Palm oil eases as crude weakens, set for weekly loss

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MG News | November 26, 2021 at 09:10 AM GMT+05:00

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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

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978.17
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558.00
KSE30 42,618.60
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KMI30 196,907.86
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KMIALLSHR 57,276.87
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Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 115,710.00 117,125.00
114,800.00
-1725.00
-1.47%
BRENT CRUDE 71.77 71.85
71.63
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RICHARDS BAY COAL MONTHLY 96.50 0.00
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ROTTERDAM COAL MONTHLY 104.50 104.50
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USD RBD PALM OLEIN 998.50 998.50
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CRUDE OIL - WTI 69.30 69.46
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16.28
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