NEWS FEED
  • 19 July, 2018
    Malaysian palm oil price jumps 2 percent to one-week high on weaker ringgit
    Malaysian palm oil futures jumped more than 2 percent to a one-week high on Wednesday evening, as the ringgit weakened and related edible oils recovered. The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange was up 1.8 percent at 2,211 ringgit ($544.98) a tonne at the close, after rising to its highest since July 11 at 2,218 ringgit. Trading volume stood at 63,352 lots of 25 tonnes each at the end of the trading day. "Palm prices are up on the ringgit's depreciation," said one futures trader in Kuala Lumpur, adding that the market also rose on a technical rebound. "It had been below 2,200 ringgit for some time," he said.
  • 18 July, 2018
    Palm flat; trade range-bound on overnight soyoil losses, weaker ringgit
    Malaysian palm oil futures were flat at midday break on Tuesday, with trade largely range-bound in the first half of the session, as a weaker ringgit offset overnight losses in soyoil, said traders. A weaker ringgit, palm's currency of trade, typically supports the tropical oil by making it cheaper for holders of foreign currencies. The ringgit weakened 0.1% against the dollar around Tuesday noon, and was last at 4.0430. The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange was at 2,173 ringgit (US$537.47) a tonne at midday break, near a three-year low hit on Friday.
  • 18 July, 2018
    Malaysian palm oil price edges down on overnight soyoil losses
    Malaysian palm oil futures edged down slightly at the close of trade on Tuesday, tracking overnight losses in soyoil, but remained largely range-bound as a weaker ringgit offset losses, traders said. A weaker ringgit, palm's currency of trade, typically supports the tropical oil by making it cheaper for holders of other currencies. The ringgit weakened 0.1 percent against the dollar on Tuesday and was last at 4.0445. The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange was down 0.1 percent at 2,171 ringgit ($536.78) a tonne at the end of the trading day, near a three-year low hit on Friday.
  • 17 July, 2018
    EU not singling out palm oil — delegate
    The European Union (EU) is “open to palm oil” as no legislation has ever been formed to specifically ban the edible oil in the EU market, said a head of EU delegation to Malaysia. “The European market is open to palm oil. I want to say that very clearly. And EU is the second largest market for palm oil from Malaysia,” said ambassador and head of EU delegation to Malaysia Maria Castillo Fernandez. Speaking to the press on the sidelines of an EU-Malaysia trade forum here, Fernandez clarified that “there is no mention of palm oil” when it comes to the EU’s plan to phase out biofuel use in transport fuel by 2030.
  • 17 July, 2018
    Malaysian palm oil price snaps losing streak on improved demand
    Malaysian palm oil futures snapped four earlier sessions of losses to gain on Monday evening on the back of improved demand and a market retracement, according to traders. The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange was up 0.7 percent at 2,173 ringgit ($537.87) a tonne at the close of trade, its strongest daily gain in over two weeks. Trading volume stood at 48,843 lots of 25 tonnes each at the close of trade.
  • 17 July, 2018
    Lower price making palm oil-based biofuel more attractive
    The growing gap between palm oil and conventional oil products made from crude is making palm oil-based biofuel more attractive, helping boost exports from Indonesia and Malaysia, the world’s top producers. Palm oil’s discount to diesel reached US$124 a tonne on Friday, the widest since October 2014, and was at US$107 yesterday, according to data compiled by Bloomberg. That compares with an average premium of about US$134 a tonne in 2017. Rising biodiesel demand will be a relief to palm oil producers who are facing the lowest prices in nearly three years as traders anticipate rising supplies and softening demand for the edible oil.
  • 16 July, 2018
    Headwinds aplenty for palm oil
    THE resilience of the plantation sector is being put to the test by a series of bearish factors, which has seen crude palm oil (CPO) prices heading south in recent weeks. Industry players are generally spooked by the drastic fall in CPO prices, which is a key indicator to gauge their operational costs and profit margins. The price of CPO has fallen by about 14% year-to-date, and is currently trading at RM2,147 per tonne.
  • 16 July, 2018
    Malaysian palm oil/Vegoils: Market factors to watch Monday July 16
    Malaysian palm oil futures fell to their lowest in nearly three years on Friday evening in a fourth session of losses, tracking declines in related edible oils. U.S. soybean futures slid to fresh lows on Friday and the most-active contract closed at the lowest in nearly a decade after a government report reinforced concerns that the trade dispute with China will dent exports and lead to a build-up in stocks. Oil prices rose about 1 percent on Friday as strike actions in Norway and Iraq hit supplies, but futures were set for a second straight week of decline after Libyan ports reopened and on the view that Iran might still export some crude despite U.S. sanctions.
  • 16 July, 2018
    Palm oil seen under pressure in 2H
    Palm oil prices, which have fallen to their lowest in three years, are expected to remain under pressure in the second half of 2018 (2H18), with a limited increase seen, according to analysts. On last Friday’s close, the benchmark palm oil third-month contract for September delivery fell RM38 to settle at RM2,159 per tonne, its lowest closing price in the futures market since September 2015. On a month-on-month basis, this translates into a sharp RM172 or 7.4% decline, from RM2,331 on June 12.