PALM OIL FUNDAMENTALS : 09.09.2016
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Malaysian palm oil futures are set to fall for a third day in early trade on Thursday, weighed down by weaker rival oils on China's Dalian Commodity Exchange. Traders also say the market is undergoing a correction, as palm saw its sharpest daily jump in two weeks on Sept. 2 and then hit a near three-week high of 2,662 ringgit a tonne on Tuesday.
The January soybean oil contract on the Dalian Commodity Exchange fell 0.1%, while the January
contract for palm olein dropped 0.4%. In other r elated vegetable oils, the Chicago Board of Trade soybean oil December contract rose on Thursday. Indian CPO prices rose on Thursday, tracking firm
overseas prices. A weaker Rupee also supported upside.
News from Bloomberg suggested that Indian Palm oil imports have dropped by 2.5% to 790,000 MT in August from a year earlier. Total vegetable oil purchases fell 1.4% to 1.36 million MT, the survey
showed. The Solvent Extractors’ Association of India is set to release import data in the middle of the month.
Malaysian Palm and the Indian Palm oil prices could trade range bound to firm on Friday. Investors will keenly await MPOB data due next week for further cues.
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The January soybean oil contract on the Dalian Commodity Exchange fell 0.1%, while the January
contract for palm olein dropped 0.4%. In other r elated vegetable oils, the Chicago Board of Trade soybean oil December contract rose on Thursday. Indian CPO prices rose on Thursday, tracking firm
overseas prices. A weaker Rupee also supported upside.
News from Bloomberg suggested that Indian Palm oil imports have dropped by 2.5% to 790,000 MT in August from a year earlier. Total vegetable oil purchases fell 1.4% to 1.36 million MT, the survey
showed. The Solvent Extractors’ Association of India is set to release import data in the middle of the month.
Malaysian Palm and the Indian Palm oil prices could trade range bound to firm on Friday. Investors will keenly await MPOB data due next week for further cues.
