MTE Global

11/03/2024

Palm oil extended its climb to the highest level since July on a tight supply outlook and rising soybean oil and crude oil prices. The tropical oil is getting support from a rally in soybean oil and crude oil, said a dealer. Traders are also waiting for Malaysian palm oil data due Monday for further clues on supply and demand, he said. Palm has been underpinned by positive sentiment about tight supplies during an industry conference in Kuala Lumpur this week, he added. Attendees were bullish on concerns about stagnating production in Southeast Asia. Market participants are expecting higher exports from Malaysia during the first 10 days of March after four months of declines according to an analyst. Still, palm’s premium and high prices could cap export demand, he said. (Source: Bloomberg)

26/02/2024

Palm oil fell to the lowest in a week, weighed down by recent declines in soybean oil and concerns over the slump in Malaysian exports, which may result in an increase in stockpiles in the second-biggest grower.Futures decreased as much as 0.7% to 3,811 ringgit a ton, before trading at 3,837 ringgit by 3:02 p.m. in Kuala Lumpur. Soybean oil, palm’s closest substitute for food and fuel, dropped for six straight days through Thursday, the longest run of losses since early December, as the outlook for South American supplies pressured the market.A drop in demand and weaker competing edible oils are casting a shadow over palm oil prices even with a decline in production in Malaysia and Indonesia in February, said a trader. Overall sentiment remains weak and any rally will be met with selling pressure, he said. (Source: Bloomberg)

19/02/2024

Palm oil fell for a second day to the lowest in over a week as traders assessed shrinking exports from second-biggest grower Malaysia. Weak Malaysian exports in the first half of February are undermining sentiment in the palm market, said a trader. There are abundant supplies of soybean and sunflowe...

05/02/2024

Palm oil fell for a fourth day in Kuala Lumpur, tracking weaker prices of soybean oil in Chicago and vegetable oils in Dalian. Benchmark palm oil futures dropped as much as 1.1% to 3,756 ringgit a ton, before trading at 3,780 ringgit by the midday break. The market was shut on Thursday for a holiday. Soyoil, palm’s closest substitute for food and fuel, extended its decline on the Chicago Board of Trade. Weaker prices of vegetable oils in Chicago and Dalian markets pressured palm, said a trader, a Selangor-based broker.Still, fundamentals for the palm oil market remain positive, he said. Stockpiles in Malaysia will probably decline due to a seasonal fall in production in January and February, he said. (Source: Bloomberg)

31/01/2024

Palm oil posted its biggest two-day slump since June on growing concerns about deteriorating demand from key buyers such as China.Futures fell 2.7% to close at 3,842 ringgit a ton in Kuala Lumpur, the lowest level since Jan. 17. Mounting worries that festive demand will soon fade away are weighing o...

31/01/2024

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Palm oil posted its biggest two-day slump since June on growing concerns about deteriorating demand from key buyers such as China.Futures fell 2.7% to close at 3,842 ringgit a ton in Kuala Lumpur, the lowest level since Jan. 17. Mounting worries that festive demand will soon fade away are weighing o...

24/01/2024

17/01/2024

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