VEGOILS-Palm ends up after Malaysia stockpile hits a four-month low
JAKARTA, Jan 10 (Reuters) – Malaysian palm oil futures extended gains for a fifth straight session on Wednesday, as Malaysia’s stockpile slipped to a four-month low.
The benchmark palm oil contract for March delivery on the Bursa Malaysia Derivatives Exchange increased 27 ringgit, or 0.72%, to 3,759 ringgit ($810.30) a metric ton on the closing.
Data from the Malaysian Palm Oil Board (MPOB) on Wednesday showed that inventories fell 4.64% month-on-month to 2.29 million metric tons at December-end, the lowest since August.
Production is expected to further decline amid a seasonal cycle, Anilkumar Bagani, head of research at India-based Sunvin Group, said.
“Palm oil (is) currently looking for support from soyoil, sunflower oil and crude oil markets.”
Dalian’s most-active soyoil contract rose 2.30% and its palm oil contract increased 3.29%. Soyoil prices on the Chicago Board of Trade fell 0.21%.
Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
Indonesia in 2023 approved the replanting of 53,012 hectares(130,995.5 acres) of palm oil trees on land owned by smallholder farmers under a subsidised programme, data from the country’s palm oil funding agency showed on Wednesday.
Meanwhile, exports of Malaysian palm oil products for Jan. 1-Jan. 10 fell 9.8% to 349,075 tonnes from 386,986 tonnes shipped during Dec. 1-Dec. 10, independent inspection company AmSpec Agri Malaysia said on Wednesday.
Exports of these products fell 3.9% to 354,465 metric tons for Jan. 1-Jan. 10 from 368,990 metric tons during Dec. 1-Dec. 10, cargo surveyor Intertek Testing Services said on Wednesday.
Oil prices climbed around 2% on Tuesday as the Middle East crisis and a Libyan supply outage pared the previous day’s heavy losses.
The Malaysian ringgit , palm’s currency of trade, was flattish against the U.S dollar.
($1 = 4.6390 ringgit) (Reporting by Dewi Kurniawati; Editing by Rashmi Aich and Mrigank Dhaniwala) ((Dewi.Kurniawati@thomsonreuters.com)) ((For a table on Malaysian physical palm oil prices, including refined oil, Reuters Terminal users can double click on or type . * To view freight rates from Peninsula Malaysia/Sumatra to China, India, Pakistan and Rotterdam, please key in and press enter, or double click between the brackets. * Reuters Terminal users can see cash and futures edible oil prices by double clicking on the codes in the brackets: To go to the next page in the same chain, hit F12. To go back, hit F11. Vegetable oils
Malaysian palm oil exports
CBOT soyoil futures
CBOT soybean futures
Indian solvent
Dalian Commodity Exchange
Dalian soyoil futures
Dalian refined palm oil futures
Zhengzhou rapeseed oil
European edible oil prices/trades
[OILS/E] )) Keywords: ASIA VEGOILS/
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