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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Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	117,805.00	118,295.00 116,115.00	1980.00 1.71%
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USD RBD PALM OLEIN	1,106.50	1,106.50 1,106.50	0.00 0.00%
CRUDE OIL - WTI	63.44	63.82 63.24	-0.61 -0.95%
SUGAR #11 WORLD	16.23	16.59 16.23	-0.33 -1.99%