Malaysia: Palm oil breaks three-day gaining streak as stocks rise

Published 2022년 8월 11일

Tridge summary

Malaysian palm oil futures broke a three-session winning streak on Wednesday due to a surprise increase in stocks in July, despite higher-than-anticipated exports. The benchmark palm oil contract for October delivery fell 0.32% to 4,106 ringgit ($921.66) per tonne. End-July palm oil stocks in Malaysia rose to an eight-month high due to enhanced production and increased imports, as per the Malaysian Palm Oil Board. Despite the rise in exports, the market saw a decline in soyoil contracts in Dalian and palm oil contracts in Chicago, likely due to price movements in related oils competing for market share in the global vegetable oils market.

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

Original content

Malaysian palm oil futures snapped a three-session gaining streak on Wednesday, after data showed stocks rose in July despite higher-than-expected exports. The benchmark palm oil contract FCPOc3 for October delivery on the Bursa Malaysia Derivatives Exchange fell 13 ringgit, or 0.32%, to 4,106 ringgit ($921.66) per tonne. The contract had gained 8% over the previous three sessions. Malaysia’s end-July palm oil stocks rose 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). 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. “Exports rose much higher than expected notching just over 10% rise, compared with average expectation of 3.12% rise,” said Sathia Varqa, co-founder of Singapore-based Palm Oil Analytics. Iran, India, Turkey, Kenya and the Philippines were top buyers, taking ...

Source: Hellenic Shipping News