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KUALA LUMPUR (Feb 4): Malaysia’s palm oil stocks likely grew 7.5% month-on-month (m-o-m) to 1.36 million tonnes (at end-January 2021) due to a slower decline in production compared to exports, said CGS-CIMB. Its analyst Ivy Ng said findings of a survey of palm oil areas by the CGS-CIMB Futures team revealed that Malaysia’s crude palm oil (CPO) output probably fell 14% m-o-m or 2.1% year-on-year (y-o-y) to 1.15 million tonnes in January 2021. Meanwhile, palm oil exports likely fell 35% m-o-m and 13% y-o-y, based on export statistics by cargo surveyors Intertek Testing Services (ITS) (-37...
KUALA LUMPUR: The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives is likely to undergo technical correction next week with pessimistic exports outlook. Interband Group of Companies senior palm oil trader Jim Teh said prices would likely hover between RM3,200 and RM3,300 per tonne in the coming week. "The demand will also be slower, given the upcoming Chinese New Year holiday next month,” he told Bernama. According to cargo surveyor Societe Generale de Surveillance, Malaysian palm oil products exports for the Jan 1-20 period dropped 43.3 per cent to 572,910 tonnes from 1,...
Palm for April delivery on Bursa Malaysia Derivatives dropped as much as 1.7% to RM3,293. KUALA LUMPUR: Palm oil futures headed for their lowest close in seven weeks on lingering concerns that demand from key buyer China will weaken after the Lunar New Year festival next month. Prices in Kuala Lumpur dropped as much as 1.7% to RM3,293 per tone, Singapore futures fell 1.3%, while Dalian palm olein declined 0.8%. Concerns about dwindling demand continue to pressure prices, said Gnanasekar Thiagarajan, head of trading and hedging strategies at Kaleesuwari Intercontinental. China’s festival dem...
KUALA LUMPUR (Jan 6): Malaysia’s palm oil inventory likely fell 23% month-on-month (m-o-m) and 40% year-on-year (y-o-y) to 1.21 million tonnes at end-December 2020 — the lowest stock level since June 2007, due to higher exports and declining output, a survey by the CGS-CIMB Futures team showed. The survey also revealed that Malaysia’s crude palm oil (CPO) output probably fell 11.1% m-o-m (-1% y-o-y) to 1.33 million tonnes in December 2020. “We believe the lower production could be due to worker shortage issues caused by the current freeze on foreign worker permits and seasonality fact...