palm oil

With India trying to increase its palm oil plantation footprint in order to minimise its reliance on oilseed imports, the nation teamed up with Malaysia on Tuesday to enlist the latter’s help. After Indonesia, Malaysia, the […]

Indonesia’s palm oil exports including biodiesel, oleofood and olechemicals, fell 4% on year to 10.24 mln tn in Jan-Apr as demand from major buying countries declined. In April, the country’s palm oil exports totalled 2.40 mln tn, 5% lower than 2.53 mln tn in the previous month. The drop in palm oil exports was due mainly to the decline in demand from major importing nations such as India, China, the EU and the US, even though demand increased from Bangladesh, West Asian countries and Pakistan. In April, crude palm oil prices averaged at $662.2 per tn, lower than $676.2 per tn in March.

Crude palm oil futures on Bursa Malaysia Derivatives ended flat as losses due to soyoil contracts on CBOT were offset by gains from a weak ringgit against the dollar. Prices of crude palm oil and soyoil typically move in tandem, as they are used as substitutes. Weakness in the Malaysian currency against the greenback makes crude palm oil cheaper for buyers holding other currencies. The most-active August contract of crude palm oil on the Malaysian bourse ended at 2,473 ringgits (42,456.90 rupees) per tn, down 0.2% from the previous close.

Lower crude palm oil prices and weakness in its sugar business both took their toll on agribusiness giant Wilmar International’s first-quarter earnings. Wilmar clocked a net profit of US$203.3 million (S$272 million) for the three months to March 31, down by 40.6 per cent on the previous year. The tumble came even though stronger oilseeds and grains sales helped to push group revenue higher by 5.7 per cent, to US$11.17 billion.

China is open to increasing its import quota of Indonesian palm oil by at least 500,000 tons.

Crude palm oil futures on Bursa Malaysia Derivatives ended flat as gains due to a weak ringgit against the dollar were offset by a decline in soyoil contracts on CBOT. A weak Malaysian currency makes the commodity cheaper for buyers holding other currencies.The most-active July contract of crude palm oil on the Malaysian bourse hit a near two-week high of 2,400 ringgits (40,727.94 rupees) per tn. The most-active July contract of crude palm oil on the Malaysian bourse hit a near two-week high of 2,400 ringgits (40,727.94 rupees) per tn.

Crude palm oil contracts on MCX rose tracking gains in soyoil contracts on CBOT, and weakness in the ringgit against the dollar. Prices of soyoil and palm oil move in tandem, as they are used as substitutes. The most-active May contract on MCX was up 0.9% at 647.30 rupees per 10 kg. Gains in the parent contract on Bursa Malaysia Derivatives Exchange is also seen supporting the contracts. The most-active July contract was up 34 ringgit.

Futures contracts of crude palm oil on the Bursa Malaysia Derivatives rose marginally, tracking overnight gains in soyoil contracts on CBOT. The most-active July contract was up 7 ringgits at 2,415 (40,825 rupees) ringgits per tn. Prices of crude palm oil and soy oil move in tandem. Overall sentiment for the palm oil, however, remains weak due to expectation of higher output in the second half of the year.

The June contract of crude palm oil was down on the Bursa Malaysia Derivatives as investors booked profits after prices hit a one-month high of 2,483 ringgits (41,633.81 rupees) per tn in early trade. The most-active June contract of crude palm oil on the Malaysian bourse traded at 2,467 ringgits per tn, down 0.2% from the previous close. The weakness in soyoil contracts on CBOT also added to losses in palm oil. The prices of crude palm oil and soyoil typically move in tandem as the commodities are used as substitutes for each other.

Futures contracts of crude palm oil on the Bursa Malaysia Derivatives rose on expectations of a rise in demand ahead of Ramzan in May. The prices of crude palm oil and soyoil typically move in tandem as the commodities are used as substitutes for each other. The decline in palm oil inventories in Malaysia by 12% on-month to 2.18 mln tn in March.

Russia’s import of palm oil and its fraction surged 27.8% year-on-year to 72,700 tonnes in January 2018. Imports of sunflower oil, safflower or cottonseed oil and their fractions grew by 21.2% to 900,000 tonnes in the first month of the year. Import of coconut (copra), palm kernel or babassu oil and their fractions fell 49.5% in the reporting period to 4,000 tonnes

Indonesia will impose higher import duties on several Indian products in retaliation to the latter’s high import duty on palm oil. Starting Mar 1, India raised import duties on crude palm oil and refined, bleached and deodorised palmolein to 44% and 54%, respectively, from 30% and 40% previously. Indonesia’s Coordinating Ministry for Economic Affairs, other related ministries and the palm oil industry have been discussing the possible response to India’s move.

Futures contracts of crude palm oil were down as India has raised import duty on palm oil. The most active May contract of crude palm oil on the Malaysian bourse was at 2,456 ringgits (40,973 rupees) per tn, down 18 ringgits from the previous close.

In December 2017, Russian palm oil imports hit a seven-year low of 22.7 KMT, down more than 35% from the previous month. In the first four months of 2017/18, palm oil purchases decreased almost 40% to 224.7 KMT against 373.3 KMT a year. The current marketing year continues witnessing a downward trend in Russian palm oil imports, which have already dropped to an eight-year low.

Futures contracts of crude palm oil on the Bursa Malaysia Derivatives settled largely unchanged as gains due to a weak ringgit against the dollar were offset by weakness in soyoil contracts on CBOT. The most-active May contract of crude palm oil on the Malaysian bourse settled at 2,542 ringgits (42,186.83 rupees) per tn, up 2 ringgits from the previous close.