#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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