Malaysia: Palm oil tracks soybean oil lower

Published 2022년 8월 10일

Tridge summary

Malaysian palm oil futures saw a decline on August 10, 2022, after three consecutive days of growth, primarily due to a weakness in soyoil. The October delivery contract for palm oil on the Bursa Malaysia Derivatives Exchange fell by 0.8% to 4086 ringgit ($917.17) per tonne. This decline came despite a report from the Malaysian Palm Oil Board (MPOB) showing an increase in palm oil stocks to an eight-month high, driven by higher production and imports. The rise in exports, mainly to Iran, India, Turkey, Kenya, and the Philippines, was significantly more than anticipated. The price trends in related oils, such as soyoil, also impacted the palm oil market.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Malaysian palm oil futures retreated on Wednesday from a three-day climb, as the contract tracked weakness in rival soyoil. The benchmark palm oil contract FCPOc3 for October delivery on the Bursa Malaysia Derivatives Exchange lost 33 ringgit, or 0.8%, to 4086 ringgit ($917.17) a tonne by the midday break. Malaysia’s end-July palm oil stocks expanded to an eight-month peak on the back of improving production and soaring imports, according to data from industry regulator the Malaysian Palm Oil Board (MPOB) released during the midday break. Crude palm oil production climbed 1.84% to 1.57 million tonnes from June levels, while palm oil exports grew 10.72% to 1.32 million tonnes, MPOB said. “Data seen bullish … exports rose much higher than expected notching just over 10% rise, compared with average expectation of 3.12% rise. Iran, India, Turkey, Kenya and the Philippines emerged as the top buyers, taking advantage of palm in the absence of sunflower oil from the Black Sea, ...

Source: Hellenic Shipping News