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Palm slides over 1%, set for weekly rise on tight supply

  • Prices continue to cool after the choppy trading on Thursday and hefty gains the day before, said Sathia Varqa, co-founder of Singapore-based Palm Oil Analytics
Published August 13, 2021

KUALA LUMPUR: Malaysian palm oil futures dropped more than 1% on Friday after recent gains, although the contract was set for its seventh weekly gain in eight after Malaysian Palm Oil Board's data showed July supply fell more than expected.

The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange slid 61 ringgit, or 1.36%, to 4,413 ringgit ($1,042.28) a tonne by the midday break. For the week so far, it is up 3.5%.

Prices continue to cool after the choppy trading on Thursday and hefty gains the day before, said Sathia Varqa, co-founder of Singapore-based Palm Oil Analytics.

A surprise rise in August 1-10 exports reported by cargo surveyor Societe Generale de Surveillance (SGS) supported prices, but this not sufficient to stop weekend profit-taking, Varqa said.

Palm oil may retreat to 4,407 ringgit before rising

Exports of Malaysian palm oil products for Aug. 1-10 rose 4.2% to 423,888 tonnes from Jul. 1-10, SGS said.

Cargo surveyors ITS and Amspec Agri had earlier reported exports during that period declined between 10% and 13%.

Malaysia's palm oil stockpiles hit a four-month low at July end, falling below expectations, as production and imports shrank, according to the Malaysian Palm Oil Board (MPOB).

Dalian's most-active soyoil contract fell 0.5%, while its palm oil contract eased 0.8%. Soyoil prices on the Chicago Board of Trade were down 0.5%.

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

Palm oil may retreat moderately to 4,407 ringgit per tonne before retesting a resistance at 4,587 ringgit, as it broke a support at 4,493 ringgit, Reuters technical analyst Wang Tao said.

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