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 - S...
DJ MGEX Grains Close - Sep 25
DJ ICE Canada Canola Shows Independent Strength Amid So...
DJ CBOT Grains/Oilseeds Settlements - Sep 25
DJ CBOT Soyoil/Soymeal Close - Sep 25
more
Top 5 News
DJ ICE Futures U.S. Cotton Close - Sep 25
DJ USDA Minnesota/North Dakota Daily Oilseed Prices - S...
DJ USDA Minneapolis Daily Basis - Sep 25
DJ USDA Crop Progress: Cotton Condition Index-Sep 25
DJ USDA Daily National Grain Market Summary - Sep 25
Top 5 Special Reports
India Cotton Shipments Up 4% Y/y in 2016/17
Weekly: Spot Jeera Edges Higher; Buyers Cautious On Exp...
Weekly: Raw Pulses Widen Loss Amid Lackluster Demand In...
CBOT Soybeans Closed Higher for the Week; China Buying ...
Cotton Weekly: Large Crop Prospect Weighs on Indian Mar...
Copyright © CC Commodity Info Services LLP. All rights reserved.