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6981 - Murata Manufacturing Co News Story

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Large Cap
Market Cap £38.85bn
Enterprise Value £37.71bn
Revenue £10.54bn
Position in Universe 18th / 3900

VEGOILS-Palm snaps six-day rally on higher Indonesian supply, biodiesel delay worries

Thu 7th January, 2021 11:28am
* Palm ends six-day rally, falls 1.55% 
    * Indonesia's 2020 end-stocks higher than expected -broker 
    * Palm prices seen at 3,700-3,800 ringgit in Jan-Feb -Mistry

 (Updates with closing prices, adds details)
    By Mei Mei Chu
    KUALA LUMPUR, Jan 7 (Reuters) - Malaysian palm oil futures
fell on Thursday, a day after hitting near 10-year highs on
larger-than-expected increase in Indonesian inventories and
concerns over a delay of its biodiesel programme.
    The benchmark palm oil contract  FCPOc3  for March delivery
on the Bursa Malaysia Derivatives Exchange closed down 60
ringgit, or 1.55%, to 3,817 ringgit ($945.97) a tonne.
    Prices slid after an Indonesian Palm Oil Association report
showed much higher supplies in Indonesia, said Marcello
Cultrera, institutional sales manager and broker at Phillip
    Indonesia's palm oil stocks in 2020 are 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*:nL1N2JI0K8
    Togar added government plans to roll out a B40 mandate that
would require a 40% palm oil mix in domestic diesel could be
delayed beyond the end of 2022.*:nL1N2JI0C8 
    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, CEO of Oil World.*:nK7N2EK01B
    Prices on the Chicago Board of Trade  BOcv1  fell 1.4%.
Dalian's most-active soyoil contract  DBYcv1  rose 1.3%, while
its palm oil contract  DCPcv1  gained 2%. 
    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.
    Crude palm oil prices is seen at 3,700-3,800 ringgit per
tonne in Jan-Feb, Dorab Mistry, director of Indian consumer
goods company Godrej International, told a virtual conference.*:nK7N2FR01T*:nL4N2JI2D9

($1 = 4.0350 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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