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India

Emily Chow

PREVIEW-Malaysia May palm oil stock seen easing to 10-month low - Reuters survey

04 Jun 2019

* May stocks expected down 9.7% at 2.46 mln T - survey * Output estimated down 2% at 1.61 mln T - survey * Exports estimated up 3.3% at 1.71 mln T - survey * Malaysian Palm Oil Board data due on June 12 By Emily Chow KUALA LUMPUR, June 4 Malaysia's palm oil stocks likely hit a 10-month low by end-May, according to a Reuters survey, logging a third straight month of fall due to a dip in output and rise in exports. Stockpiles in Malaysia , the world's second-largest palm oil producer and exporter, is expected to fall 9.7% from April to 2.46 million tonnes in May, according to a median estimate of eight planters, traders and analysts polled by Reuters. That would be the lowest levels since July 2018. Declining end-stocks could provide support to benchmark palm oil prices, which have slightly declined since the start of the year and hit a five month low last month. It was last up 1.3% at 2,055 ringgit ($492.22) on Tuesday afternoon. Slowing output in Malaysia, the world's second-largest producer after Indonesia, could also lift palm oil prices. Survey contributors are expecting production in May to dip 2% to 1.61 million tonnes from the previous month. This would be a second month of declines for production and its lowest levels in three months. "Production was overall lower as May was the fasting month of Ramadan," said a East Malaysia-based trader, explaining that this slows down worker productivity in oil palm estates. "Production will probably remain unchanged for June." Malaysia's palmoil production in January, February and March was at its highest for those months, according to Refinitiv Eikon records going back to January 2000, while April output was its highest for the month since 2015. Meanwhile, the survey also showed that May exports likely rose 3.3% on-month to 1.71 million tonnes in a third straight month of gains, the highest levels in nearly three years. European buyers had been stocking up palm oil as feedstock to make biodiesel, said Kenanga Research plantations analyst Lavis Chong, but added that demand from India, the biggest importer of the edible oil, is expected to slow down moving forward, as the country's local inventory levels have been building up. Official palm oil data will be published by the Malaysian Palm Oil Board ‪after 0430 GMT on June 12. The median results from the Reuters survey put Malaysia's consumption in May at 248,535 tonnes. Breakdown of May estimates (in tonnes): Range Median Production 1,600,000 - 1,700,612 1,616,146 Exports 1,650,000 - 1,783,349 1,706,500 Imports 50,000 - 100,000 74,000 Closing Stocks 2,305,599 - 2,561,119 2,464,500 * Official stocks of 2,729,389 tonnes in April plus the above estimated output and imports yield a total May supply of 4,419,535 tonnes. Based on the median of exports and closing stocks estimate, Malaysia's domestic consumption in May is estimated to be 248,535 tonnes. ($1 = 4.1750 ringgit) (Reporting by Emily Chow; Editing by Rashmi Aich)

Malaysia, flooded with plastic waste, to send back some scrap to source

21 May 2019

KUALA LUMPUR Malaysia, which has become the dumping ground for the world's plastic waste, will send back non-recyclable plastic scrap to the developed countries that sent it there, its environment minister said on Tuesday.

Palm oil slips from three-week high on output woes

21 May 2019

KUALA LUMPUR Malaysian palm oil futures eased at the midday break on Tuesday, after hitting a three-week high in early trade, as higher production concerns for the month of May weighed down on prices.

Palm trades at two-week high on higher demand, stronger soyoil

16 May 2019

KUALA LUMPUR Malaysian palm oil futures rose to a two-week high in early trade on Thursday on better demand for the edible oil, set to gain for the fourth straight day as they tracked gains in soyoil on the U.S. Chicago Board of Trade.

