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Palm oil for March delivery drops as much as 1% to 3,130 ringgit/ton on Bursa Malaysia Derivatives, trades -0.4% at 3,152 ringgit by 3:49pm in Kuala Lumpur.
- Futures tracking losses in refined palm oil price in China’s Dalian and concerns over higher Malaysian inventories, says David Ng, derivatives specialist at Phillip Futures in Kuala Lumpur
- May refined palm oil on Dalian Commodity Exchange closes -1.1% at 6,170 yuan/ton, earlier -2%; May soybean oil -1% to 6,880 yuan/ton
- NOTE: CIMB sees Malaysian Dec. palm oil stockpiles +0.6% m/m to 1.67m tons
- Investors also booking profits after recent gains: Ng
- Palm oil in Malaysia climbed a fifth month in December, longest monthly winning streak since 2011
- NOTE: Palm Oil Prices May Drop in 2Q as Output Recovers: Maybank
- NOTE: Malaysia’s Dec. palm oil exports -5.7% m/m to 1,086,523 tons: Intertek; shipments -1.8% m/m to 1,109,606 tons, according to SGS
- Soybean oil for March delivery on Chicago Board of Trade -0.1% to 34.77c/lb; March soybeans +0.2% to $9.96 1/2/bu
- 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 ~$206/ton vs avg ~$231 over past year: data compiled by Bloomberg
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