 ringgit by 3:49pm in Kuala Lumpur.
- Futures tracking losses in refined palm oil price in China’s Dalian and concerns over higher Malaysian inventories, says David Ng, derivatives specialist at Phillip Futures in Kuala Lumpur
- May refined palm oil on Dalian Commodity Exchange closes -1.1% at 6,170 yuan/ton, earlier -2%; May soybean oil -1% to 6,880 yuan/ton
- NOTE: CIMB sees Malaysian Dec. palm oil stockpiles +0.6% m/m to 1.67m tons
- Investors also booking profits after recent gains: Ng
- Palm oil in Malaysia climbed a fifth month in December, longest monthly winning streak since 2011
- NOTE: Palm Oil Prices May Drop in 2Q as Output Recovers: Maybank
- NOTE: Malaysia’s Dec. palm oil exports -5.7% m/m to 1,086,523 tons: Intertek; shipments -1.8% m/m to 1,109,606 tons, according to SGS
- Soybean oil for March delivery on Chicago Board of Trade -0.1% to 34.77c/lb; March soybeans +0.2% to $9.96 1/2/bu
- Soybean oil’s premium over palm oil at ~$67/ton vs avg ~$93 over past year: data compiled by Bloomberg
- Palm oil’s premium over gasoil at ~$206/ton vs avg ~$231 over past year: data compiled by Bloomberg
Tuesday, January 3, 2017
How to trade FTSE Bursa Malaysia KLCI Futures ( FKLI ) 03012017
#klci
Bursa Malaysia continued its downtrend at midday on weak buying support for heavyweights on the first trading day of 2017, despite improved oil prices, dealers said.
At lunch break, the FTSE Bursa Malaysia KLCI (FBM KLCI) was 9.76 points lower at 1,631.17 after closing at 1,641.73 on Friday.
The barometer index opened 4.79 points weaker at 1,636.94 and moved between 1,630.77 and 1,637.56 during the morning session
The local bourse was closed on Monday in lieu of the New Year public holiday which fell on Sunday.
Oil prices rose after the historic deal by the Organisation of Petroleum Exporting Countries, to reduce production, took effect on Jan 1.
US crude added 0.7 per cent to US$54.07 a barrel while the benchmark Brent crude oil rose to US$57.18.
On the broader market, losers led gainers 316 to 300 while 314 counters remained unchanged, 798 untraded and 21 others were suspended.
Turnover stood at 788.38 million shares worth RM339.57 million.
Of heavyweights, Maybank fell 20 sen to RM8, Axiata slipped 19 sen to RM4.53, Tenaga eased 14 sen to RM13.76, Hong Leong reduced 16 sen to RM13.34 and Genting Bhd was down nine sen at RM7.91.
How to trade Crude Palm Oil Futures ( FCPO ) 03012017
#palmoil
Palm oil for March delivery climbs as much as 1.9% to 3,169 ringgit/ton on Bursa Malaysia Derivatives, biggest intraday gain for most-active contract since Dec. 19.
- Futures trade +1.6% at 3,159 ringgit by 11:49am in Kuala Lumpur; +25% in 2016, best year since 2010
- Prices supported by weak ringgit and concerns over flooding due to heavy rain in the east cost of Peninsular Malaysia, according to Chandran Sinnasamy, head of dealing at LT International Futures in Kuala Lumpur
- NOTE: Malaysian ringgit -0.2% Tuesday
- NOTE: Rain to persist over states of Johor, Pahang, Kelantan, Terengganu until late afternoon Tuesday, according to warning by Malaysian Meteorological Department
- Rain forecast over eastern coast of Peninsular Malaysia from Thursday to Monday: Met. Dept
- Kelantan floods send 3,774 people to relief centres as at 8am Tuesday, according to state news agency Bernama
- NOTE: Prolonged heavy rain may trigger flash floods and hinder harvest, transport of palm fruit to mills
- Soybean oil for March delivery on Chicago Board of Trade +0.7% to 34.91c/lb; March soybeans +0.1% to $10.0 3/4/bu
- NOTE: Malaysia’s Dec. palm oil exports -5.7% m/m to 1,086,523 tons: Intertek
- Soybean oil’s premium over palm oil at ~$67/ton vs avg ~$93 over past year: data compiled by Bloomberg
- Palm oil’s premium over gasoil at ~$194/ton vs avg ~$231 over past year: data compiled by Bloomberg
- May refined palm oil on Dalian Commodity Exchange +1.5% to 6,296 yuan/ton; May soybean oil +0.6% to 7,022 yuan/ton
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