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Asian palm oil spot prices rise
Release time:
2019-08-15 17:02
Source:
On Wednesday, the Asian palm oil spot market prices rose.
The selling price of crude palm oil in August 2019 is 518.5 USD/ton, compared with 515 USD/ton on the previous trading day, and the delivery price in South Malaysia
The quotation for 33-degree refined palm oil delivered in August 2019 is US $550 per ton, an increase of US $5 from the previous trading day; the quotation in September is US $550/ton, an increase of US $2.5 from the previous trading day; October The quotation from December to December is US $552.5/ton, an increase of US $2.5 from the previous trading day; the quotation from January to March 2020 is US $567.5, an increase of US $2.5 from the previous trading day, the quotation from April to June was 572.5 US dollars/ton, up 2.5 US dollars from the previous trading day. The FOB quotation of Malaysian ports.
The quotation for 24-degree refined palm oil delivered in August 2019 is US $555/ton, up US $5 from the previous trading day; the quotation in September is US $555/ton, up US $2.5 from the previous trading day; the quotation from October to December is US $557.5/ton, up US $2.5 from the previous trading day; the quotation from January to March 2020 is US $572.5, up US $2.5 from the previous trading day, the quotation from April to June was 577.5 US dollars/ton, up 2.5 US dollars from the previous trading day. The FOB quotation of Malaysian ports.
Crude palm oil futures rose on the Malaysia Derivatives Exchange (BMD) on Wednesday, hitting a new four-and-a-half-month high on expectations of positive export data in key markets. Benchmark October 2019 palm oil futures closed at 2219 ringgit a tonne, or $529.97 a tonne, up 0.3 per cent from the previous session. The intraday high reached 2223 ringgit, which is also the highest since April 9.
The market was expecting improved export data, dealers said. On Thursday, the shipping survey agency will release export data from August 1 to 15.
The Indonesian Ministry of Energy and Mineral Resources said on Wednesday that biodiesel (B30) using 30% palm oil has passed a series of low-temperature tests. The government plans to increase the palm oil content in biodiesel from early next year. Earlier this week, Indonesian President Joko Widodo said that he hopes to start using the B30 standard as early as January next year, which is higher than the current B20.
In Asian electronic trading, Chicago soybean oil futures rose 0.5 percent, Dalian September soybean oil fell 0.7 percent and September palm oil fell 0.1 percent.
According to data from the Malaysian Palm Oil Board, Malaysian palm oil stocks fell for five consecutive months at the end of July to only 2.39 million tons, a decrease of 0.8 per cent from the previous month and the lowest in a year. Malaysia's palm oil production in July was 1.74 million tons, up 15.1 percent from the previous month, the highest monthly output so far this year. Imports in July were 36,664 tonnes, down from 101,250 tonnes in June. Before the report was released, analysts surveyed by Reuters expected Malaysia's palm oil stocks to be 2.468 million tons at the end of July, up 1.8 percent from the previous month. Palm oil production in July is expected to be 1.692 million tons, up 11.4 percent from the previous month. Imports in July are expected to be 80000 tons.
Looking at exports, shipping survey company AmSpec Agri Malaysia said that Malaysia's palm oil exports between August 1-10, 2019 were 511,756 tons, up 39.1 percent from 367,950 tons in the same period in July.
In contrast, Malaysia's palm oil exports in July 2019 were 1,379,850 tons, up 1.64 percent from the previous month.
On Wednesday, the ringgit exchange rate was 4.1870 ringgit to the US dollar, compared with 4.1960 ringgit to the US dollar in the previous trading day.
Note: US $1 equals RM4.1870
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