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Malaysian CPO Futures Ends Lower on Profit-Booking

14 Jan 2025 3:58 pm
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MUMBAI, 14 Jan (Commoditiescontrol): Malaysian crude palm oil (CPO) futures ended lower on Tuesday as traders locked in profits following two sessions of significant gains driven by declining palm oil inventories and firm crude oil prices.

The benchmark March contract on the Bursa Malaysia Derivatives Exchange settled lower by 57 ringgit, or 1.27%, at 4,443 ringgit ($987.33) per metric ton at close.

Despite supportive fundamentals like lower inventories and strong crude oil prices, market sentiment remains cautious. Palm oil's price premium over soybean oil has raised concerns about its competitiveness in the edible oil market, increasing the likelihood of palm oil losing market share to alternative vegetable oils.

Malaysia’s palm oil stocks fell for the third consecutive month in December 2024, declining 6.91% to 1.71 million metric tons, according to data from the Malaysian Palm Oil Board. Crude palm oil production decreased by 8.3%, while exports dropped sharply by 9.97%. Adding to the pressure, cargo surveyor data for January 1–10 showed a 21.4% month-on-month decline in export estimates, signaling softer demand.

Soyoil prices on the Chicago Board of Trade eased 0.52%. Dalian's most active soyoil contract rose 1.2% and its palm oil contract added 0.14%.

Global factors also influenced market sentiment. Crude oil prices, while slightly lower, remained near four-month highs as the impact of new U.S. sanctions on Russian oil was assessed. These sanctions have increased the attractiveness of palm oil as a biodiesel feedstock, although much of this optimism is already factored into current prices.

Indonesia’s B40 biodiesel program, although delayed by a month or two, continues to provide underlying support to palm oil prices. However, the market focus is shifting to soybean oil price trends, which depend on U.S. biodiesel policies and tariffs on used cooking oil. Crude oil prices will also remain a key driver, influencing palm oil and other vegetable oils.



(By Commoditiescontrol Bureau; +91 98201 30172)


       
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