VEGOILS-Palm scales 1-week high on stronger U.S. soyoil, weaker ringgit

15 May 2019

* Palm in line for 3rd day of gains * Higher exports, weaker output growth in May supported market - trader * Palm oil may test resistance at 2,034 ringgit/T - techs (Updates with midday prices, quote) By Emily Chow KUALA LUMPUR, May 15 Malaysian palm oil futures climbed to a one-week top in early trade on Wednesday, in line to chart a third consecutive day of gain, as it tracked an increase in U.S. soyoil on the Chicago Board of Trade (CBOT) and a weaker ringgit. The ringgit, palm's currency of trade, on Wednesday, eased to its weakest levels against the dollar since end-December. It was last down 0.1% to 4.1720. A weaker ringgit supports palm oil by making it cheaper for foreign buyers. Benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange was up 1.4% at 2,043 ringgit ($489.69) a tonne at the midday break on Wednesday, its strongest levels since May 8. "The market is tracking the overnight recovery in CBOT and further weakness in the ringgit today extended the technical pullback," said a Kuala Lumpur-based futures trader. "Expectations of higher exports and negative growth for production also added strength to the market." Malaysian palm oil shipments rose for May 1-15, up 14.4% from the corresponding period last month, data from cargo surveyor Amspec Agri Malaysia showed. Palm oil output in May is also expected to see declines or smaller monthly growth from April. Data from the Malaysian Palm Oil Board last Friday showed April output fell 1.4% from the previous month to 1.65 million tonnes. However, it is the highest for the month since 2015. Palm oil may test a resistance at 2,034 ringgit per tonne, following its second failure to break a support range of 1,940-1,967 ringgit, said Wang Tao, a Reuters market analyst for commodities and energy technicals. In related oils, the Chicago July soybean oil contract had gained 1.5% on Tuesday, in line with soybean's gains as planting delays in the Midwest crop belt sparked a round of short-covering. It was last up 0.2%. Meanwhile, the July soyoil contract on the Dalian Commodity Exchange was down 1.1%, and the Dalian June palm oil contract dropped 2.9%. Palm oil prices are affected by movements in soyoil, with which it competes for global market share. Palm, soy and crude oil prices at 0456 GMT Contract Month Last Change Low High Volume MY PALM OIL MAY9 0 +0.00 0 0 0 MY PALM OIL JUN9 2011 +23.00 1996 2011 575 MY PALM OIL JUL9 2043 +29.00 2021 2043 8263 CHINA PALM OLEIN JUN9 4232 -128.00 4232 4234 10 CHINA SOYOIL JUL9 5320 -60.00 5218 5320 6 CBOT SOY OIL JUL9 27.07 +0.07 26.9 27.07 2580 INDIA PALM OIL MAY9 529.40 +3.70 527.10 530 273 INDIA SOYOIL MAY9 756.7 +3.05 755 757.9 1460 NYMEX CRUDE JUN9 61.33 -0.45 61.12 61.61 43233 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 * For a table on Malaysian physical palm oil prices, including refined oil, Reuters Terminal users can double click on or type. * To view freight rates from Peninsula Malaysia/Sumatra to China, India, Pakistan and Rotterdam, please key in and press enter, or double click between the brackets. * Reuters Terminal users can see cash and futures edible oil prices by double clicking on the codes in the brackets: To go to the next page in the same chain, hit F12. To go back, hit F11. Vegetable oils -- Malaysian palm oil exports -- CBOT soyoil futures -- CBOT soybean futures -- Indian solvent -- Weekly Indian vegetable oils -- Dalian Commodity Exchange -- Dalian soyoil futures -- Dalian refined palm oil futures -- Zhengzhou rapeseed oil -- European edible oil prices/trades -- ($1 = 4.1720 ringgit) ($1 = 70.2560 Indian rupees) ($1 = 6.8731 Chinese yuan) (Reporting by Emily Chow; editing by Rashmi Aich & Uttaresh.V)

VEGOILS-Palm on track for second day of gain as ringgit weakens

14 May 2019

* Palm may hover above 1,967 rgt/T - techs (Updates with midday prices, quote)

