MEDIA & RESOURCE CENTER

Palm rises on bargain-hunting, weaker ringgit

18-May-2018
Malaysian palm oil futures recovered from a one-week low on Thursday and ended trading higher on the back of bargain-buying and a weaker ringgit, its currency of trade. Gains in the Chicago Board of Trade soyoil also lent support to the market, said traders. The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange was up 0.8% at RM2,432 (US$613.06) a tonne at the close of trade. Earlier in the session, it hit the lowest since May 8 at RM2,399.

Palm oil falls on weaker related oils, slow demand

17-May-2018
Malaysian palm oil futures edged down in early trade on Wednesday, in line to snap two previous days of gains, tracking weaker related oils and on slowing export demand. The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange was down 0.6% at 2,422 ringgit (US$611.15) a tonne at midday break, its sharpest fall in nearly two weeks. Palm had earlier jumped to a one-month high on Monday, tracking a weaker ringgit, following the election defeat of a coalition that ruled the country for six decades.

Ukraine's parliament outlaws use of palm oil for food production

17-May-2018
Ukraine's Verkhovna Rada on May 15 passed bill No. 3871 at first reading to amend some Ukrainian laws to outlaw the use of palm oil for food production.

Palm oil extends gains on weaker ringgit

16-May-2018
Malaysian palm oil futures rose on Tuesday evening for a second straight session of gains, supported by a weaker ringgit and slight strength in CBOT soyoil futures. Weakness in the ringgit typically boosts demand by making the tropical oil cheaper for holders of foreign currencies. The ringgit weakened by 0.15% to 3.9540 per dollar at the end of the trading day. The benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange was up 0.7% at RM2,432 (US$615.07) a tonne at the close of trade.

Palm jumps to highest in more than four months

15-May-2018
Malaysian palm oil futures rose 3% on Monday, their biggest intraday gain in more than four months, buoyed by early losses in the ringgit and lower than forecast end-stocks data from an industry regulator. A weaker ringgit, palm's currency of trade, typically lends support to palm oil prices, because it makes the tropical oil cheaper for holders of foreign currencies. The ringgit weakened nearly 1% against the dollar to a four-month low in early trade on Monday but recovered to close flat at 3.9480 on Monday evening.
 
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