#palmoil
Palm oil for May delivery on Bursa Malaysia Derivatives +0.6% to 2,875 ringgit/ton.
- Futures earlier drop 1.3% to 2,821 ringgit, lowest level for most-active contract since March 2
- -7.5% YTD
- Prices rebound because near-term production isn’t going to increase rapidly and demand remains strong, says Sandeep Bajoria, chief executive of Mumbai-based broker Sunvin Group
- NOTE: Malaysia Palm Output May Recover Strongly From April-May: Sime
- NOTE: Palm Demand May Rise in 2H as El Nino May Curb Supply: Rabobank
- NOTE: Slowing Palm Output Growth in ’16-17 to Affect Supply: Mielke
- Soybean oil for May delivery on Chicago Board of Trade +0.7% to 33.96c/lb
- May soybeans on CBOT -0.1% to $10.24/bu
- Soybean oil’s premium over palm oil at ~$103/ton vs avg ~$92 over past year: data compiled by Bloomberg
- Palm oil’s premium over gasoil at ~$155/ton vs avg ~$213 over past year: data compiled by Bloomberg
- May refined palm oil on Dalian Commodity Exchange -0.9% to close at 5,822 yuan/ton; May soybean oil -0.7% to 6,538 yuan/ton
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