Malaysian palm oil price falls on weak export data after hitting near 2-year high

Malaysian palm oil futures ended lower on Thursday and snapped two sessions of gains after hitting a 20-month high earlier in the session, on the back of a stronger ringgit and weaker export demand

KUALA LUMPUR: Malaysian palm oil futures fell nearly 2 percent on Monday after earlier hitting their highest level in nearly two years, weighed down by weaker-than-expected export data.
    The palm oil contract for April delivery on the Bursa Malaysia Derivatives Exchange lost 1.8 percent to reach 2,592 ringgit ($628.36) per tonne at the close of trade. The contract earlier hit a high of 2,648 ringgit, its highest since April 29, 2014.
    Traded volume stood at 40,771 lots of 25 tonnes each.
    "The market was earlier up on Chicago Board of Trade soyoil and Dalian palm olien," said a trader based in Kuala Lumpur. "Now it is down on export figures," the trader added. 
    Palm oil shipments from Malaysia fell in the first half of
February, dropping 16.1 percent compared with a month ago
according to Intertek Testing Services cargo surveyor data,
while Societe Generale de Surveillance registered a 14.2 percent
    Exports fell due to weak demand from top palm importers
China and India. 
    Shipments of the tropical oil have been falling in recent
weeks as a slowing Chinese economy eases demand for palm. The
winter season in the northern hemisphere also reduces demand for
palm, as the vegetable oil solidifies in cold climates.
    Palm oil still targets 2,672 ringgit per tonne, as suggested
by its wave pattern and a Fibonacci projection analysis, said
Wang Tao, Reuters market analyst for commodities and energy
    In competing vegetable oil markets, the May soybean oil
contract on the Dalian Commodity Exchange gained 2
  Palm, soy and crude oil prices at 1011 GMT
  Contract        Month    Last   Change     Low    High  Volume
  MY PALM OIL      FEB6       0    +0.00       0       0       0
  MY PALM OIL      MAR6    2548   -42.00    2532    2598    1086
  MY PALM OIL      APR6    2592   -47.00    2590    2648   15465
  CHINA PALM OLEIN MAY6    4998  +188.00    4888    5042  751468
  CHINA SOYOIL     MAY6    5818  +112.00    5756    5872  427458
  CBOT SOY OIL     MAR6   31.80    -5.90    0.00    0.00       0
  INDIA PALM OIL   FEB6  479.40    -5.90  470.80  485.00    1418
  INDIA SOYOIL     FEB6  617.95    -1.60  617.20  620.50    1330
  NYMEX CRUDE      MAR6   29.94    +0.50   28.95   29.95   42728
  Palm oil prices in Malaysian ringgit per tonne
  CBOT soy oil in U.S. 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 U.S. dollars per barrel
($1 = 4.1250 ringgit)
($1 = 68.1000 Indian rupees)
($1 = 6.4920 Chinese yuan)
- Reuters                      

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights

Next In Business News

As scrutiny mounts, crypto exchange Binance to wind down derivatives in Europe
Oil price climbs, notches fourth monthly gain on growing demand
Chevron tops profit estimates, joins share buyback stampede
Indian billionaire's new airline may give Boeing a chance to regain lost ground
Global Markets: US stocks slip, US# has worst week in almost two months
All hopes pinned on the National Recovery Plan
The changing world of work post-pandemic
Short Position - Self testing kits, believing the numbers
Life goes on for SCIB
Things to come for the office market

Stories You'll Enjoy