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Market Cap £38.31bn
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Position in Universe 19th / 3901

VEGOILS-Palm oil snaps six-day rally on higher Indonesian supply

Thu 7th January, 2021 6:04am
(Updates with midday prices, adds quotes and details)
    By Mei Mei Chu
    KUALA LUMPUR, Jan 7 (Reuters) - Malaysian palm oil futures
snapped a six-day rally on Thursday and dropped from a near
10-year high hit in the previous session, as a
larger-than-expected increase in Indonesian inventories weighed
on prices. 
    The benchmark palm oil contract  FCPOc3  for March delivery
on the Bursa Malaysia Derivatives Exchange slid 13 ringgit, or
0.34%, to 3,864 ringgit ($963.35) a tonne by the midday break. 
    Prices moved lower after an Indonesian Palm Oil Association
report showed much higher supply in Indonesia, said Marcello
Cultrera, institutional sales manager and broker at Phillip
Futures in Kuala Lumpur.
    Indonesia's palm oil ending stock in 2020 is estimated at
7.33 million tonnes, up from 4.57 million tonnes a year earlier,
Togar Sitanggang, vice chairman of the Indonesian Palm Oil
Association (GAPKI) told a virtual conference.*:nK7N2FR01V
    Global palm oil production is expected to rise by 4.4
million tonnes in 2020/21, with Indonesian and Malaysian output
forecast to rise by 3.4 million tonnes and 0.3 million tonnes,
respectively, according to Thomas Mielke, chief executive
officer of Oil World.*:nK7N2EK01B
    Palm prices were supported by a rally in competing soyoil,
whose prices on the Chicago Board of Trade  BOcv1  rose 1%.
Dalian's most-active soyoil contract  DBYcv1  rose 1.8%, while
its palm oil contract  DCPcv1  gained 0.05%. 
    The soybean market has transitioned into "rationing mode" as
tight global supplies and crop-stressing drought in Argentina
have ignited the strongest soy market rally in years, Joe Stone,
the head of Cargill Inc's CARG.UL agricultural supply chain,
said on Wednesday.*:nL1N2JH15V 
    Palm oil is affected by price movements in related oils as
they compete for a share in the global vegetable oils market.

($1 = 4.0110 ringgit)

 (Reporting by Mei Mei Chu; Editing by Sherry Jacob-Phillips and
Ramakrishnan M.)
((For a table on Malaysian physical palm oil prices, including refined oil, Reuters Terminal users can double click on or type  OILS/MY01 .
* To view freight rates from Peninsula Malaysia/Sumatra to China, India, Pakistan and Rotterdam, please key in  OILS/ASIA2  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                        OILS/ASIA1 
Malaysian palm oil exports            SGSPALM1   
CBOT soyoil futures                   0#BO:      
CBOT soybean futures                  0#S:       
Indian solvent                        SOLVENT01  
Dalian Commodity Exchange             DC/MENU   
Dalian soyoil futures                 0#DBY:   
Dalian refined palm oil futures       0#DCP:   
Zhengzhou rapeseed oil                0#COI:   
European edible oil prices/trades     OILS/E    ))
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