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

게시됨 2022년 8월 11일

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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.

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원본 콘텐츠

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 ...

출처: Hellenic Shipping News