First, 10 days of December export rebounded to fall by just 5.84% according to Amspec data compared to a massive 21% decline in the first 5 days of Dec from ITS data. Recovery in exports to India, the E.U and the African continent propelled the higher shipment in the month, particularly for CPO product given
MPOB data is seen as bearish after exports fell at much lower than market expectation while stocks did not drop as much as anticipated mitigated by a sharp rise in imports reaching 11 months high. Nevertheless, CPO Futures clawed back to above 3400 on the benchmark month with spurts of sell-off. Attention will now be on
CCNO CIF Rotterdam—Offer price recover. Trading takes a breather. Spread to CPKO widen CCNO tracked CPKO with offer prices rebounding higher from the previous week, while the number of trades slowed down after 8 weeks of intense buying and selling. Offer prices were up US$35 flat on all delivery months to US$1475/ton on nearby to
CPKO prices staged a comeback rising by RM3.20 to a weekly average of RM275.20/picul or US$1118/ton after snapping to slide lower by RM14.60 last week following 7 consecutive weekly rises. CPKO rose at the back of bullish CPO Futures which was trading on sentiments of lower production and dwindling stocks. CPKO traded between RM 271-285.
RBD palm stearin was in premium to RBD palm olein by US$ 10 after being at zero in the previous week. RBD palm stearin prices eased by US$ 3 week-on-week average while RBD palm olein was lower by US$ 13. Stearin was offered between US$ 757.50-785/ton last week the highest in the year. Decreasing stocks
Malaysia CPO production declined by 7.59% in the first 20 days of October compared to the same time previous month weighed down by shrinking output from peninsular Malaysia (-10.18%) for the fourth successive month and a large fall from the state of Sarawak (-8.38%). Output from the largest CPO producing state Sabah edged down 1.11%
India vegetable oils import fell in September month-on-month by 20.19% to 1.044 million tons due to higher prices and as refiners work through to clear the backlog of high imports from the previous 2 months when inbound shipment notched 11 months high in July—India Solvent Extractors Association data showed. Indian vegetable oil imports are trending
CCNO offer prices moved up US$ 30-50 last week sparked by rising buying interest, particularly for Dec-Jan coverage. There were a total of 5 trades heard concluded at an average value of US$ 1076/ton. In contrast to CPKO, CCNO traded at around US$ 5 below the asking price. CCNO weekly average prices rose the most
CPKO local prices locked in another week of rising to RM 4 to RM 193.40/picul or US$ 772/ton week-on-week average, tracking the modest gains on CPO Futures. Local CPKO traded between RM 189-195/picul staying within the 50 days rolling average trend. Prices failed to test the high of RM 210/picul as we predicted after the
CPKO weekly price made modest gains rising by RM 0.80 to RM 189.40/picul after seeing the largest decline in 13 weeks in the prior week. CPKO traded RM 186-192/picul broadly within the range we predicted. Prices have been tracking the 50-day rolling average since the middle of the year in line with the Futures market.