Palm oil falls 4% on likely higher April stockpile

News Image

MG News | May 06, 2022 at 09:59 AM GMT+05:00

0:00

May 6, 2022: Malaysian palm oil futures extended losses on Friday and looked set for their steepest weekly fall in seven, weighed down by surveys anticipating a rise in end-April inventories.

The benchmark palm oil contract FCPOc3 for July delivery on the Bursa Malaysia Derivatives Exchange slid 271 ringgit, or 4.01%, to 6,471 ringgit ($1,480.78) a tonne during early trade, down for a second straight day in a holiday-shortened week.

Palm appears set to drop more than 8% for the week, the most since March 18.

FUNDAMENTALS

Malaysia's palm oil inventories in end-April likely rose for the first time in six months, up 5.2% from the previous month to 1.55 million tonnes, according to a Reuters poll. 

Production is expected to rise 4.9% to a five-month high of 1.48 million tonnes, while exports likely fell 5.6% to 1.2 million tonnes, the survey showed.

Dalian's most-active soyoil contract DBYcv1 fell 1.3%, while its palm oil contract DCPcv1 dropped 2.1%. Soyoil prices on the Chicago Board of Trade BOcv1 were down 1%.

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

MARKET NEWS

Asian shares tumbled while the U.S. dollar and Treasury yields rose in a reversal of a day earlier after investors expressed concerns that rising interest rates could hurt global economic growth. 

Oil prices dipped at the start of Asian trade as worries about an economic downturn that could dampen demand for crude vied with concerns over new sanctions from the European Union against Russia, including an embargo on crude oil.

Reuters

 

Related News

Name Price/Vol %Chg/NChg
KSE100 136,502.54
259.91M
1.64%
2202.77
ALLSHR 85,079.90
838.35M
1.26%
1061.74
KSE30 41,552.62
97.27M
1.81%
738.33
KMI30 193,330.76
84.69M
0.39%
741.60
KMIALLSHR 56,315.31
366.02M
0.43%
243.06
BKTi 38,498.08
37.91M
4.13%
1526.33
OGTi 28,138.38
5.66M
-0.36%
-101.89
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 121,875.00 123,615.00
118,675.00
3345.00
2.82%
BRENT CRUDE 71.31 71.53
70.35
0.95
1.35%
RICHARDS BAY COAL MONTHLY 97.50 0.00
0.00
0.25
0.26%
ROTTERDAM COAL MONTHLY 108.75 0.00
0.00
0.05
0.05%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 69.43 69.65
68.41
0.98
1.43%
SUGAR #11 WORLD 16.53 16.67
16.49
-0.04
-0.24%

Chart of the Day


Latest News
July 14, 2025 at 04:23 PM GMT+05:00

PSX Closing Bell: Another One Bites the High


July 14, 2025 at 04:06 PM GMT+05:00

PKR falls 25 paisa per USD


July 14, 2025 at 03:55 PM GMT+05:00

CCP cracks down on cartels, deceptive marketing


July 14, 2025 at 03:32 PM GMT+05:00

VIS reaffirms entity ratings of At-Tahur Ltd


July 14, 2025 at 03:11 PM GMT+05:00

China posts record trade surplus as US exports stabilize



Top 5 things to watch in this week

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