April 24, 2018
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KUALA LUMPUR (Dec 8): Malaysian palm oil futures fell for a fifth consecutive day on Friday evening, hitting a fresh five-month low as the market was weighed down by concerns over high stockpiles in the country.

The benchmark palm oil contract for February delivery on the Bursa Malaysia Derivatives Exchange fell 0.9% to 2,479 ringgit a tonne at the close of trade. It earlier fell to an intraday low of 2,477 ringgit, its weakest level since July 4.  

The contract is also down 4.8% for the week, its sixth weekly fall and sharpest weekly decline since February.
 
Trading volumes at the break stood at 39,815 lots of 25 tonnes each on Friday evening.

“The market is concerned about high stocks, and I heard all the storage tanks are full,” said a futures trader from Kuala Lumpur, adding that despite some buying activity in the market prices remained low on bearish outlooks.     

Palm oil inventory levels in Malaysia, the world’s second-largest producer after Indonesia, are expected to rise towards the year-end, as export volumes fall faster than output, weighing on prices.  

Stockpiles at end-November are seen rising 11.4% to 2.44 million tonnes on the month, according to a Reuters poll, while output is pegged to drop 3% to 1.95 million tonnes.

Exports are forecast to fall 6% in November to 1.45 million tonnes from October. 

Official data from the Malaysian Palm Oil Board is scheduled for release on Dec 12. 

Palm oil prices are affected by other edible oils, as they compete for a share in the global vegetable oils market.

The January soybean oil contract on the Chicago Board of Trade was down 0.2%, while the January soybean oil contract on the Dalian Commodity Exchange fell 1%.

In other related oils, the Dalian January palm olein contract dipped 0.1%. 

 Palm, soy and crude oil prices at 1108 GMT

 Contract          Month    Last  Change     Low   High   Volume
 MY PALM OIL       DEC7     2386  -31.00    2386   2435      120
 MY PALM OIL       JAN8     2445  -31.00    2440   2493     1795
 MY PALM OIL       FEB8     2477  -23.00    2477   2523    15559
 CHINA PALM OLEIN  MAY8     5336   +0.00    5294   5352   242242
 CHINA SOYOIL      MAY8     5872  -52.00    5860   5902   242682
 CBOT SOY OIL      JAN8    33.27   -0.09   33.18  33.29     6710
 INDIA PALM OIL    DEC7   562.90   -5.50  560.10  572.3      823
 INDIA SOYOIL      DEC7      713   -2.15  711.15  716.9     9790
 NYMEX CRUDE       JAN8    57.02   +0.33   56.54  57.16    86686

  Palm oil prices in Malaysian ringgit per tonne
  CBOT soy oil in U.S. cents per pound
  Dalian soy oil and RBD palm olein in Chinese yuan per tonne
  India soy oil in Indian rupee per 10 kg
  Crude in U.S. dollars per barrel



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