#palmoil
Palm oil for Feb. delivery drops as much as 1.1% to 3,078 ringgit/ton on Bursa Malaysia Derivatives, declining for 3rd day.
- Futures at 3,090 ringgit by 11:38am in Kuala Lumpur; +24% YTD
- +0.5% this week, set for 3rd weekly gain
- Closed at 3,183 ringgit on Tuesday, highest since May 2012
- Palm oil tracking Thursday’s drop in soybean oil, according to David Ng, derivatives specialist at Phillip Futures in Kuala Lumpur. Demand may still be weak because of high prices and oversupply of soybeans in the market, he says
- Soybean oil for Jan. delivery on Chicago Board of Trade +0.2% to 37.32c/lb, -1.8% Thursday; Jan. soybeans -0.2% to $10.25 1/2/bu
- NOTE: India Cash Ban Seen Curbing Palm Oil Imports for Seventh Month
- NOTE: Brazil Record Soybean Outlook Confirmed by New Conab Report
- Soybean oil’s premium over palm oil at ~$125/ton vs avg ~$94 over past year: data compiled by Bloomberg
- Palm oil’s premium over gasoil at ~$225/ton vs avg ~$232 over past year: data compiled by Bloomberg
- May refined palm oil on Dalian Commodity Exchange -0.3% to 6,278 yuan/ton; May soybean oil -0.7% at 7,096 yuan/ton
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