Palm down on profit taking

MG News | January 14, 2022 at 09:08 AM GMT+05:00

0:00

January 14, 2021: Malaysian palm oil futures fell on Friday tracking weaker rival oils, while traders also booked profits after the contract rose to an all-time closing high on concerns of persisting labour shortage.

The benchmark palm oil contract for March delivery on the Bursa Malaysia Derivatives Exchange lost 55 ringgit, or 1.07%, to 5,106 ringgit ($1,220.95) a tonne in early trade. It also lost 0.7% overnight but looked set for a weekly gain.

FUNDAMENTALS

The market is on a profit-taking mode after Thursday's rally, and tracking Dalian and soyoil weakness, a Kuala Lumpur-based trader said.

Dalian's most-active soyoil contract dropped almost 1%, while its palm oil contract slipped 0.7%. Soyoil prices on the Chicago Board of Trade were down 1.1%.

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 test a support at 5,094 ringgit per tonne, and a break below could open the way to 5,001 ringgit, Reuters technical analyst Wang Tao said.

Reuters

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KSE30	54,010.33 172.85M	1.33% 707.40
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Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	88,120.00	89,705.00 87,470.00	-140.00 -0.16%
BRENT CRUDE	60.91	61.92 60.63	-0.42 -0.68%
RICHARDS BAY COAL MONTHLY	86.75	0.00 0.00	0.65 0.75%
ROTTERDAM COAL MONTHLY	96.75	0.00 0.00	0.20 0.21%
USD RBD PALM OLEIN	1,027.50	1,027.50 1,027.50	0.00 0.00%
CRUDE OIL - WTI	57.41	58.55 57.20	-0.54 -0.93%
SUGAR #11 WORLD	14.95	15.22 14.80	0.11 0.74%