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Benchmark palm oil futures for November on the Bursa Malaysia Derivatives Exchange fell 1.5 percent to 2,561 ringgit ($639) per tonne at the close of trade, its sharpest drop since August 18.

Malaysian palm oil price in line for weekly decline, tracking weaker oils

Friday, 26 August 2016

Benchmark palm oil futures for November on the Bursa Malaysia Derivatives Exchange fell 1.5 percent to 2,561 ringgit ($639) per tonne at the close of trade, its sharpest drop since August 18.
Benchmark palm oil futures for November on the Bursa Malaysia Derivatives Exchange fell 1.5 percent to 2,561 ringgit ($639) per tonne at the close of trade, its sharpest drop since August 18.

 

KUALA LUMPUR: Malaysian palm oil futures recorded their first session of declines in three on Thursday, weighed down by weaker related vegetable oils, despite strong cargo surveyor export data for August.

    Benchmark palm oil futures for November on the Bursa Malaysia Derivatives Exchange fell 1.5 percent to 2,561 ringgit ($639) per tonne at the close of trade, its sharpest drop since August 18. 

    Palm is in line for its first week of losses after seeing gains for three consecutive weeks on tight supplies and stronger demand. Currently, palm is down 0.7 percent for the week. 

    Traded volumes stood at 41,688 lots of 25 tonnes each on Thursday evening, below the 2015 average of 44,600. 

    “Bean oil, soybean, and Dalian are all lower,” said a futures trader from Kuala Lumpur, referring to China’s Dalian Commodity Exchange. 

    Chicago soybean futures hit their lowest since mid-August on expectations of a bumper crop harvest. 

    The Chicago Board of Trade soybean oil December contract  fell 1 percent, while the January soybean oil contract on the Dalian Commodity Exchange dropped 1.4 percent.

    Palm oil exports rose 31.1 percent during the August 1-25 period compared with a month ago on better Indian demand, according to data from cargo surveyor Intertek Testing Services, but palm’s downtrend remained.

    “There are no aggressive buyers here yet, and palm’s nearby month prices are already at a premium,” said the trader. 

    Palm oil is expected to seek a support at 2,522 ringgit per tonne before resuming its uptrend, showed analysis by Reuters market analyst for commodities and energy technicals Wang Tao.

 – Reuters

Following are Indonesian prices for crude palm oil (CPO) quoted at an auction by PT KPB Nusantara (formerly known as the state marketing centre) on Monday. Buyer Volume Price Terms

(tonnes) (Rp/kg) Musim Mas 2500 8979 FOB Belawan Wilmar Nabati Indonesia 2000 8979 FOB Dumai Pacific Palmindo Industri 2000 8979 FOB Tanjung Bakau Wilmar Nabati Indonesia 500 8979 Ex fact Teluk Bayur Mikie Oleo Nabati Industri 1000 8979 Ex fact Jabodetabek/Bandung

Total volume offered 10000 Total volume traded 8000 Previous volume auctioned 12000 – Reuters

Source by: The Star Online

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