UOB-Kay Hian Holdings logo

U10 - UOB-Kay Hian Holdings News Story

S$1.71 0.0  0.0%

Last Trade - 10:04am

Mid Cap
Market Cap £776.9m
Enterprise Value £1.26bn
Revenue £319.0m
Position in Universe 1019th / 6086

VEGOILS-Palm oil gains over 3%, tracking rival oils

Tue 23rd February, 2021 10:31am
* Higher crude prices support global edible oils market * Palm output seen recovering - broker (Updates with closing prices) By Mei Mei Chu KUALA LUMPUR, Feb 23 (Reuters) - Malaysian palm oil futures jumped more than 3% on Tuesday to a one-week peak, tracking a rally in crude oil and rival edible oils. The benchmark palm oil contract FCPOc3 for May delivery on the Bursa Malaysia Derivatives Exchange ended up 126 ringgit, or 3.56%, to 3,670 ringgit ($907.97) a tonne, its highest since Feb. 15. Palm marked its third consecutive session of gains, rising as much as 4.3%. The market was supported by rising soyoil futures on the Chicago Board of Trade and Dalian, as well as Dalian's palm olein futures and rapeseed oil futures on the Zhengzhou Commodity Exchange, said Anilkumar Bagani, research head of Mumbai-based vegetable oil broker Sunvin Group. Palm, which can be used to churn out biodiesel, also benefited from higher oil prices, Bagani said. Oil prices rose over $1, underpinned by optimism over COVID-19 vaccine rollouts and lower output. O/R "UOB Kay Hian estimated Malaysia's Feb. 1-20 palm oil production recovering in the range of 5% to 9%, while the Southern Peninsula Palm Oil Millers' Association (SPPOMA) estimated a 15% increase from Jan. 1-20," Bagani said. However, the pace of exports in the same period is slowing. Exports of Malaysian palm oil products from Feb. 1-20 rose 28% from the same period in January, compared with a 38% monthly rise during Feb. 1-15, according to data from cargo surveyor Societe Generale de Surveillance. urn:newsml:reuters.com:*:nAZN00WOBC Dalian's most-active soyoil contract DBYcv1 rose 1%, while its palm oil contract DCPcv1 gained 1.8%. Soyoil prices on the Chicago Board of Trade BOcv1 were up 1.2%. Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market. ($1 = 4.0420 ringgit) <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ p https://tmsnrt.rs/37CmsZE ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Mei Mei Chu; Editing by Vinay Dwivedi, Rashmi Aich and Aditya Soni) ((Meifong.chu@thomsonreuters.com)) ((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 ))
© Stockopedia 2021, Refinitiv, Share Data Services.
This site cannot substitute for professional investment advice or independent factual verification. To use it, you must accept our Terms of Use, Privacy and Disclaimer policies.