MARKET DEVELOPMENT
CPO futures drop on weak Chicago soybean oil, ringgit
CPO futures drop on weak Chicago soybean oil, ringgit
The Star Online (13/11/2017) - KUALA LUMPUR: Palm oil for January2018 delivery drops as much as 0.7% to RM2,778 a tonne on Bursa Malaysia Derivatives on Monday.
Futures fell 0.6% to RM2,781 by midday break; down 11% YTD.
Decline in soybean oil market causing weakness in palm oil, says David Ng, derivatives specialist at Phillip Futures in Kuala Lumpur.
Recent strength in ringgit also adds pressure after testing late September high last week.
image: https://bcp.crwdcntrl.net/5/c=5593/b=46726313
Indonesia September palm oil exports fall 7.5% on-month to 2.76 million tonnes.Soybean oil for Jan. delivery on Chicago Board of Trade -0.2% to 34.90 cents per pound; -0.9% on Friday.
January soybeans +0.2% to US$9.88 3/4/bushel.
Soybean oil’s premium over palm oil at US$104/ton vs average of US$$110 over past year: data compiled by Bloomberg.
Palm oil’s premium over gasoil at ~$100 a ton vs avgerage US$156 over past year: data compiled by Bloomberg
January refined palm oil on Dalian Commodity Exchange +0.6% to 5,636 yuan/ton; January soybean oil little changed at 6,080 yuan/ton. - Bloomberg