Log in
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Dynamic quotes 

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


SummaryMost relevantAll NewsMarketScreener Strategies

Malaysian palm oil August end-stocks rise less than expected

share with twitter share with LinkedIn share with facebook
09/10/2020 | 03:09am EDT
A worker unloads palm oil fruit bunches at a factory in Tanjung Karang

Malaysia's palm oil stocks at the end of August rose marginally, but missed market expectations as imports slumped and domestic consumption picked up, official data showed on Thursday.

Palm oil inventories in the world's second-largest producer increased 0.06% from the previous month to 1.7 million tonnes, marking the first monthly gain since April, according to data from industry regulator the Malaysian Palm Oil Board (MPOB). [MYPOMS-TPO]

The rise was lower than a Reuters' survey pegging a 5.4% increase, and may provide further support to the benchmark palm oil futures contract, which has gained 3% so far this month. [POI/]

August imports were at a 27-month low and contributed to the smaller stockpiles, said Sathia Varqa, co-founder of Singapore-based Palm Oil Analytics.

Imports fell 39% from July to 32,311 tonnes, while domestic consumption rose 12.6% to 312,591 million tonnes.

Crude palm oil output rose 3.07% to a two-month high of 1.86 million tonnes, as plantations entered the seasonal peak production period. [MYPOMP-CPOTT]

"Production is now slowly recovering at both Malaysia and Indonesia," said Marcello Cultrera, institutional sales manager and broker at Phillip Futures in Kuala Lumpur.

Exports slumped 11.3% to 1.58 million tonnes, the lowest since May, as top buyers India and Europe reduced purchases. [MYPOME-PO]

Shipments to India, the world's largest edible oil consumer, fell 27%, while those to Europe declined 7%.

Meanwhile, cargo surveyors estimated exports during the first 10 days of September jumped 10% from a month earlier.

"With September exports emerging positive... prices could see a recovery to 2,900 ringgit for the most active contract," Varqa said.

The market will now wait for September production numbers for further price direction, said a Kuala Lumpur-based trader.

Following is a breakdown of the Malaysian Palm Oil Board figures and Reuters estimates for August (volumes in tonnes):

Aug. 2020 Aug. 2020 poll July 2020* Aug 2019

Output 1,862,962 1,843,903 1,807,397 1,821,548

Stocks 1,699,106 1,790,000 1,698,036 2,240,523

Exports 1,581,612 1,533,000 1,783,284 1,735,645

Imports 32,311 50,000 52,691 51,055

*indicates revised figures by the Malaysian Palm Oil Board

By Mei Mei Chu

share with twitter share with LinkedIn share with facebook
All news about CPO (CPO) - CMG (ELECTRONIC)/C1
10/16India's September palm oil imports slump 27% on tepid demand - trade body
10/14SUBSCRIBERS : Disregard Malaysia's September Palm Oil Headlines (Oct 12)
10/13Soybean Futures Gain Following Strong Chinese Demand for Palm Oil
10/13Indonesia president warns risk of floods, agriculture damage from La Nina
10/12Malaysia's September Palm Oil Exports 1.61 Million Tons; Up 1.9% -MPOB
10/12Malaysia end-Sept palm oil stockpiles rise 1.24% to 3-month high - MPOB
10/08Palm oil prices to rally in first half of 2021, say top analysts
10/06GRAIN HIGHLIGHTS : Top Stories of the Day
10/06LIVESTOCK HIGHLIGHTS : Top Stories of the Day
10/06Soybeans Rise in Reaction to Higher Palm Oil Futures
More news
Duration : Period :
CPO (CPO) - CMG (ELECTRONIC)/C1 Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends CPO (CPO) - CMG (ELECTRONIC)/C1
Short TermMid-TermLong Term