VEGOILS-Palm in line for fourth day of fall on U.S.-China trade tension

13 May 2019

* Palm hits 5-1/2 month low of 1,960 rgt/T * Expectations of rising output also weighs on market - trader * Palm oil may fall into 1,953-1,967 rgt/T range - techs (Updates with midday prices, quote) By Emily Chow KUALA LUMPUR, May 13 Malaysian palm oil futures fell to a five-and-a-half month low in early trade on Monday, in line for a fourth consecutive day of decline, as concerns over the U.S.-China trade war and expectations of rising output in the coming months weighed on the market. Global stocks and commodities markets fell on Monday as the United States and China appeared at a deadlock over trade negotiations on Sunday, with Washington demanding promises of concrete changes to Chinese law and Beijing saying it would not swallow any "bitter fruit" that harmed its interests. Benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange was last down 0.6% at 1,972 ringgit ($473.75) a tonne at Monday's midday break, after losing 1.3% last week. The market earlier fell to 1,960 ringgit, its lowest levels since November 27. "It looks like the market is heading lower due to the (U.S.-China) trade tensions, and is partly down on expectations of higher output in the coming months," said a Kuala Lumpur-based trader. "Malaysian palm production could rise from May onwards on a seasonal basis," he said, but added that the occurrence of Ramadan, the Muslim fasting month, could curb output as well. Ramadan, which began on May 5 this year, sees Muslims worldwide fast from dawn to dusk. This slows down productivity in oil palm estates, as many workers are from Muslim-majority Indonesian and work in plantation estates is labour-intensive. Industry regulator from the Malaysian Palm Oil Board last showed that production in April fell 1.4% from the previous month to 1.65 million tonnes, while inventories fell 6.6% to 2.73 million tonnes. Palm oil may fall into a range of 1,953-1,967 ringgit per tonne, said Reuters market analyst for commodities and energy technicals Wang Tao. In related oils, the Chicago July soybean oil contract dropped 1.6%, while the May soyoil contract on the Dalian Commodity Exchange traded flat. The Dalian May palm oil contract slipped 1%. Palm oil prices are affected by movements in soyoil, with which it competes for global market share. Palm, soy and crude oil prices at 0539 GMT Contract Month Last Change Low High Volume MY PALM OIL MAY9 0 +0.00 0 0 0 MY PALM OIL JUN9 1940 -11.00 1930 1949 485 MY PALM OIL JUL9 1972 -11.00 1960 1979 6962 CHINA PALM OLEIN MAY9 4094 -40.00 4094 4206 130 CHINA SOYOIL MAY9 0 +0.00 0 0 0 CBOT SOY OIL JUL9 26.37 -0.42 26.36 26.63 4841 INDIA PALM OIL MAY9 518.00 -0.20 517.60 519.2 56 INDIA SOYOIL MAY9 745 +3.50 741.6 746.5 1820 NYMEX CRUDE JUN9 61.63 -0.03 61.21 61.82 50517 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 * For a table on Malaysian physical palm oil prices, including refined oil, Reuters Terminal users can double click on or type. * To view freight rates from Peninsula Malaysia/Sumatra to China, India, Pakistan and Rotterdam, please key in and press enter, or double click between the brackets. * Reuters Terminal users can see cash and futures edible oil prices by double clicking on the codes in the brackets: To go to the next page in the same chain, hit F12. To go back, hit F11. Vegetable oils -- Malaysian palm oil exports -- CBOT soyoil futures -- CBOT soybean futures -- Indian solvent -- Weekly Indian vegetable oils -- Dalian Commodity Exchange -- Dalian soyoil futures -- Dalian refined palm oil futures -- Zhengzhou rapeseed oil -- European edible oil prices/trades -- ($1 = 4.1625 ringgit) ($1 = 70.1750 Indian rupees) ($1 = 6.8557 Chinese yuan) (Reporting by Emily Chow; editing by Uttaresh.V)

