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Markets

Palm falls on weak demand from top buyers, March data awaited

  • The USDA is scheduled to release its annual US planting intentions and quarterly grain stocks reports on March 31.
Published March 30, 2021

JAKARTA: Malaysian palm oil futures fell more than 2.5% on Tuesday, on track for a fourth session of drop in five, as weak demand from top buyers India and China weighed on market sentiment ahead of March output and export data.

The benchmark palm oil contract for June delivery on the Bursa Malaysia Derivatives Exchange dropped 2.67% to 3,647 ringgit ($880.07) a tonne by the midday break, after rising 1.5% on Monday.

"China was again quiet as margins were in negative zone, while cash market participants were on the sidelines," said Anilkumar Bagani, research head of Mumbai-based vegetable oil broker Sunvin Group, adding that importers from India also did not buy any fresh crude palm oil shipments.

Market participants are now waiting for Malaysian Palm Oil Board data on March production and exports, likely to be released later this week.

Traders were also cautious ahead of the US Department of Agriculture's (USDA) quarterly stocks and planting intention reports, a Kuala Lumpur-based trader said.

The USDA is scheduled to release its annual US planting intentions and quarterly grain stocks reports on March 31.

Dalian's most-active soyoil contract fell 0.11%, while its palm oil contract was up 0.51%. Soyoil prices on the Chicago Board of Trade were little changed.

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

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