Palm jumps more than 2% on higher demand, stronger soyoil

Vegoils: Palm jumps more than 2% on higher demand, stronger soyoil - Reuters

16.5.2019

Vegoils: Palm jumps more than 2% on higher demand, stronger soyoil - Reuters

KUALA LUMPUR (May 16): Malaysian palm oil futures rose to a more than two-week high on Thursday evening on better demand for the edible oil, moving up for the fourth straight day, as they tracked gains in soyoil on the U.S. Chicago Board of Trade. The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange was last up 2.5% at 2,096 ringgit (US$503.48) a tonne.The market earlier rose to 2,099 ringgit, its strongest level

The market earlier rose to 2,099 ringgit, its strongest level since April 30. Palm is up 5.7% so far for the week, in line to chart its first week of gains in four.

Another trader added that palm prices were supported by continuous gains in competing vegetable oils.

Palm oil may rise to 2,091 ringgit per tonne, as it has cleared resistance at 2,034 ringgit, said

Meanwhile, the May soyoil contract on the Dalian Commodity Exchange was up 0.6%, and the Dalian May palm oil contract jumped 1.3%.

Read more: The Edge Malaysia
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Malaysia keeps June crude palm oil export duty at 0%KUALA LUMPUR (May 14): Malaysia kept its export duty on crude palm oil for June unchanged 0%, according to a circular on the Malaysian Palm Oil Board's website on Tuesday, citing the national customs department.The duty has been at 0% since September.Malaysia, the world's second-largest producer of palm oil, calculated a palm oil reference price of RM2,018.76 (US$484.2) per tonne for June. Any price above RM2,250 incurs a duty.The Southeast Asian Nation in May had announced it would defer

Palm edges higher after two days of declinesKUALA LUMPUR (May 10): Malaysian palm oil futures rose in early trade on Friday and was on track to snap its two-session losing streak.Benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange was last up 0.5% at RM2,014 (US$484.83) a tonne.FUNDAMENTALS* Malaysian palm oil futures fell more than 1% in late trade on Thursday, charting second session of losses, as worries over US-China trade relations weighed on prices.* US soybean futures on Friday inched away

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Palm rises over 1% in early tradeKUALA LUMPUR (May 14): Malaysian palm oil futures rose as much as 1.1% in early trade on Tuesday, in line for a second day of gain.Benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange was last up 0.8% at RM2,001 (US$480.09) a tonne.FUNDAMENTALS* Malaysian palm oil futures recovered on Monday after earlier hitting a five-and-a-half month low, as industry association data showing shrinking output eased concerns over high inventories and rising production.* US corn futures

Palm on track for second day of gain as ringgit weakensKUALA LUMPUR (May 14): Malaysian palm oil futures were in line for a second day of gain at midday break on Tuesday, supported by gains in related edible oils and a weaker ringgit.The ringgit, palm's currency of trade, last weakened 0.2% against the dollar around Tuesday noon. A weaker ringgit usually supports palm oil by making it cheaper for foreign buyers.Benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange was last up 0.3% at RM1,991

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Palm drops as trade conflict overrides bullish dataKUALA LUMPUR (May 10): Malaysian palm oil futures fell more than 1% by Friday's close, having touched a five-month low, as concern over the U.S.-China trade conflict outweighed data showing easing stockpiles and production.The Benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange settled 1.1% lower on Friday evening at 1,983 ringgit (US$477.03). It earlier fell to 1,970 ringgit, its weakest since Nov 30.Palm prices are also down 1.3% for the week in a third

Palm jumps more than 1% as ringgit weakensKUALA LUMPUR (May 14): Malaysian palm oil futures rose more than 1% for a second day of gains on Tuesday, supported by a weaker ringgit and expectated higher demand in May.The ringgit, palm's currency of trade, weakened by 0.2% against the dollar on Tuesday evening. A weaker ringgit usually supports palm oil by making it cheaper for foreign buyers.The benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange gained 1.5% at 2,014 ringgit (US$483.09) a

Palm oil may fall into RM1,953-1,967 rangeSINGAPORE (May 13): Palm oil may fall into a range of RM1,953-1,967 per tonne, driven by a wave 5.This is the fifth wave of a bigger wave c from RM2,218. It is supposed to travel below the bottom of the preceding wave 3 at RM1,970, the May 6 low.A projection analysis suggests an immediate target range of RM1,953-1,967, formed by the 276.4% and the 261.8% levels.Resistance is at RM2,003, a break above which may lead to a gain to

EU- Malaysia ties to stay strong despite palm oil dispute, says envoyMaria Castillo Fernandez says the European Union is open to dialogue with Malaysia to overcome their differences.

EU-M'sia ties to remain strong despite palm oil issue, says EU ambassadorKUALA LUMPUR (Bernama): The European Union (EU) is optimistic that its relationship with Malaysia will remain strong even in the midst of the discord regarding the palm oil issue. 👎🏻

Oil palm growers hail Sabah decision to put off property assessment taxAssociation says the industry is still recovering from the El Nino weather impact, low CPO prices and labour shortage.

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