login_img.jpg
Login ID:
Password:
Partner Login
Contact Us : 7066511911

Malaysian CPO Futures Decline for Third Day Amid Pressure from Rivals and Selling Activity

14 Nov 2024 11:52 am
 Comments 0 Comments  |  Comments Post Comment  |  Font Size A A A 

MUMBAI, 14 Nov (Commoditiescontrol): Malaysian crude palm oil (CPO) futures fell for a third straight session on Thursday, weighed down by lower prices in rival Dalian vegetable oils and continued selling pressure in the CPO market.

The benchmark palm oil contract on the Bursa Malaysia Derivatives Exchange dropped 82 ringgit, or 1.64%, to 4,905 ringgit ($1,093.40) per metric ton by midday.

The ongoing sell-off is creating buying interest for local olein, keeping offers elevated, noted Paramalingam Supramaniam, director at Selangor-based brokerage Pelindung Bestari.

In China, Dalian’s most-active soyoil contract fell 1.7%, and its palm oil contract declined 0.8%, while soyoil on the Chicago Board of Trade showed a modest gain of 0.49%. Palm oil often tracks these rival edible oils as they vie for a share of the global vegetable oils market.

India’s palm oil imports surged 60% in October to 845,682 tons, driven by festive demand and increased purchases by refiners replenishing stocks that had been reduced due to low recent imports, reported the Solvent Extractors’ Association of India.

Meanwhile, Indonesia’s government has reaffirmed its plan to implement a 40% mandatory biodiesel blend (B40) using palm oil-based fuel starting January 2025, as part of the administration’s “quick wins” initiatives. However, Malaysian palm oil exports from Nov. 1-10 have declined by 14.6% to 15.8% compared to the same period last month, according to data from AmSpec Agri Malaysia and Intertek Testing Services (ITS).

Global oil prices slipped on Thursday, reversing the prior session's gains amid concerns about increased production and sluggish demand growth, with a strong dollar adding pressure. Lower crude oil prices make palm oil a less attractive option as a biodiesel feedstock.

Technical analysts suggest palm oil may test support at 4,795 ringgit per metric ton, with a potential drop to 4,655 ringgit if this level is breached.



(By Commoditiescontrol Bureau; +91 98201 30172)


       
  Rate this story 1 out of 52 out of 53 out of 54 out of 55 out of 5 Rated
0.0

   Post comment
Comment :

Note : This forum is moderated. We reserve the right to not publish and/or edit the comment on the site, if the comment is offensive, contains inappropriate data or violates our editorial policy.
Name :  
Email :  
   

Post Comment  

Latest Market Commentary
Clove Prices Stable Amid Steady Supply; Upward Trend An...
Domestic Pepper Prices Continue to Climb Amid Delayed H...
Small Cardamom Prices Decline from Multi-Year Highs
Turmeric Prices Stable in Spot Markets; NCDEX Futures S...
Cumin Prices Stable in Gujarat; Decline in Acreage Note...
more
Top 5 News
Market Wise Chana Arrivals: Supply Down By -12.51% Aga...
Market Wise Tur Arrivals: Supply Down By -46.91% Again...
Market Wise Matar Arrivals: Supply Up By 42.16% Agains...
International Wheat Prices - 11 Dec 2024
Market Wise Masur Arrivals: Supply Up By 7.58% Against...
Top 5 Special Reports
USDA WASDE Soybean Outlook: Increased Production and Ex...
USDA WASDE Report: Cotton Ending Stocks Increase Amid H...
Malaysian Palm Oil Stocks Decline as Production and Exp...
Weekly: Sugar Prices Surge Amid Weather Woes and Global...
Weekly: Cotton Futures Decline Amid Weak Exports and Ex...
Copyright © CC Commodity Info Services LLP. All rights reserved.