Palm oil futures facing biggest drop in 16 months
Malaysian palm oil futures were down some 10% today on cheaper US soy oil prices.
PETALING JAYA: Malaysian palm oil futures are on track for their biggest drop in more than 16 months after they fell nearly 10% in morning trading today.
The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange fell RM363, or 9.9%, to RM3,300 a tonne by the midday break, extending losses into a sixth session and hitting its lowest since Feb 4.
Last week, palm oil posted its first weekly drop in three weeks, falling 11.3% on worries over tepid June exports and forecasts of higher stocks and output.
“Crude palm oil futures on the Bursa Malaysia Derivatives Exchange are trading sharply lower following bearish momentum in CBOT (Chicago Board of Trade) soy oil futures,” Anilkumar Bagani, research head of Mumbai-based vegetable oils broker Sunvin Group, told Reuters.
Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange fell RM363, or 9.9%, to RM3,300 a tonne by the midday break, extending losses into a sixth session and hitting its lowest since Feb 4.
Last week, palm oil posted its first weekly drop in three weeks, falling 11.3% on worries over tepid June exports and forecasts of higher stocks and output.
“Crude palm oil futures on the Bursa Malaysia Derivatives Exchange are trading sharply lower following bearish momentum in CBOT (Chicago Board of Trade) soy oil futures,” Anilkumar Bagani, research head of Mumbai-based vegetable oils broker Sunvin Group, told Reuters.
Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
kt notes: The real reason why US and European authorities want to eff up our palm oil on grounds of eco-sustainability - WTF, when all soy, rape, corn, sunflower etc and other US-European beans were grown on what were previously pristine forests which they devastated in order for their farmers to grown these crops; besides their vege-oil couldn't compete with our palm oil
CBOT soy oil declined amid worries over a possible US move to reduce biodiesel production and were down 3.4% to their lowest in nearly four months.
US President Joe Biden’s administration, under pressure from labour unions and senators including from his home state of Delaware, is considering ways to provide relief to US oil refiners from biofuel blending mandates, three sources familiar with the matter told Reuters.
https://www.thestar.com.my/business/business-news/2021/03/27/the-unsustainable-prices-of-crude-palm-oil
ReplyDeleteMonths ago, professionals who male a living trading in palm oil already said the palm oil price hike is unsustainable.
Simply blaming market movements on evil USA or Europe environment policy is politicised mumbo-jumbo, not real market economics.
Wakakakaka…
DeleteKnow-nothing fart AGAIN!
Based on what did those market professionals who made a living trading in palm oil already said the palm oil price hike is unsustainable?
Candle stick postulation?
Palm oil production/consumption movements?
Politicised mumbo-jumbo of the evil USA or Europe environment policy?
Which was their ultimate pick?
Which one ain't marketing economic matrices?
Ooop… u r just an old school moneyed mfer feeding on using yr heirloom silver spoon!
when the china college student protest the downgrade of their degree to vocational cert, the ccp media claim usa is black hand. communist everywhere think alike.
ReplyDeleteWow!
Delete"downgrade of their degree to vocational cert"
Is that what u read from 头条？
Or just yr f*cked fabrication?
Propagating katak-ised lies from that fart filled well again!
Anyone who has had to breath the toxic fumes coming from the man-made industrial-scale clear burn jungle fires used to clear land for palm oil in Sumatra and Kalimantan will understand why there needs to be international action to discourage it.
ReplyDeleteMany countries tried to talk nicely to Indonesia for years, but got nowhere.
If there is similar industrial-scale man-made forest burning occurring in Europe or USA for their edible oils, similar sanctions should apply.
try Brazil
DeleteThis old moneyed mfer can't see that far!
DeleteBrazil is in Europe or USA ?
Deleteif u want USA u should try their early history
Deletecowboy shoot red indian?
DeleteI have read the history of both USA and Europe.
DeleteMost of their farmland was cleared over 100- 200 years ago, with hand tools , animal and human muscle power. There is no history there that I have I can relate to of the industrial-scale jungle burning practiced in Indonesia.
https://images.app.goo.gl/QqhTnKPtNPNJDpZR9
DeleteAnyone can convince me it is inappropriate to sanction this kind of industrial-scale environmental rape ?
Another one of yr f*cked chant for solution after the crisis happened!
DeleteOld moneyed mfer, what's the ultimate cause of this industrial-scale environmental rape that now u condemned?
Terbalik causality fart, the syndrome of demoNcratic dickheads. It's easier such that the blame can be partook by the readily identified propagators while the ultimate winners remain safe & sound in 'hippo' altruism!