Palm oil for Jan. delivery on Bursa Malaysia
Derivatives climbs as much as 1.8% to 2,364 ringgit/mt, before
trading at 2,357 ringgit by 12:26pm in Kuala Lumpur.
* Futures -1.7% last wk, most since period ended Oct. 9; +3.9%
YTD
* NOTE: Malaysia crude palm oil output seen -1.5% in October
* NOTE: Malaysian ringgit -1.2%, falling for 3rd day
* “Weaker ringgit entices buying interest from importers who
pay for their shipments in U.S. dollars,” says Hiro Chai,
associate director at CIMB Futures in Kuala Lumpur. “Lower
production seen in October suggests palm is entering the
low-crop season.”
* Dec. soybean oil little changed at 28.05c/lb on CBOT; Jan.
soybeans +0.3% to $8.69 3/4/bu
* Soybean oil’s premium over palm at ~$78 mt vs avg of ~$97
over past yr: data compiled by Bloomberg
* Palm oil’s premium over gasoil at ~$84/mt vs avg of ~$51
over past yr: data compiled by Bloomberg
* Jan. refined palm oil on Dalian Commodity Exchange +0.5% at
4,278 yuan/mt; soybean oil little changed at 5,528 yuan/mt
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