Palm oil eases as crude weakens, set for weekly loss
MG News | November 26, 2021 at 09:10 AM GMT+05:00
November 26, 2021: Malaysian palm oil futures slipped on Friday on course for a weekly decline, weighed down by weaker crude and rival oil prices.
The benchmark palm oil contract for February delivery on the Bursa Malaysia Derivatives Exchange slid 23 ringgit, or 0.47%, to 4,904 ringgit ($1,157.42) a tonne during early trade.
The contract is down 1.8% for the week, after posting two straight weekly jumps, also hurt by a forecast for stronger production of top vegetable oils next year.
FUNDAMENTALS
* Exports of Malaysian palm oil products for Nov. 1-25 rose between 4.5% and 10.9% from the same period in October, according to cargo surveyors' data on Thursday.
* The pace of shipments, however, have slowed down from a monthly rise of between 9% and 18% seen during Nov. 1-20.
* Oil prices slid more than 1% on concerns that a global supply surplus could swell in the first quarter following a coordinated release of crude reserves among major consumers.
* Weaker crude oil futures make palm a less attractive option for biodiesel feedstock.
* Dalian's most-active soyoil contract fell 0.2%, while its palm oil contract slipped 0.5%. The Chicago Board of Trade was closed for a public holiday.
* Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
* The ringgit, palm's currency of trade, fell 0.2% against the dollar, making the edible oil cheaper for holders of foreign currency.
* Palm oil may break a support at 4,902 ringgit per tonne, and fall to the next support at 4,827 ringgit, Reuters technical analyst Wang Tao said.
Reuters
Related News
Name | Price/Vol | %Chg/NChg |
---|---|---|
KSE100 | 139,845.27 99.65M | 1.04% 1433.02 |
ALLSHR | 86,614.21 205.31M | 1.06% 911.25 |
KSE30 | 42,740.30 58.45M | 1.15% 485.45 |
KMI30 | 196,844.57 62.37M | 1.41% 2734.98 |
KMIALLSHR | 57,481.96 108.28M | 1.35% 768.29 |
BKTi | 38,167.05 7.23M | 0.89% 335.71 |
OGTi | 28,381.53 30.24M | 3.43% 940.89 |
Symbol | Bid/Ask | High/Low |
---|
Name | Last | High/Low | Chg/%Chg |
---|---|---|---|
BITCOIN FUTURES | 119,105.00 | 119,430.00 117,905.00 | 1485.00 1.26% |
BRENT CRUDE | 72.37 | 72.82 72.17 | -0.87 -1.19% |
RICHARDS BAY COAL MONTHLY | 96.50 | 0.00 0.00 | 2.20 2.33% |
ROTTERDAM COAL MONTHLY | 104.50 | 104.50 104.50 | -0.30 -0.29% |
USD RBD PALM OLEIN | 998.50 | 998.50 998.50 | 0.00 0.00% |
CRUDE OIL - WTI | 70.01 | 70.41 69.80 | 0.01 0.01% |
SUGAR #11 WORLD | 16.46 | 16.58 16.37 | -0.13 -0.78% |
Chart of the Day
Latest News
Top 5 things to watch in this week
Pakistan Stock Movers
Name | Last | Chg/%Chg |
---|
Name | Last | Chg/%Chg |
---|