VEGOILS-Palm trades flat at noon ahead of official data release

10 May 2019

* Palm down 0.3% so far on-week * Weaker ringgit caps market losses - traders * April end-stocks down 6.6% to 2.73 mln tonnes - MPOB (Updates with midday prices, comment) By Emily Chow KUALA LUMPUR, May 10 Malaysian palm oil futures were trading flat at midday break on Friday, following its two-session losing streak, ahead of an official data release on April's stocks, production and export data from industry regulator the Malaysian Palm Oil Board (MPOB). A weaker ringgit, palm's currency of trade, also limited market losses, said two traders. A weaker ringgit typically supports prices of the edible oil by making it cheaper for foreign buyers. It last eased 0.1 percent to 4.1540 around noon on Friday. Benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange was last flat at 2,005 ringgit ($482.67) a tonne at noon, after earlier falling to a four day low of 1,996 ringgit. Palm prices are down 0.3 percent for the week so far after two previous weeks of declines. "The market was cautious ahead of the MPOB data release, but the ringgit was also weaker," said a Singapore-based trader. Another futures trader in Kuala Lumpur added that while expectations of higher May export figures from cargo surveyors could support palm prices, "weaker prices of external oils may cap gains," she said, referring to soyoil prices. Malaysian palm oil exports rose 12.7-14.4 percent during May 1-10 versus the corresponding period in April, showed data from cargo surveyors Intertek Testing Services and Amspec Agri Malaysia on Friday. Meanwhile, MPOB data released during the market's midday break showed that April stock levels fell 6.6 percent to 2.73 million tonnes. The MPOB data also showed output in April fell to 1.65 million tonnes, down 1.4 percent from March, while exports rose 2 percent to 1.65 million tonnes. A Reuters survey had forecast palm oil's end-April stockpiles to fall 5 percent to 2.77 million tonnes, while production was forecast to ease 1.9 percent to 1.64 million tonnes. Exports were expected to slightly gain 1.6 percent to 1.64 million tonnes. In other related oils, the Chicago July soybean oil contract , which fell 1.4 percent on Thursday, was last down 0.1 percent on Friday. Chicago soybean futures are set for a fifth consecutive weekly loss as the trade dispute between Washington and Beijing dragged prices lower. Meanwhile, the May soyoil contract on the Dalian Commodity Exchange was down 1.1 percent, and the Dalian May palm oil contract slipped 0.5 percent. Palm oil prices are affected by movements in soyoil, with which it competes for global market share. Palm, soy and crude oil prices at 0458 GMT Contract Month Last Change Low High Volume MY PALM OIL MAY9 0 +0.00 0 0 0 MY PALM OIL JUN9 1966 -1.00 1958 1980 614 MY PALM OIL JUL9 2005 +0.00 1996 2019 8144 CHINA PALM OLEIN MAY9 4134 -20.00 4134 4134 126 CHINA SOYOIL MAY9 5250 -60.00 5242 5260 120 CBOT SOY OIL JUL9 26.6 -0.03 26.59 26.71 2999 INDIA PALM OIL MAY9 521.10 +1.90 520.40 521.5 84 INDIA SOYOIL MAY9 741.9 +1.65 741 741.9 400 NYMEX CRUDE JUN9 61.74 +0.04 61.59 62.49 101199 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 * For a table on Malaysian physical palm oil prices, including refined oil, Reuters Terminal users can double click on or type. * To view freight rates from Peninsula Malaysia/Sumatra to China, India, Pakistan and Rotterdam, please key in and press enter, or double click between the brackets. * Reuters Terminal users can see cash and futures edible oil prices by double clicking on the codes in the brackets: To go to the next page in the same chain, hit F12. To go back, hit F11. Vegetable oils -- Malaysian palm oil exports -- CBOT soyoil futures -- CBOT soybean futures -- Indian solvent -- Weekly Indian vegetable oils -- Dalian Commodity Exchange -- Dalian soyoil futures -- Dalian refined palm oil futures -- Zhengzhou rapeseed oil -- European edible oil prices/trades -- ($1 = 4.1540 ringgit) ($1 = 70.0260 Indian rupees) ($1 = 6.8094 Chinese yuan) (Reporting by Emily Chow; editing by Uttaresh.V)

Palm edges lower on U.S.-China trade war, output worries

09 May 2019

KUALA LUMPUR Malaysian palm oil futures eased in the first half of trade, in line for second session of losses, as worries over U.S.-China trade relations and a bearish sentiment due to higher-than-forecast output in April weighed.

