Palm tracks rival oils lower
MG News | December 14, 2021 at 09:23 AM GMT+05:00
December 14, 2021: Malaysian palm oil futures tracked rival oils lower on Tuesday, although expectations of a fall in December production limited the decline.
The benchmark palm oil contract for February delivery on the Bursa Malaysia Derivatives Exchange slid 62 ringgits, or 1.29%, to 4,730 ringgits ($1,118.20) a tonne in early trade, heading for a second straight session of fall.
It had fallen 0.1% during the overnight trade.
FUNDAMENTALS
* The Southern Peninsula Palm Oil Millers' Association (SPPOMA) estimated production during Dec. 1-10 fell 2.8% from the same period in November, traders said on Monday.
* India's vegetable oil imports in November rose 11% from a year earlier to 1.17 million tonnes, as soyoil imports more than doubled, a leading trade body said.
* Dalian's most-active soyoil contract fell 1.5%, while its palm oil contract slipped 1.1%. Soyoil prices on the Chicago Board of Trade were down 0.34%.
* 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 break a support at 4,751 ringgit per tonne, and fall into 4,625-4,676 ringgit range, Reuters technical analyst Wang Tao said.
MARKET NEWS
* Asian stocks and oil prices slipped as the spread of the Omicron coronavirus variant rattled investors who were already on edge ahead of a slew of central bank decisions this week, including a key Federal Reserve meeting.
* Oil prices edged higher but price gains were capped due to investor worries about oil demand after renewed restrictions were imposed in Europe and Asia amid a rise in coronavirus cases.
Reuters
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