Palm drops to three-week low as stronger ringgit weakens demand
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Palm drops to three-week low as stronger ringgit weakens demand
Palm drops to three-week low as stronger ringgit weakens demand
Business & Markets 2013
Written by Bloomberg
Wednesday, 11 September 2013 19:21
11 Sep 2013 18:42
(Sept. 11): Palm oil fell to a three-week low as a rally in the Malaysian currency lowered the appeal of ringgit-denominated futures and speculation increased that rising production may expand stockpiles.
Palm for November delivery declined 0.8 percent to 2,333 ringgit ($716) a metric ton on the Bursa Malaysia Derivatives, the lowest price at close for the most-active contract since Aug. 20. Palm oil for physical delivery in September was at 2,375 ringgit, data compiled by Bloomberg show.
The ringgit climbed for a third day after risks of conflict with Syria eased as U.S. President Barack Obama decided to delay military strikes. Palm oil shipments from Malaysia advanced 11 percent to 462,671 tons in the first 10 days of September from the same period last month, Intertek said yesterday. Exports rose 6.8 percent, according to surveyor SGS (Malaysia) Sdn.
“The stronger ringgit will make exports more expensive,” Chandran Sinnasamy, head of trading at LT International Futures Sdn., said by phone in Kuala Lumpur.
Inventories in August were 1.67 million tons, little changed from July, according to data from the Malaysian Palm Oil Board. Output last month gained 3.6 percent to 1.74 million tons from July, the highest level since December, board data shows. Production is highest from July to October each year.
“We expect September palm oil stocks to rise 13 percent month-on-month as exports may not be able to keep up with the higher production,” Ivy Ng, an analyst at CIMB Investment Bank Bhd., wrote in a report today. Ending stockpiles this month may gain to 1.89 million tons, she said.
Soybeans for November delivery gained 0.2 percent to $13.57 a bushel on the Chicago Board of Trade, while soybean oil for delivery in December was little changed at 43.02 cents a pound. Refined palm oil for January delivery advanced 0.6 percent to close at 5,524 yuan ($903) a ton on the Dalian Commodity Exchange. Soybean oil rose 0.6 percent to end at 7,236 yuan a ton.
Business & Markets 2013
Written by Bloomberg
Wednesday, 11 September 2013 19:21
11 Sep 2013 18:42
(Sept. 11): Palm oil fell to a three-week low as a rally in the Malaysian currency lowered the appeal of ringgit-denominated futures and speculation increased that rising production may expand stockpiles.
Palm for November delivery declined 0.8 percent to 2,333 ringgit ($716) a metric ton on the Bursa Malaysia Derivatives, the lowest price at close for the most-active contract since Aug. 20. Palm oil for physical delivery in September was at 2,375 ringgit, data compiled by Bloomberg show.
The ringgit climbed for a third day after risks of conflict with Syria eased as U.S. President Barack Obama decided to delay military strikes. Palm oil shipments from Malaysia advanced 11 percent to 462,671 tons in the first 10 days of September from the same period last month, Intertek said yesterday. Exports rose 6.8 percent, according to surveyor SGS (Malaysia) Sdn.
“The stronger ringgit will make exports more expensive,” Chandran Sinnasamy, head of trading at LT International Futures Sdn., said by phone in Kuala Lumpur.
Inventories in August were 1.67 million tons, little changed from July, according to data from the Malaysian Palm Oil Board. Output last month gained 3.6 percent to 1.74 million tons from July, the highest level since December, board data shows. Production is highest from July to October each year.
“We expect September palm oil stocks to rise 13 percent month-on-month as exports may not be able to keep up with the higher production,” Ivy Ng, an analyst at CIMB Investment Bank Bhd., wrote in a report today. Ending stockpiles this month may gain to 1.89 million tons, she said.
Soybeans for November delivery gained 0.2 percent to $13.57 a bushel on the Chicago Board of Trade, while soybean oil for delivery in December was little changed at 43.02 cents a pound. Refined palm oil for January delivery advanced 0.6 percent to close at 5,524 yuan ($903) a ton on the Dalian Commodity Exchange. Soybean oil rose 0.6 percent to end at 7,236 yuan a ton.
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