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Business Recorder
13 hours ago
- Business
- Business Recorder
Malaysian palm oil up on rival Dalian oils
KUALA LUMPUR: Malaysian palm oil futures ticked up on Wednesday for a second straight session, supported by gains in rival Dalian oils and a weaker ringgit, which boosted the commodity's appeal in key export markets. The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange gained 23 ringgit, or 0.54%, to 4,277 ringgit ($1,009.92) a metric ton at the close. Crude palm oil futures traded higher, driven by bullish signals, including the overnight surge in Chicago soyoil and energy futures and strong Chinese vegetable oil futures during Asian hours, said Anilkumar Bagani, research head at Sunvin Group. 'The weakening ringgit also enhanced export competitiveness for ringgit-denominated CPO contracts,' he added. However, Bagani said China's increased exports of competitively priced soybean oil to India pose a substitution risk, which could weigh on regional palm oil demand. Indian importers bought a record 150,000 metric tons of soyoil from China in rare purchases, as a supply glut prompted Chinese crushers to offer a discount to India's South American suppliers. Dalian's most-active soyoil contract rose 0.81%, while its palm oil contract added 0.63%. Soyoil prices on the Chicago Board of Trade were down 0.62%. Palm oil tracks price movements of rival edible oils, as it competes for a share of the global vegetable oils market. The ringgit, palm's currency of trade, weakened 0.09% against the US dollar, making the commodity slightly cheaper for buyers holding foreign currencies. Oil prices dipped slightly as investors awaited developments on US President Donald Trump's tighter deadline for Russia to end the war in Ukraine and his tariff threats to countries that trade its oil. Weaker crude oil futures make palm a less attractive option for biodiesel feedstock.
Business Recorder
a day ago
- Business
- Business Recorder
Palm oil edges up on higher rival Dalian oils, weak ringgit
KUALA LUMPUR: Malaysian palm oil futures ticked up on Wednesday for a second straight session, supported by gains in rival Dalian oils and a weaker ringgit, which boosted the commodity's appeal in key export markets. The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange gained 23 ringgit, or 0.54%, to 4,277 ringgit ($1,009.92) a metric ton at the close. Crude palm oil futures traded higher, driven by bullish signals, including the overnight surge in Chicago soyoil and energy futures and strong Chinese vegetable oil futures during Asian hours, said Anilkumar Bagani, research head at Sunvin Group. 'The weakening ringgit also enhanced export competitiveness for ringgit-denominated CPO contracts,' he added. However, Bagani said China's increased exports of competitively priced soybean oil to India pose a substitution risk, which could weigh on regional palm oil demand. Indian importers bought a record 150,000 metric tons of soyoil from China in rare purchases, as a supply glut prompted Chinese crushers to offer a discount to India's South American suppliers. Palm extends losses on weak rival oils, concerns over rising output, stocks Dalian's most-active soyoil contract rose 0.81%, while its palm oil contract added 0.63%. Soyoil prices on the Chicago Board of Trade were down 0.62%. Palm oil tracks price movements of rival edible oils, as it competes for a share of the global vegetable oils market. The ringgit, palm's currency of trade, weakened 0.09% against the U.S. dollar, making the commodity slightly cheaper for buyers holding foreign currencies. Oil prices dipped slightly as investors awaited developments on U.S. President Donald Trump's tighter deadline for Russia to end the war in Ukraine and his tariff threats to countries that trade its oil. Weaker crude oil futures make palm a less attractive option for biodiesel feedstock.
