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Palm oil for March delivery drops as much as 0.9% to 3,069 ringgit/ton on Bursa Malaysia Derivatives, lowest level for most-active contract since Dec. 27.
- Prices -0.8% to 3,071 ringgit by midday break in Kuala Lumpur; -1.2% this week
- Palm oil futures decline on stronger ringgit, technical correction, Govind Ram Poddar, director at Singapore-based brokerage Sprint Exim, says by phone. Prices will remain supported above 3,000 ringgit as supplies remain “very tight”, he says
- NOTE: Malaysian ringgit +0.3% Friday
- Production in Indonesia seen -12% this month, Malaysia output may continue to drop in Jan.-Feb.: Poddar
- NOTE: Palm Oil Inventories in Malaysia Seen Dropping for First Time in 4 Months
- Soybean oil for March delivery on Chicago Board of Trade +0.1% at 35.25c/lb; March soybeans -0.2% to $10.10 3/4/bu
- Soybean oil’s premium over palm oil at ~$89/ton vs avg ~$92 over past year: data compiled by Bloomberg
- Palm oil’s premium over gasoil at ~$186/ton vs avg ~$230 over past year: data compiled by Bloomberg
- May refined palm oil on Dalian Commodity Exchange little changed at 6,132 yuan/ton; May soybean oil -0.2% to 6,862 yuan/ton
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