Palm oil spot prices steady to higher: November 12 Asian market review
November 12 Asian palm oil spot market review: spot prices steady to higher
On November 12, palm oil spot market prices in Asia were steady to higher, mainly because spot trading accelerated and Malaysian crude palm oil futures strengthened.
On November 12, crude palm oil futures on the Bursa Malaysia Derivatives Exchange (BMD) closed higher, as heavy rain in oil palm growing areas could disrupt local oil palm harvesting, creating a bullish mood in the market and prompting short covering. The benchmark January crude palm oil contract rose 10 ringgit to close at 2,245 ringgit/tonne.
Analysts said Malaysian palm oil prices rose, attracting buyers in the Indonesian spot market to purchase, as they worried palm oil prices could rise further.
24-degree refined palm oil for January/February/March delivery traded at 710 US dollars, while April/May/June traded at 715 US dollars, 717.50 US dollars and 720 US dollars, Malaysian port FOB.
Crude palm oil for prompt delivery was quoted at 2,220 ringgit, up 40 ringgit.
Amol Tilak, an analyst at Kotak Commodity Services, said palm oil prices could fluctuate in the range of 2,200 ringgit to 2,400 ringgit over the next two weeks, and could rise further if demand from China and India improves.
Recently, heavy rain has occurred in some major producing areas of Malaysia, causing great difficulties for local oil palm harvesting and transport.
According to the Malaysian Meteorological Department, heavy rain has recently occurred in the Kelantan region, Terengganu region and Pahang region, and rainy weather may continue until early next week.
On November 12, crude palm oil futures on the Bursa Malaysia Derivatives Exchange (BMD) closed higher, as heavy rain in oil palm growing areas could disrupt local oil palm harvesting, creating a bullish mood in the market and prompting short covering. The benchmark January crude palm oil contract rose 10 ringgit to close at 2,245 ringgit/tonne.
Analysts said Malaysian palm oil prices rose, attracting buyers in the Indonesian spot market to purchase, as they worried palm oil prices could rise further.
24-degree refined palm oil for January/February/March delivery traded at 710 US dollars, while April/May/June traded at 715 US dollars, 717.50 US dollars and 720 US dollars, Malaysian port FOB.
Crude palm oil for prompt delivery was quoted at 2,220 ringgit, up 40 ringgit.
Amol Tilak, an analyst at Kotak Commodity Services, said palm oil prices could fluctuate in the range of 2,200 ringgit to 2,400 ringgit over the next two weeks, and could rise further if demand from China and India improves.
Recently, heavy rain has occurred in some major producing areas of Malaysia, causing great difficulties for local oil palm harvesting and transport.
According to the Malaysian Meteorological Department, heavy rain has recently occurred in the Kelantan region, Terengganu region and Pahang region, and rainy weather may continue until early next week.