Malaysian palm oil futures slump

Palm Oil HQ Posted by Palm Oil HQ 35 days ago
Source: http://in.reuters.com
Added 35 days ago - KUALA LUMPUR, July 23 (Reuters) - Malaysian crude palm oil futures dived nearly 6 percent to plumb more than 7-1/2-month lows on Wednesday as weakness in crude oil seeped into vegetable oil markets across the globe.

Malaysian palm prices have been hit hard with almost all its gains wiped out this year due to a continuous stream of bearish news ranging from a delay in the launch of biodiesel mandates in the domestic market to Jakarta cutting palm export taxes.

The benchmark October contract KPOc3 dropped as much as 191 ringgit to 3,061 ringgit ($945) per tonne, the lowest since December 31. By the midday break, the contract was trading down 190 ringgit at 3,062 ringgit.

"A whole lot of investors are unwinding long positions as quickly as they can, the flow of bearish news is getting overpowering," said a trader with a foreign brokerage.

Indonesia has cut export taxes for palm oil products in August to bring them in line with international prices, the trade ministry said on Tuesday, a move which will see more demand shifting from Malaysia, traders said.

"The Jakarta tax cut and comments from the higher ups that biodiesel is not feasible this year have added to the overall downside that was started by lower crude oil and soyoil prices, along with high inventories of palm oil," said another trader.

Malaysian Commodities Minister Peter Chin told Reuters on Tuesday the country will not introduce a subsidised 2 percent palm-based biodiesel in the domestic demand this year despite a recent correction in the palm oil market as prices were still too high.

Oil prices held near a six-week low on Wednesday, as worries increased over dwindling U.S. demand at the same time as fears eased that Hurricane Dolly would deal a major blow to oil and gas supply.

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Latest Crude Palm Oil (CPO) Futures Prices (Hourly)

The Chart and table below show the latest Crude Palm Oil (CPO) Futures prices, as traded on the Bursa Malaysia Derivitives Exchange.


First trading session: Weekdays 10:30 a.m. to 12:30 p.m
Second trading session: Weekdays 3:00 p.m. to 6:00 p.m
Current Malaysian local time: 12:13:35 PM Thu, August 28th 2008

Palm Oil HQ Crude Palm Oil Futures Prices
1 USD = 3.3818 MYR Updated: 12:00:03 PM Thu, August 28th 2008
Month Open High Low Last Sett.p Change Volume O.P
Sep 20082,4372,4412,4372,4412,480-39131,466
Oct 20082,4622,4802,4622,4802,501-219512,503
Nov 20082,4622,4882,4522,4882,502-1467115,251
Dec 20082,4662,4902,4632,4902,504-14868,848
Feb 2009----2,518--572
Mar 2009-2,4652,520-2,189--0
0.00---2,50002,668-0
Jul 2009----2,511--2,374
Sep 2009---2,5510984-0
Nov 2009----2,507--424
Jan 2010----2,505--886
Mar 2010----2,503--219
May 2010----2,503--1,114
Jul 2010----2,503--36

Historical Crude Palm Oil (CPO) Futures Prices

Average Historical Spot Settlement Price for Crude Palm Oil on the Bursa Malaysia Derivitives Exchange.

Palm Oil HQ Historical Crude Palm Oil Futures Prices