Palm drops on weaker rivals, profit-taking

MG News | December 29, 2021 at 09:33 AM GMT+05:00

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December 29, 2021: Malaysian palm oil futures fell on Wednesday, tracking weaker rivals oils and as traders booked profit after prices rose to a two-week high in the previous session.

The benchmark palm oil contract for March delivery on the Bursa Malaysia Derivatives Exchange dropped 1.4% to 4,705 ringgit ($1,125.60) in early trade. It rose 3.56% on Tuesday but slipped 0.5% in overnight trade.

Fundamentals

Dalian's soyoil contract slid 0.7%, while its palm oil contract dropped 0.71%. Soybean oil prices on the Chicago Board of Trade fell 0.19%.

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

U.S. oil rose for a sixth consecutive session while Brent gained more ground with a broad-based rally in global markets supporting prices.

Stronger crude oil futures typically make palm a more attractive option for biodiesel feedstock.

Reuters

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KSE100	172,399.90 320.00M	1.59% 2696.30
ALLSHR	103,927.90 888.16M	1.29% 1323.37
KSE30	51,428.16 185.27M	1.65% 836.84
KMI30	246,743.08 136.63M	1.75% 4243.24
KMIALLSHR	67,499.94 461.75M	1.34% 890.73
BKTi	46,974.29 67.03M	1.67% 773.64
OGTi	35,183.53 7.71M	0.85% 295.91

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	63,680.00	64,485.00 62,835.00	5.00 0.01%
BRENT CRUDE	86.86	89.90 85.80	-3.52 -3.89%
RICHARDS BAY COAL MONTHLY	123.00	0.00 0.00	1.10 0.90%
ROTTERDAM COAL MONTHLY	131.00	131.00 130.00	-1.75 -1.32%
USD RBD PALM OLEIN	1,157.50	1,157.50 1,157.50	0.00 0.00%
CRUDE OIL - WTI	84.38	87.23 83.20	-3.33 -3.80%
SUGAR #11 WORLD	13.70	13.97 13.68	-0.09 -0.65%