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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
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