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JAKARTA (Sept 27): Malaysian palm oil futures recouped some losses as crude oil and US soy oil rebounded but still ended Tuesday (Sept 27)’s afternoon trade lower, as concerns of higher output and soft demand for the rest of the year remained.
Malaysian palm oil futures fell nearly 7% on Monday (Sept 26), tracking weakness in rival edible oils amid recession fears, and after a leading analyst warned prices would plunge by more than 30% by the end of this year due to ample supply and weaker demand.
Singapore News - Two surveyors who accepted bribes to misreport the theft of gas oil as part of a massive heist to steal oil from Shell's manufacturing site on Pulau Bukom have been jailed. With their help, multiple incidents of gas oil theft worth up to $2.5 million went... Read more at www.tnp.sg
Crude palm oil (CPO) futures contracts on Bursa Malaysia Derivatives rebounded to close higher on Tuesday on the back of stronger soybean oil prices during the Asian hours, a dealer said. Mumbai-based Sunvin Group commodity research head Anilkumar Bagani said the recovery in the Chicago Board of Trade (CBOT) soybean oil futures has pushed the CPO demand further on Tuesday.
Malaysian palm oil futures fell nearly 7% on Monday, declining for a fourth straight session to hit their lowest since Jan. 17, as a resumption of Indonesian exports and cheaper soyoil weighed on the market. The benchmark palm oil contract FCPOc3 for September delivery on the Bursa Malaysia Derivatives Exchange lost 374 ringgit or 6.86%, ...