CORRECTED-VEGOILS-Palm trades lower ahead of Malaysian palm oil data

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(Corrects paragraph 1 and 3, headline to reflect regulator data came after midday break) By Dewi Kurniawati JAKARTA, Dec 10 (Reuters) - Malaysian palm oil futures fell on Tuesday as traders expected data from the industry regulator to confirm a drop in Malaysian stockpiles, productions and exports. The benchmark palm oil contract FCPOc3 for February delivery on the Bursa Malaysia Derivatives Exchange lost 82 ringgit or 1.6%, to 5,038 ringgit ($1,138.27) a metric ton by the midday break. Malaysia's palm oil stockpiles dropped for a second consecutive month in November, falling 2.6% from the prior month to 1.84 million tons, data from the Malaysian Palm Oil Board (MPOB) showed after the trading closed for midday break. Crude palm oil production declined 9.8% in November to 1.62 million tons, while palm oil exports plunged 14.7% to 1.49 million tons, the MPOB said. "The MPOB end-stocks and exports data concurred with most analysts' finding, thus no surprises in the numbers," said Paramalingam Supramaniam, director at Selangor-based brokerage Pelindung Bestari. "Going forward, the focus will be production patterns in December and first quarter of 2025, and the impact of recent floods and rains have on the output." A flood struck Malaysia last week after heavy rains in late November, and the country's meteorological department forecast a monsoon surge from Dec. 8 to 14, which could bring continuous rainfall to the east coast of Peninsular Malaysia and parts of Sabah and Sarawak on Borneo Island. Sabah and Sarawak are among the top palm oil producing regions of Malaysia. Dalian's palm oil contract DCPcv1 fell 0.31%, while its most active soyoil contract DBYcv1 rose 0.36%. The Chicago Board of Trade's soyoil contract BOcv1 fell 0.79%. Palm oil tracks price movements of rival edible oils as it competes for a share of the global vegetable oils market. Oil prices slipped as concerns eased about the fallout from Syrian President Bashar al-Assad's overthrow, but the market found support in China's vow to ramp up policy stimulus, which could boost the top global crude buyer's demand. O/R Weaker crude oil futures make palm a less attractive option for biodiesel feedstock. Palm oil FCPOc3 may test support at 5,067 ringgit per metric ton, with a good chance of breaking below this level and falling towards 4,983 ringgit, Reuters technical analyst Wang Tao said. TECH/C ($1 = 4.4260 ringgit) <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ cpo https://tmsnrt.rs/4g4Y5Vz ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Dewi Kurniawati; Editing by Mrigank Dhaniwala and Varun H K) ((Dewi.Kurniawati@thomsonreuters.com)) ((For a table on Malaysian physical palm oil prices, including refined oil, Reuters Terminal users can double click on or type OILS/MY01 . * To view freight rates from Peninsula Malaysia/Sumatra to China, India, Pakistan and Rotterdam, please key in OILS/ASIA2 and press enter, or double click between the brackets. * Reuters Terminal users can see cash and futures edible oil prices by double clicking on the codes in the brackets: To go to the next page in the same chain, hit F12. To go back, hit F11. Vegetable oils OILS/ASIA1 Malaysian palm oil exports SGSPALM1 CBOT soyoil futures 0#BO: CBOT soybean futures 0#S: Indian solvent SOLVENT01 Dalian Commodity Exchange DC/MENU Dalian soyoil futures 0#DBY: Dalian refined palm oil futures 0#DCP: Zhengzhou rapeseed oil 0#COI: European edible oil prices/trades OILS/E ))
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Published Date
10 Dec 2024 at 1:53 PM
Publisher
Refinitiv
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