Palm trades sideways ahead of the Christmas holiday in Malaysia

Published 2024년 12월 25일

Tridge summary

Malaysian palm oil futures saw minimal movement on Tuesday, with profit taking limiting gains after a 2.46% increase the previous day, snapping a six-session losing streak. The benchmark palm oil contract for March delivery on the Bursa Malaysia Derivatives Exchange rose 0.29% at 4,555 ringgit ($1,015.83) a metric ton. The stability in crude palm oil futures is largely attributed to Indonesia's plan to expand its biodiesel mandate from January 1, which has been largely priced in. The rise in dalian soyoil and palm oil contracts, alongside a slight uptick in oil prices, also influenced the market. The ringgit's strength against the dollar also affects the price of palm oil. The Bursa Malaysia Derivatives Exchange will be closed on Christmas Day.

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Original content

Malaysian palm oil futures traded sideways on Tuesday ahead of the Christmas holiday as profit taking capped gains. The benchmark palm oil contract FCPO1! for March delivery on the Bursa Malaysia Derivatives Exchange was up 13 ringgit, or 0.29%, at 4,555 ringgit ($1,015.83) a metric ton at the close. Crude palm oil futures traded sideways to lower on profit taking ahead of the Christmas holidays, said Anilkumar Bagani, commodity research head at Sunvin group. The contract gained 2.46% on Monday, snapping six straight sessions of losses, lifted by stronger Dalian soyoil prices and as traders bought cheaper contracts after the recent bout of declines. Indonesia’s plan to expand its biodiesel mandate from Jan. 1 is now largely priced in, Bagani said. The plan looks increasingly likely to be implemented gradually, analysts said last Wednesday, as industry participants seek a phase-in period. Dalian’s most-active soyoil contract (DBYcv1) rose 1.06%, while its palm oil contract CPO1! ...

Source: Hellenic Shipping News