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NewsVegoils Palm oil ticks up as year-end monsoon seen curbing production
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Vegoils Palm oil ticks up as year-end monsoon seen curbing production
by Cals Fri 18 Dec 2015, 20:42
Vegoils
Palm oil ticks up as year-end monsoon seen curbing production
By Reuters / Reuters | December 18, 2015 : 6:55 PM MYT
KUALA LUMPUR (Dec 18): Malaysian palm oil futures gained on Friday, boosted by concerns that production would be hit by year-end monsoon and expectations of higher imports by China.
The year-end monsoon season in palm producing Southeast Asian countries brings heavy rains and floods, curbing supplies and lending support to prices.
The benchmark palm oil contract for March on the Bursa Malaysia Derivatives Exchange had gained 0.7% to RM2,402 (US$560.30) a tonne by the end of the morning session. For the week, it was down 2.3%, heading for its first weekly drop in five.
Traded volume stood at 36,436 lots of 25 tonnes each at the end of the trading day on Friday.
"Exports should improve as we move towards better demand which will be coming from China due to the Chinese New Year festival," said a Kuala Lumpur-based trader.
Shipments from Malaysia, the world's second largest producer of palm oil, are seen improving after falling in the first half of December with separate surveying companies reporting 34%–36% plunge from a month earlier.
In competing vegetable oil markets, the U.S. January soyoil contract rose 1%, while the May soybean oil contract on the Dalian Commodity Exchange was down 0.2%.
(US$1 = RM4.2870)
(US$1 = 66.4425 Indian rupees)
(US$1 = 6.4800 Chinese yuan)
Palm oil ticks up as year-end monsoon seen curbing production
By Reuters / Reuters | December 18, 2015 : 6:55 PM MYT
KUALA LUMPUR (Dec 18): Malaysian palm oil futures gained on Friday, boosted by concerns that production would be hit by year-end monsoon and expectations of higher imports by China.
The year-end monsoon season in palm producing Southeast Asian countries brings heavy rains and floods, curbing supplies and lending support to prices.
The benchmark palm oil contract for March on the Bursa Malaysia Derivatives Exchange had gained 0.7% to RM2,402 (US$560.30) a tonne by the end of the morning session. For the week, it was down 2.3%, heading for its first weekly drop in five.
Traded volume stood at 36,436 lots of 25 tonnes each at the end of the trading day on Friday.
"Exports should improve as we move towards better demand which will be coming from China due to the Chinese New Year festival," said a Kuala Lumpur-based trader.
Shipments from Malaysia, the world's second largest producer of palm oil, are seen improving after falling in the first half of December with separate surveying companies reporting 34%–36% plunge from a month earlier.
In competing vegetable oil markets, the U.S. January soyoil contract rose 1%, while the May soybean oil contract on the Dalian Commodity Exchange was down 0.2%.
(US$1 = RM4.2870)
(US$1 = 66.4425 Indian rupees)
(US$1 = 6.4800 Chinese yuan)
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