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VEGOILS-Palm oil ends short on heavy losses at Dalian rival oils

Malaysian palm oil futures closed down for a second session in a row on Wednesday, dragged down by the heavy losses in costs of competing vegetable oils in Dalian.

The benchmark palm oil contract for January shipment on the Bursa Malaysia Derivatives Exchange lost 42 ringgit, or 0.84%, to 4,984 ringgit ($ 1,121.01) a metric ton on the closing.

Prices have dramatically decreased listed below the 5,000 ringgit level, exacerbated by weakness in the Chinese-related veggie oils market. This suggests a debt consolidation following the recent bull ranged from Sept. 18 to Nov. 11, said Darren Lim, products strategist at Singapore-based brokerage Phillip Nova.

Dalian's most-active soyoil contract plunged 5.17%,. while its palm oil contract tumbled 4.45%. Soyoil. rates on the Chicago Board of Trade were down 0.5%.

Palm oil tracks the cost movements of competing edible oils as. it contends for a share in the worldwide veggie oils market.

Indonesia's federal government declared to lawmakers on Wednesday. a plan to execute a 40% obligatory biodiesel mix with palm. oil-based fuel, called B40, in January 2025, as part of the. brand-new government's quick wins programmes.

India's palm oil imports in October

increased 60%

from September to 845,682 metric lots, the Solvent. Extractors' Association of India (SEA) said on Wednesday.

Bursa Malaysia Derivatives Exchange (BMD) is preparing to

launch its new utilized cooking oil futures contract

as early as December, the director of the Malaysian bourse. stated on Wednesday.

Chicago soybean futures took a sharp dive on Tuesday as. traders worried that U.S. President-elect Donald Trump's candidate. for the head of the U.S. Epa would. take a less-than-friendly view of the biofuel industry, experts. stated.

Exports of Malaysian palm oil items in the Nov. 1-10. duration are estimated to have actually dropped between 14.6% and 15.8%. from the very same duration a month back, according to surveyors AmSpec. Agri Malaysia and Intertek Screening Services (ITS).

Oil rates edged up on the day on indications of near-term supply. tightness but remained near their lowest in two weeks, a day. after OPEC downgraded its forecast for worldwide oil need development. in 2024 and 2025.

Weaker petroleum futures make palm a less appealing alternative. for biodiesel feedstock.

(source: Reuters)