Palm drops over 3% on higher stockpile estimates, weaker rival oils

News Image

MG News | November 05, 2021 at 09:19 AM GMT+05:00

0:00

November 5, 2021: Malaysian palm oil futures fell more than 3% on Friday and were set for a weekly drop, weighed down by sharp losses in rival oils and expectations of higher end-October inventories.

The benchmark palm oil contract for January delivery on the Bursa Malaysia Derivatives Exchange slid 163 ringgit, or 3.2%, to 4,910 ringgit ($1,180.57) a tonne in early trade.

Palm was set for a 2.3% weekly decline, the third in four weeks.

FUNDAMENTALS

* Malaysia's palm oil stocks likely rose by 3.5% month-on-month to 1.81 million tonnes at end-October due to lower export volumes, Ivy Ng, regional head of plantations research at CGS-CIMB Research, said in a note.

* A survey by CGS-CIMB Futures showed October output probably fell 1.2% from the month before, while export volume likely dropped 13%, Ng said.

* The Malaysian Palm Oil Board is scheduled to release October supply and demand data on Nov. 10.

* Dalian's most-active soyoil contract fell 2.7%, while its palm oil contract slipped 2.9%. Soyoil prices on the Chicago Board of Trade were down 0.03%, after declining 2% in the previous session.

* 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 rise towards 5,187 ringgit, as it has broken a key resistance at 5,048 ringgit per tonne, Reuters technical analyst Wang Tao said.

Reuters

Related News

Name Price/Vol %Chg/NChg
KSE100 173,155.79
524.20M
0.56%
959.09
ALLSHR 103,349.03
1,137.90M
0.55%
560.51
KSE30 52,620.81
234.49M
0.57%
300.73
KMI30 248,144.37
294.93M
0.16%
396.98
KMIALLSHR 66,873.17
579.31M
0.16%
110.07
BKTi 49,291.73
108.05M
1.73%
837.50
OGTi 36,250.66
12.34M
-0.22%
-80.19
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 76,165.00 77,030.00
75,530.00
-215.00
-0.28%
BRENT CRUDE 95.02 95.68
93.86
-0.46
-0.48%
RICHARDS BAY COAL MONTHLY 103.25 0.00
0.00
-0.15
-0.15%
ROTTERDAM COAL MONTHLY 101.40 0.00
0.00
-0.20
-0.20%
USD RBD PALM OLEIN 1,175.00 1,175.00
1,175.00
0.00
0.00%
CRUDE OIL - WTI 87.12 87.73
85.50
-0.30
-0.34%
SUGAR #11 WORLD 13.75 13.76
13.51
0.11
0.81%

Chart of the Day


Latest News
April 21, 2026 at 04:58 PM GMT+05:00

Govt links export growth to skills development, e-commerce


April 21, 2026 at 04:20 PM GMT+05:00

Pakistan's total POL imports climb 4% MoM


April 21, 2026 at 04:06 PM GMT+05:00

PSX Closing Bell: Gains Hold Firm


April 21, 2026 at 04:01 PM GMT+05:00

PKR advances again, sustains recovery trend


April 21, 2026 at 03:34 PM GMT+05:00

PTC returns to profit in Q1FY26



Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg