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OPCOM - new sitcom soon
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July 31, 2014, 10:09:49 AM
Oldman told to watch and dont miss it.

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Stock Screener System Auto Pick Date : 2018-02-23
No.StocknameOpenCloseVolumeMACDSignal%K Slow%DUpper BandLower Band * BBWTech Info
1SAPNRGC580.0800.08084082-0.01728-0.0176617.78 15.980.1410.0540.893
2SAPNRGC590.0850.08510000-0.01614-0.0168316.25 16.120.1440.0570.869
3ALAQAR1.3001.3106580-0.02198-0.0221511.11 7.411.3721.2740.074
4MUDAJYA0.8750.8902918-0.01354-0.0139114.88 13.060.9730.8270.162
5AEON1.5501.5402008-0.03744-0.0376415.51 13.861.6631.5310.083
6IJMPLNT2.3002.300831-0.08307-0.0926911.71 10.772.4922.2240.114

Author Topic: Palm slumps to 3-week low on firm ringgit, weak demand  (Read 122 times)

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Palm slumps to 3-week low on firm ringgit, weak demand
« on: January 17, 2018, 08:41:17 PM »
[Stock quote not displayed : No stock code provided or invalid stock code]

KUALA LUMPUR (Jan 17): Malaysian palm oil futures slumped to a three-week low on Wednesday evening, as a firmer ringgit and weak demand weighed on the market.

The benchmark palm oil contract for April delivery on the Bursa Malaysia Derivatives Exchange was down 1.2% at 2,487 ringgit (US$629.30) a tonne at the close of trade, a second straight session of decline.

Earlier in the session, it dropped as much as 1.9% to 2,471 ringgit, the weakest since Dec 26.

Trading volumes stood at 52,062 lots of 25 tonnes each at the end of the trading day.

"The market is down on lack of demand, causing stocks to remain high," said a trader from Kuala Lumpur. "The stronger ringgit has also impacted demand, putting us at uncompetitive levels again."

Gains in the ringgit, palm oil's traded currency, typically make the vegetable oil more expensive for holders of foreign currencies.

The ringgit hit a fresh 18-month high on Wednesday morning at 3.9410 per dollar, and was last up 0.1% at 3.9520.

Palm oil inventories in Malaysia rose to a more than two-year high of 2.7 million tonnes at end-December, up 7% on the month, as demand remained weak.

Shipments from Malaysia declined in the first half of January from a month earlier, cargo surveyor data showed.

Intertek Testing services reported a 7.4% drop, while Societe Generale de Surveillance showed a 2.8% fall.

Another trader said the market is also expected to be cautious, ahead of a European Union vote to curb palm oil imports.

Europe is Malaysia's second-largest export market, but the European Parliament backed a call last April for greater vetting of palm and other vegetable oils used in biofuels in an effort to prevent the EU's post-2020 renewable transport targets from leading to deforestation.

A large portion of Europe's palm oil imports is used to make biofuels. The EU Parliament is set to vote on the proposal on Wednesday.

Continued appreciation in the ringgit and listless competing vegetable oils may also weigh on the market and hamper any recovery, he said.

In other related edible oils, the March soybean oil contract on the Chicago Board of Trade fell 0.3%, while the May soybean oil on the Dalian Commodity Exchange was down 0.5%.

The Dalian May palm oil contract declined 1.3%.

Palm oil tracks the performance of other edible oils, as they compete for a share in the global vegetable oils market.

Palm oil may stabilise around a support at 2,491 ringgit per tonne, and then bounce towards a resistance at 2,555 ringgit, said Wang Tao, a Reuters market analyst for commodities and energy technicals.
 Palm, soy and crude oil prices as of 1045 GMT

 Contract          Month    Last  Change     Low   High   Volume
 MY PALM OIL       FEB8     2477  -26.00    2467   2493      223
 MY PALM OIL       MAR8     2483  -31.00    2470   2511     4093
 MY PALM OIL       APR8     2485  -31.00    2471   2514    25084
 CHINA PALM OLEIN  MAY8     5182  -54.00    5174   5240   310328
 CHINA SOYOIL      MAY8     5708  -30.00    5692   5764   317692
 CBOT SOY OIL      MAR8     32.7   -0.09   32.61  32.83     6816
 INDIA PALM OIL    JAN8   553.70   -4.00  551.30    556      616
 INDIA SOYOIL      JAN8    738.8   -3.30  738.55  740.5     2340
 NYMEX CRUDE       FEB8    63.39   -0.34   63.31  63.96    80260

 Palm oil prices in Malaysian ringgit per tonne
 CBOT soy oil in U.S. cents per pound
 Dalian soy oil and RBD palm olein in Chinese yuan per tonne
 India soy oil in Indian rupee per 10 kg
 Crude in U.S. dollars per barrel
(US$1 = 3.9520 ringgit)
(US$1 = 63.8600 Indian rupees)
(US$1 = 6.4338 Chinese yuan)



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