Login ID:
Password:
Partner Login
Contact Us : 07666977977

Malaysian Palm Oil Recovers From 3-Month Low On Weak Ringgit

14 Feb 2017 12:07 pm
 Comments 0 Comments  |  Comments Post Comment  |  Font Size A A A 

MUMBAI (Commoditiescontrol) - Malaysian palm oil futures recovered from near three-month lows to trade slightly higher on Tuesday on short covering due to weak ringgit.

Fundamentals signals for crude palm oil is mostly bearish due to prospects of production to rise in February month followed by expectations of robust soybean crop in Brazil and favorable weather in Argentina, raising hopes for some recovery in production after huge losses caused amid flood a month earlier.

The most active April delivery crude palm oil on the Bursa Malaysia Derivatives Exchange was tad up 3,039 ringgit ($683.54) per tonne at the midday break against previous close of 3,036 ringgit per tonne. Earlier in the session, they hit 3,011 ringgit, their lowest levels since Nov. 25, 2016.

Malaysia ringgit traded weak at 4.4495 against U.S dollar.

Palm oil shipments in the first 10 days of February slipped up to 3 percent from the corresponding period in January, showed cargo surveyor data, as demand for the tropical oil waned after the Lunar New Year celebrations.

Malaysia palm oil production seen higher by 18% during February 1-10 against same period last month. According to South Peninsula Palm Oil Millers Association. Yields have improved by nearly 20 percent as last year's dry weather due to El-Nino is subsidizing.

Last week, Malaysian palm oil board (MPOB) in its monthly report have forecasted palm oil production down 13.4 percent for full January month.

(By Commoditiescontrol Bureau; +91-22-40015533)


       
  Rate this story 1 out of 52 out of 53 out of 54 out of 55 out of 5 Rated
0.0

   Post comment
Comment :

Note : This forum is moderated. We reserve the right to not publish and/or edit the comment on the site, if the comment is offensive, contains inappropriate data or violates our editorial policy.
Name :  
Email :  
   

Top | Post Comment  

Latest Market Commentary
DJ USDA Minnesota/North Dakota Daily Oilseed Prices - J...
DJ MGEX Grains Close - Jul 21
DJ CBOT Grains/Oilseeds Settlements - Jul 21
DJ CBOT Soyoil/Soymeal Close - Jul 21
DJ ICE Canada Review: Canola Softens as Showers Forecas...
more
Top 5 News
*DJ Regis Resources Price Target Raised 6.7% to A$3.20/...
DJ Lihir Offsets Fall In Newcrest Gold Production >N...
*DJ Iluka: Improved Mineral Sales Market Conditions Evi...
*DJ Iluka 2Q Mineral Sands Production 344,300 Tons
*DJ Iluka 1H Zircon, Rutile, Synthetic Rutile Output Vo...
Top 5 Special Reports
Weekly: Pulses Extend Losses On Fall In Demand/Volume
Weekly: Spot Red Chilli Gains Most In Spices Complex; C...
Technical: Cotton Seed Oil Cake - Expect Support At Low...
Spot RBD Palmolein To Trade Steady To Up Next Week
Cotton Weekly: On-going Rains Weigh on Indian Cotton Ma...
Copyright © CC Commodity Info Services LLP. All rights reserved.