Palm ends higher on muted production expectations
Updates with closing prices, adds comment on paragraph 4
By Dewi Kurniawati
JAKARTA, Sept 5 (Reuters) -Malaysian palm oil futures reversed losses on Thursday amid lower trading volumes and worries over poor production expectations in the fourth quarter this year.
The benchmark palm oil contract FCPOc3 for November delivery on the Bursa Malaysia Derivatives Exchange went up 33 ringgit, or 0.85%, to close at 3,919 ringgit ($903.93) a metric ton.
"Rather thin volume today, suggesting a lethargy in selling activities. The biggest worry is low arrival of fresh fruit bunches and poor production performance both in August and September," said Paramalingam Supramaniam, director at Selangor-based brokerage Pelindung Bestari.
"Looking at the overall trend, there is huge possibility of no peak production in the fourth quarter this year. This dismal performance will likely keep prices well supported in the near term," he added.
Dalian's most-active soyoil contract DBYcv1 fell 0.88%, while its palm oil contract DCPcv1 was down 0.53%. The Chicago Board of Trade BOcv1 gained 1.32%.
Palm oil tracks price movements in related oils as they compete for a share in the global vegetable oils market.
Indonesia, the world's biggest palm oil exporter, plans to lower export levy rates of the tropical oil to improve competitiveness against rival vegetable oils and raise farmers' income.
Malaysia's palm oil inventories are expected to have climbed to their highest levels in six months at the end of August due to lacklustre export demand, a Reuters survey showed.
Malaysia's August palm oil exports are seen at 1,376,412 tons, according to Amspec Agri.
Exports of Malaysian palm oil products for August fell 9.9% to 1,445,442 tons from 1,604,578 tons shipped during July, cargo surveyor Intertek Testing Services said.
The Malaysian ringgit MYR=, palm's currency of trade, gained 0.33% against the dollar. A stronger ringgit makes palm oil less attractive for foreign currency holders.
Oil prices firmed on Thursday, edging up from multi-month lows on a possible delay to output increases by OPEC+ producers and a decline in U.S. inventories, though the gains were capped by persisting demand concerns.O/R
Stronger crude oil futures make palm a more attractive option for biodiesel feedstock.
($1 = 4.3355 ringgit)
Reporting by Dewi Kurniawati; Editing by Eileen Soreng, Rashmi Aich and Shailesh Kuber
For a table on Malaysian physical palm oil prices, including refined oil, Reuters Terminal users can double click on or type OILS/MY01.
* To view freight rates from Peninsula Malaysia/Sumatra to China, India, Pakistan and Rotterdam, please key in OILS/ASIA2 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 OILS/ASIA1
Malaysian palm oil exports SGSPALM1
CBOT soyoil futures 0#BO:
CBOT soybean futures 0#S:
Indian solvent SOLVENT01
Dalian Commodity Exchange DC/MENU
Dalian soyoil futures 0#DBY:
Dalian refined palm oil futures 0#DCP:
Zhengzhou rapeseed oil 0#COI:
European edible oil prices/trades OILS/E
Últimas notícias
Isenção de Responsabilidade: As entidades do XM Group proporcionam serviço de apenas-execução e acesso à nossa plataforma online de negociação, permitindo a visualização e/ou uso do conteúdo disponível no website ou através deste, o que não se destina a alterar ou a expandir o supracitado. Tal acesso e uso estão sempre sujeitos a: (i) Termos e Condições; (ii) Avisos de Risco; e (iii) Termos de Responsabilidade. Este, é desta forma, fornecido como informação generalizada. Particularmente, por favor esteja ciente que os conteúdos da nossa plataforma online de negociação não constituem solicitação ou oferta para iniciar qualquer transação nos mercados financeiros. Negociar em qualquer mercado financeiro envolve um nível de risco significativo de perda do capital.
Todo o material publicado na nossa plataforma de negociação online tem apenas objetivos educacionais/informativos e não contém — e não deve ser considerado conter — conselhos e recomendações financeiras, de negociação ou fiscalidade de investimentos, registo de preços de negociação, oferta e solicitação de transação em qualquer instrumento financeiro ou promoção financeira não solicitada direcionadas a si.
Qual conteúdo obtido por uma terceira parte, assim como o conteúdo preparado pela XM, tais como, opiniões, pesquisa, análises, preços, outra informação ou links para websites de terceiras partes contidos neste website são prestados "no estado em que se encontram", como um comentário de mercado generalizado e não constitui conselho de investimento. Na medida em que qualquer conteúdo é construído como pesquisa de investimento, deve considerar e aceitar que este não tem como objetivo e nem foi preparado de acordo com os requisitos legais concebidos para promover a independência da pesquisa de investimento, desta forma, deve ser considerado material de marketing sob as leis e regulações relevantes. Por favor, certifique-se que leu e compreendeu a nossa Notificação sobre Pesquisa de Investimento não-independente e o Aviso de Risco, relativos à informação supracitada, os quais podem ser acedidos aqui.