Malaysia: Palm oil breaks three-day gaining streak as stocks rise
RBD Palm Oil
Malaysia
Published Aug 11, 2022
Tridge summary
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.
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 ...
By clicking “Accept Cookies,” I agree to provide cookies for statistical and personalized preference purposes.
To learn more about our cookies, please read our Privacy Policy.