Palm set for second weekly loss

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MG News | February 11, 2022 at 09:06 AM GMT+05:00

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February 11, 2022: Malaysian palm oil futures fell in early trade on Friday and were set for a second straight weekly loss, tracking lower prices of rival oils following soft export data.

The benchmark palm oil contract for April delivery on the Bursa Malaysia Derivatives Exchange was down 0.11% to 5,529 ringgit per tonne. It fell 1.1% on Thursday and has lost around 1.4% so far this week.

FUNDAMENTALS

Malaysian palm oil products exports in Feb. 1-10 fell between 5% and 6.5% from the same period last month, according to cargo surveyor Societe Generale de Surveillance and Intertek Testing Services. Meanwhile, independent inspection company AmSpec Agri Malaysia said exports rose 0.5%.

Malaysia's palm oil inventories dropped more than anticipated at the end of January, hitting a six-month low as production and imports slumped, data from the industry regulator showed on Thursday.

Dalian's most-active soyoil contract fell 0.95%, while the palm oil contract for May delivery lost 1.28%. Soyoil prices on the Chicago Board of Trade were down 0.51%.

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

Palm oil looks neutral in a range of 5,528-5,608 ringgit per tonne, and an escape could suggest a direction, Reuters technical analyst Wang Tao said.

MARKET NEWS

Chicago soybean futures gained ground and were set for a fourth weekly gain, as a severe drought curbed production in key suppliers Brazil and Argentina and underpinned prices.

Oil prices eased in early trade, as hot U.S. inflation fanned worries about aggressive interest rate hikes and as investors await the outcome of U.S.-Iran talks that could lead to increased global crude supply.

Major global stock indexes fell on Thursday under pressure from crucial U.S. inflation data, falling technology shares and rising benchmark bond yields.

Reuters

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