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Markets

Palm falls on lean November exports, weaker rival soy

  • The benchmark palm oil contract for February delivery on the Bursa Malaysia Derivatives Exchange slid 55 ringgit, or 1.65pc, to 3,271 ringgit ($799.56) a tonne by the midday break.
24 Nov, 2020

KUALA LUMPUR: Malaysian palm oil futures fell on Tuesday for a third session in four, as cargo surveyor data showing lean November exports stoked demand concerns while losses in rival edible oils also weighed on the market.

The benchmark palm oil contract for February delivery on the Bursa Malaysia Derivatives Exchange slid 55 ringgit, or 1.65pc, to 3,271 ringgit ($799.56) a tonne by the midday break.

Indonesia's unwillingness to expand its biodiesel mandate to 40pc palm oil content next year and weakness in soy oil futures pressured palm oil prices, said Anilkumar Bagani, research head of Mumbai-based vegetable oils broker Sunvin Group.

Last week, data from cargo surveyors showed Malaysia's palm oil exports during Nov. 1-20 fell 16pc from a month earlier.

Dalian's most-active soyoil contract fell 2pc on Tuesday, while its palm oil contract was down 0.8pc. Soyoil prices on the Chicago Board of Trade slipped 0.8pc.

Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.

Palm oil imports into the European Union and Britain in the 2020/21 season that started on July 1 totalled 2.46 million tonnes, up 11pc from the previous season, official EU data showed on Monday.

Palm oil may revisit its Nov. 19 high of 3,420 ringgit per tonne, as a correction from this level may have ended, Reuters technical analyst Wang Tao said.

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