VEGOILS-Palm reverses gains on trade war concerns, ringgit strength

08 May 2019

* Palm earlier rose to 4-day top of 2,058 rgt/T * Ringgit gained slightly around noon * Market also down on profit taking - trader (Updates with midday price, quote) By Emily Chow KUALA LUMPUR, May 8 Malaysian palm oil futures surrendered gains to fall on Wednesday amid concerns over Sino-U.S. trade conflict and as the ringgit strengthened. A stronger ringgit, palm's currency of trade, usually makes the edible oil more expensive for foreign buyers. It rose 0.02 percent against the dollar to 4.1460 on Wednesday, after previously seeing seven straight days of losses. The benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange was last down 0.1 percent at 2,038 ringgit ($491.56) a tonne around noon, after earlier climbing to a four-day high of 2,058 ringgit. Palm prices had risen nearly 3 percent in its previous session tracking gains in related edible oils. "The market started strong on supportive external oils, but the ringgit strengthened along with some profit-taking which weighed on the market," said a Kuala Lumpur-based futures trader. She added that the market was also uncertain over the U.S.-China trade talks that are scheduled to start on Thursday when China's vice premier visits Washington. Global stocks and commodities markets were hit earlier this week after U.S. president Donald Trump threatened to impose additional tariffs on Chinese imports. In other related oils, the Chicago July soybean oil contract rose 0.2 percent, while the May soyoil contract on the Dalian Commodity Exchange gained 1 percent. Meanwhile, the Dalian May palm oil contract slipped 0.1 percent. Palm oil prices are affected by movements in soyoil, with which it competes for global market share. Palm, soy and crude oil prices at 0455 GMT Contract Month Last Change Low High Volume MY PALM OIL MAY9 0 +0.00 0 0 0 MY PALM OIL JUN9 2010 -4.00 2009 2030 523 MY PALM OIL JUL9 2038 -2.00 2032 2058 6844 CHINA PALM OLEIN MAY9 4180 -6.00 4174 4228 354 CHINA SOYOIL MAY9 5286 +50.00 5238 5400 306 CBOT SOY OIL MAY9 26.81 +0.00 0 0 350 INDIA PALM OIL MAY9 518.00 -0.40 518.00 520.1 160 INDIA SOYOIL MAY9 737.35 +1.50 733.55 739.1 1420 NYMEX CRUDE JUN9 61.87 +0.47 61.43 61.95 36600 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 * For a table on Malaysian physical palm oil prices, including refined oil, Reuters Terminal users can double click on or type. * To view freight rates from Peninsula Malaysia/Sumatra to China, India, Pakistan and Rotterdam, please key in and press enter, or double click between the brackets. * Reuters Terminal users can see cash and futures edible oil prices by double clicking on the codes in the brackets: To go to the next page in the same chain, hit F12. To go back, hit F11. Vegetable oils -- Malaysian palm oil exports -- CBOT soyoil futures -- CBOT soybean futures -- Indian solvent -- Weekly Indian vegetable oils -- Dalian Commodity Exchange -- Dalian soyoil futures -- Dalian refined palm oil futures -- Zhengzhou rapeseed oil -- European edible oil prices/trades -- ($1 = 4.1460 ringgit) ($1 = 69.6090 Indian rupees) ($1 = 6.7702 Chinese yuan) (Reporting by Emily Chow; editing by Uttaresh.V and Shreejay Sinha)

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