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Markets

Palm oil leaps over 4% on signs of growing demand

  • Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
23 Jun, 2021

KUALA LUMPUR: Malaysian palm oil futures jumped more than 4% on Wednesday on signs of improving demand and strength in rival edible oils, although a looming cut in export levy from top producer Indonesia weighed on the market.

The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange jumped 155 ringgit, or 4.57%, to 3,545 ringgit ($851.65) a tonne by the midday break.

The firmer sentiment comes on the back of robust demand for June shipment and inquiries for July, especially for crude palm oil and olein, said Paramalingam Supramaniam, director at Selangor-based brokerage Pelindung Bestari.

Even though there has been some pick up in production, demand remains robust, which has improved refining margins, he said.

"It is a demand-based rally, and it has got more legs to go up," Paramalingam added.

Indonesia on Monday announced that it would reduce the ceiling rate for its crude palm oil levies from $255 to $175 per tonne, stoking some concerns that it would take market share away from rival Malaysia.

"Though the implementation date was not announced, sources are expecting the reduction to be effective by end of the month," Public Investment Bank said in a note.

Dalian's most-active soyoil contract gained 3%, while its palm oil contract were up 2.6%. Soyoil prices on the Chicago Board of Trade rose 1%.

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

Palm oil still targets 3,602 ringgit per tonne, as its bounce looks incomplete, Reuters technical analyst Wang Tao said.

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