Malaysian Palm Oil Council (MPOC)
About MPOC  |   Archive   |  Sitemap   |  Login   |  Contact Us
News Archive
Sustainability Archive
Nutrition Archive
Biofuel Archive
Market Statistics Archive
Banner Archive
POTS Archive
PINC Archive
Reach and Remind Archive
Other Events Archive
I am looking for:      

News Archive

Wednesday, 30 Aug, 2017

Palm in line for 3rd session of declines on weaker edible oils

KUALA LUMPUR (Aug 29): Malaysian palm oil futures fell to their lowest levels in a week in early trade on Tuesday, pressured by weaker performances in related edible oils with traders taking profits ahead of a long public holiday weekend.

The benchmark palm oil contract for November delivery on the Bursa Malaysia Derivatives Exchange fell 0.7% at RM2,718 (US$637.06) at the midday break.

Earlier in the session it fell to RM2,713, its lowest levels since Aug 21. The market is in line for a third straight day of declines after climbing to a five-month high last week.

Traded volumes were comparatively thin at 13,264 lots of 25 tonnes each at noon.

"As the long holidays are coming, we're seeing some profit-taking, especially as Dalian and soybean oil are also down," said a futures trader from Kuala Lumpur, referring to soyoil on the Chicago Board of Trade and China's Dalian Commodity Exchange.

The Bursa Malaysia Derivatives Exchange market will be closed for public holidays on Thursday and Friday.

The October soybean oil contract on the Chicago Board of Trade fell 0.4%, while January soybean oil on the Dalian Commodity Exchange dropped as much as 0.9%.

In related vegetable oils, the January palm olein contract on Dalian declined 1%.

Palm oil may drop to RM2,687 per tonne, as it failed to break a resistance at RM2,759, according to Reuters market analyst for commodities and energy technicals Wang Tao.

Palm, soy and crude oil prices at 0437 GMT

Contract         Month   Last Change    Low   High Volume
MY PALM OIL      SEP7    2700 -23.00   2700   2711     30
MY PALM OIL      OCT7    2710 -23.00   2705   2726    645
MY PALM OIL      NOV7    2718 -20.00   2713   2735   7273
CHINA PALM OLEIN JAN8    5496 -54.00   5490   5540 344754
CHINA SOYOIL     JAN8    6322 -58.00   6316   6374 256006
CBOT SOY OIL     DEC7   34.81  -0.17   34.8  35.03   1781
INDIA PALM OIL   AUG7  519.00  -0.90 519.00  519.1      4
INDIA SOYOIL     SEP7       0  +0.00      000
NYMEX CRUDE      OCT7   46.78  +0.21  46.68  46.88  22906

Palm oil prices in Malaysian ringgit per tonne
CBOT soy oil in US cents per pound
Dalian soy oil and RBD palm olein in Chinese yuan per tonne
India soy oil in Indian rupee per 10 kg
Crude in US dollars per barrel

(US$1 = RM4.2665)
(US$1 = 63.9550 Indian rupees)
(US$1 = 6.6080 Chinese yuan)

Source : The Edge Markets

Back to top

Tools   :     PRINT THIS     ADD TO FAVOURITE      Bookmark and Share