Palm oil firms as floods spark production concerns
MG News | January 04, 2022 at 09:25 AM GMT+05:00
January 4, 2021: Malaysian palm oil futures extended gains for the third straight session on Tuesday, hovering near a more than three-week high, as worsening floods added to worries over a larger-than-expected decline in production.
The benchmark palm oil contract for March delivery on the Bursa Malaysia Derivatives Exchange gained 5 ringgit, or 0.1%, to 4,862 ringgit ($1,163.16) a tonne during early trade.
It fell 0.66% during overnight trade, after starting the year up 3.4%.
FUNDAMENTALS
* Supplies remain tight due to wet weather in Peninsular Malaysia and Sabah amid the Northeast monsoon season that has led to widespread flooding, with industry data estimating output 8.5% lower for December versus November, according to Refinitiv Commodities Research.
* Persistently high palm oil prices and renewed lockdowns to combat the Omicron coronavirus variant have hurt demand, Refinitiv said.
* Exports of Malaysian palm oil products for December fell 5.3% from November, cargo surveyor Intertek Testing Services said on Friday.
* Dalian's most-active soyoil contract gained 0.8%, while its palm oil contract rose 1.8%. Soyoil prices on the Chicago Board of Trade were up 0.4%.
* 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 retest a resistance at 4,873 ringgit per tonne, a break above which could lead to a gain to 4,948 ringgit, Reuters technical analyst Wang Tao said.
Reuters
Related News
Name | Price/Vol | %Chg/NChg |
---|---|---|
KSE100 | 134,299.77 290.06M |
0.39% 517.42 |
ALLSHR | 84,018.16 764.12M |
0.48% 402.35 |
KSE30 | 40,814.29 132.59M |
0.33% 132.52 |
KMI30 | 192,589.16 116.24M |
0.49% 948.28 |
KMIALLSHR | 56,072.25 387.69M |
0.32% 180.74 |
BKTi | 36,971.75 19.46M |
-0.05% -16.94 |
OGTi | 28,240.28 6.19M |
0.21% 58.78 |
Symbol | Bid/Ask | High/Low |
---|
Name | Last | High/Low | Chg/%Chg |
---|---|---|---|
BITCOIN FUTURES | 118,720.00 | 119,450.00 115,635.00 |
4850.00 4.26% |
BRENT CRUDE | 69.39 | 69.50 68.55 |
0.75 1.09% |
RICHARDS BAY COAL MONTHLY | 97.50 | 0.00 0.00 |
1.10 1.14% |
ROTTERDAM COAL MONTHLY | 108.75 | 108.75 108.75 |
0.40 0.37% |
USD RBD PALM OLEIN | 998.50 | 998.50 998.50 |
0.00 0.00% |
CRUDE OIL - WTI | 67.40 | 67.54 66.50 |
0.83 1.25% |
SUGAR #11 WORLD | 16.29 | 16.43 16.20 |
0.03 0.18% |
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 |
---|