Palm down on profit taking

MG News | January 14, 2022 at 09:08 AM GMT+05:00

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January 14, 2021: Malaysian palm oil futures fell on Friday tracking weaker rival oils, while traders also booked profits after the contract rose to an all-time closing high on concerns of persisting labour shortage.

The benchmark palm oil contract for March delivery on the Bursa Malaysia Derivatives Exchange lost 55 ringgit, or 1.07%, to 5,106 ringgit ($1,220.95) a tonne in early trade. It also lost 0.7% overnight but looked set for a weekly gain.

FUNDAMENTALS

The market is on a profit-taking mode after Thursday's rally, and tracking Dalian and soyoil weakness, a Kuala Lumpur-based trader said.

Dalian's most-active soyoil contract dropped almost 1%, while its palm oil contract slipped 0.7%. Soyoil prices on the Chicago Board of Trade were down 1.1%.

Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.

Palm oil may test a support at 5,094 ringgit per tonne, and a break below could open the way to 5,001 ringgit, Reuters technical analyst Wang Tao said.

Reuters

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Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	60,920.00	63,160.00 58,995.00	-1445.00 -2.32%
BRENT CRUDE	73.14	77.00 73.07	-3.94 -5.11%
RICHARDS BAY COAL MONTHLY	115.00	0.00 0.00	0.50 0.44%
ROTTERDAM COAL MONTHLY	126.50	126.50 125.90	0.50 0.40%
USD RBD PALM OLEIN	1,157.50	1,157.50 1,157.50	0.00 0.00%
CRUDE OIL - WTI	69.85	73.18 69.63	-3.36 -4.59%
SUGAR #11 WORLD	14.01	14.09 13.81	0.06 0.43%