Palm settles higher despite weak soyoil, export data

Published Feb 18, 2025

Tridge summary

Malaysian palm oil futures saw a recovery and closed higher on Monday, with the benchmark contract for May delivery on the Bursa Malaysia Derivatives Exchange rising 0.89% to 4,539 ringgit a metric ton. However, gains were capped due to weakness in soyoil prices and lower palm oil export estimates for the first half of February. Factors such as potential increased import duties on vegetable oils from India and weaker crude palm oil futures also impacted the market. Cargo surveyors predicted a decrease in Malaysian palm oil exports of between 12.3% and 19.9% between February 1-15 compared to the previous month.

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

Original content

Malaysian palm oil futures recouped the session’s earlier losses to settle higher on Monday, while weakness in soyoil prices and lower palm oil exports estimates for the first two weeks of February capped gains. The benchmark palm oil contract FCPO1! for May delivery on the Bursa Malaysia Derivatives Exchange gained 40 ringgit, or 0.89%, to close at 4,539 ringgit ($1,024.14) a metric ton. The contract rose 0.83% on Friday. At the midday session, crude palm oil futures traded lower due to weakness in soyoil markets and a weaker Malaysian palm oil export performance for the first half of February, said Anilkumar Bagani, commodity research head at Mumbai-based Sunvin Group. “Talks of India raising import duties on vegetable oils are also creating uncertainties in the origin markets.” Dalian’s most-active soyoil contract (DBYcv1) fell 0.93%, while its palm oil contract CPO1! rose 0.58%. The Chicago Board of Trade (CBOT) is closed for a public holiday. Palm oil tracks the price ...

Source: Hellenic Shipping News