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Vegoils Commentary: Futures prices to rise on output worries

27 Jan 2021 8:30 am
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Mumbai (Commodities Control) – Malaysian palm oil futures snapped two consecutive sessions of losses to end 0.7% higher on Tuesday as the contract tracked strength in rival oils in China and the United States, although weaker exports curbed gains.

South Peninsula Palm Oil Millers Association released palm oil production pace for 1-25 Jan as against 1-25 Dec. SPPOMA represents about 48% of total palm oil estate in Malaysia.

SPPOMA: 1-25th Jan 21
Overall Summary :
Yield : -10.02%
OER : -1.06%
Prod : -15.60%

Production stays lows as expected earlier due heavier rainfall across major portions and movement control restrictions in place making operations difficult.

Overall January production in Malaysia is anticipated to fall by 8-12% lower than last month, keeping the supplies tight.

Palm oil on the European vegetable oils market rose on Tuesday following gains in Malaysian palm oil futures, which were supported by strength in rival vegetable oils.

The ringgit remained lower against the US dollar today as investors sought more greenback as safe-haven currency amid rising Covid-19 cases globally and jitters around the United States US$D1.9 trillion fiscal stimulus.

Chicago soybean oil futures fell on Monday, extending losses from the previous session, as rains in South American growing regions eased concerns about tight global supplies.

Crude Oil prices were little changed on Tuesday as rising coronavirus deaths fed worries about the global demand outlook, but losses were capped by reports of a blast in Saudi Arabia.

The Biden administration is expected to announce a temporary suspension of new oil and gas leasing on U.S. federal lands and waters on Wednesday, and to order that nearly a third of federally run acreage is conserved over the next decade, three sources familiar with the matter said on Tuesday.

BMD CPO 3M futures are likely to stabilise towards 3300/3400 RM/MT in coming sessions.

MCX CPO 1M futures to trade towards 920/950 Rs/10 kg.

Ref Soy oil 1M futures may correct further towards 1090 Rs/10 kg from current levels.

(Commodities Control Bureau)

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