Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Futures  >  Chicago Mercantile Exchange - Globex  >  CRUDE PALM OIL FUTURES (CPO) - CMG (ELECTRONIC)/C1       

CRUDE PALM OIL FUTURES (CPO) - CMG (ELEC

End-of-day quote. End-of-day quote Chicago Mercantile Exchange - Globex - 08/16
517.5 USD   +0.53%
08/17India says probing jump in refined palm oil imports from Malaysia
RE
08/16Indonesia president vows to process more resources onshore
RE
08/15Activists urge U.S. customs to ban palm oil imports from Malaysia's FGV
RE
SummaryQuotesChartsNews 
News SummaryAll news

Malaysia end-July palm oil stocks slip to one year low - MPOB

share with twitter share with LinkedIn share with facebook
share via e-mail
0
08/13/2019 | 02:24am EDT
Worker collects oil palm fruits at plantation in Sepang

KUALA LUMPUR (Reuters) - Malaysian palm oil end-stocks fell unexpectedly in July, slipping to a one-year low, as exports outpaced forecasts and imports fell sharply from the previous month, industry regulator data showed on Tuesday.

The dip in stockpiles could further support benchmark palm oil prices, which have been trading at three-month highs, tracking gains in related edible oils and also bolstered by a weaker ringgit.

Malaysian palm oil futures were last up 0.6% at 2,191 ringgit ($522.79) a tonne at the midday break on Tuesday, just below an earlier peak of 2,199 ringgit, the highest since April 22.

Inventory levels fell for a fifth consecutive month to sit at a one-year low as of end-July at 2.39 million tonnes, down 0.8% from June, data from the Malaysian Palm Oil Board (MPOB) showed. <MYPOMS-TPO>

Malaysia's palm oil exports rose 7.4% in July from the previous month to 1.49 million tonnes, while imports tumbled from 101,250 tonnes in June to just 36,664 tonnes. <MYPOME-PO>

"Stockpiles are coming down due to lesser imports from Indonesia ... The discount to Malaysian palm oil is narrowing, making it uneconomical to import to Malaysia," said a Singapore based trader.

The decline in stocks came even as production rose 15.1% in July to 1.74 million tonnes, the highest monthly output this year. It was also the biggest month-on-month rise since March 2018. <MYPOMP-CPOTT>

"The pattern of increasing output in the first six months of the year was already pointing to higher levels. Good rains from last year is leading to better production," said the Singapore based trader.

"Full year production might cross 21 million tonnes now. Stocks will continue to be above 2.2 million tonnes and pick up as we get into the final quarter of the year, which is also the peak production months for Indonesia."

Malaysia produced 9.79 million tonnes in the first half, according to MPOB data, up from 8.9 million tonnes a year ago.

A Reuters poll at the start of the year pegged Malaysia's 2019 production at 20 million tonnes.

Oil palm trees usually produce more in the third and fourth quarters of the year, with output peaking between August and October in recent years.

A Reuters survey had forecast palm oil stockpiles at the end of July to rise 1.8% to 2.47 million tonnes. Production was seen gaining 11.4% to 1.69 million tonnes, while exports were also seen up by 3.8% to 1.44 million tonnes. [PALM/POLL]

(Reporting by Emily Chow; Editing by Christian Schmollinger and Richard Pullin)

By Emily Chow

Stocks mentioned in the article
ChangeLast1st jan.
CRUDE PALM OIL FUTURES (CPO) - CMG (ELECTRONIC)/C1 0.53% 517.5 End-of-day quote.3.26%
LONDON BRENT OIL 0.45% 58.66 Delayed Quote.7.76%
WTI 0.07% 54.77 Delayed Quote.20.64%
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on CRUDE PALM OIL FUTURES (CP
08/17India says probing jump in refined palm oil imports from Malaysia
RE
08/16Indonesia president vows to process more resources onshore
RE
08/15Activists urge U.S. customs to ban palm oil imports from Malaysia's FGV
RE
08/14Indonesia energy ministry says B30 passed cold temperature tests
RE
08/14Malaysia second quarter GDP growth pace seen picking up, bucking regional tre..
RE
08/14Malaysia keeps September crude palm oil export duty at zero percent
RE
08/13Malaysia end-July palm oil stocks slip to one year low - MPOB
RE
08/13Indonesia seen returning to trade deficit in July - Reuters poll
RE
08/13Malaysia's July Palm Oil Exports 1.49 Million Tons; Up 7.4% -MPOB
DJ
08/09Indonesia's Widodo moots cooperation or merger of state oil companies with Ma..
RE
More news
Chart CRUDE PALM OIL FUTURES (CPO) - CMG (ELECTRONIC)/C1
Duration : Period :
CRUDE PALM OIL FUTURES (CPO) - CMG (ELECTRONIC)/C1 Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends CRUDE PALM OIL FUTURES (CP
Short TermMid-TermLong Term
TrendsBullishNeutralNeutral