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	179,571.27 436.67M	1.06% 1878.35
ALLSHR	108,600.94 844.23M	1.00% 1073.54
KSE30	53,548.42 162.02M	0.99% 525.53
KMI30	256,725.70 154.74M	0.76% 1936.43
KMIALLSHR	70,620.69 563.61M	0.98% 683.55
BKTi	48,625.03 36.31M	1.37% 658.39
OGTi	37,179.52 8.29M	0.94% 345.85

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	60,490.00	63,160.00 58,995.00	-1875.00 -3.01%
BRENT CRUDE	73.08	77.00 73.07	-4.00 -5.19%
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	69.79	73.18 69.63	-3.42 -4.67%
SUGAR #11 WORLD	14.01	14.09 13.81	0.06 0.43%