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First Post
a day ago
- Business
- First Post
In rare move, India buys soy oil in record quantity from China
As Chinese suppliers have offered discounts owing to a decline in their exports, India has bought a record 150,000 metric tons of soyoil from China in recent months, with imports peaking in May. read more Shoppers are seen in an aisle with subsidised vegetable oils at a government outlet in Cairo, Egypt August 29, 2017. (Representative Photo, Credit: Mohamed Abd El Ghany/Reuters) Indian importers have bought a record 150,000 metric tons of soyoil from China in rare purchases, as a supply glut prompted Chinese crushers to sell at a discount to India's traditional suppliers from South America, four trade sources said. The exports to India will help Chinese crushers cut inventories that surged after the country's soybean imports hit a record peak in May, boosting processing and stockpiles while demand slowed. China is the world's biggest importer of soybean. STORY CONTINUES BELOW THIS AD Indian importers bought the soyoil for shipment between September and December, with sellers offering a $15 to $20 a ton discount compared with South American supplies, said the sources who declined to be named because they were not authorised to speak to the media. 'Chinese soybean crushers are struggling with excessive soymeal and soyoil. To reduce inventories, they are shipping oil to India,' a New Delhi-based dealer with a global trade house told Reuters. India, which mainly imports soyoil from Argentina and Brazil, began buying from China due to the price advantage, the dealer said. China is traditionally a net importer of soyoil and palm oil. Chinese crushers offered crude soyoil at around $1,140 per ton, including cost, insurance, and freight (CIF), for shipments in the December quarter, compared with $1,160 from South America, another dealer said. Lower freight costs have given China the upper hand too, as shipments from South America take more than six weeks to reach India, while those from China arrive in two to three weeks, a Mumbai-based dealer said. India meets nearly two-thirds of its vegetable oil demand through imports —by private companies— of palm oil, mainly from Indonesia and Malaysia, as well as sunflower oil and soyoil from Russia and Ukraine in addition to Argentina and Brazil. STORY CONTINUES BELOW THIS AD In India and elsewhere, soyoil is trading at a premium over palm oil, but in China, soyoil is trading at a discount due to the supply glut, a Kuala Lumpur-based dealer said. India's annual cooking oil requirement is huge, and it could buy even more from China if offered at competitive prices, said Sandeep Bajoria, chief executive of the Sunvin Group, a Mumbai-based vegetable oil brokerage. (This is an agency copy. Except for the headline, the copy has not been edited by Firstpost staff.)
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Business Standard
2 days ago
- Business
- Business Standard
India buys record soyoil from China as prices fall below South America
In a rare move, Indian importers have purchased a record 150,000 metric tonnes of soyoil from China. This shift, according to a Reuters report, comes as Chinese soybean crushers are offering discounted rates due to an oversupply, making Chinese soyoil more attractive than the usual suppliers from South America. China, the world's largest soybean importer, saw its soybean imports hit a record high in May. This led to increased processing activity and growing inventories of soymeal and soyoil. 'Chinese soybean crushers are struggling with excessive soymeal and soyoil. To reduce inventories, they are shipping oil to India,' a New Delhi-based dealer working with a global trading company was quoted as saying. By exporting to India, Chinese crushers aim to cut back their swelling stockpiles as local demand slows. Competitive pricing drives shift Chinese suppliers quoted crude soyoil at around $1,140 per tonne, including cost, insurance, and freight (CIF), for shipments in the final quarter of the year. This compares with $1,160 from South America, another dealer said. Faster shipping, lower freight Apart from lower prices, quicker delivery times are another reason for India's interest in Chinese soyoil. Shipments from South America typically take over six weeks, while Chinese shipments reach India in two to three weeks. India relies on imports to meet nearly two-thirds of its vegetable oil demand. These imports are mainly handled by private firms and include palm oil from Indonesia and Malaysia, sunflower oil and soyoil from Russia and Ukraine, as well as Argentina and Brazil. Traditionally, India has sourced most of its soyoil from Argentina and Brazil. However, the current price advantage has prompted Indian buyers to look to China. "In India and elsewhere, soyoil is trading at a premium over palm oil, but in China, soyoil is trading at a discount due to the supply glut," said a dealer based in Kuala Lumpur. Potential for more imports Given the size of India's edible oil consumption, the country may purchase even more soyoil from China if prices remain attractive. "India's annual cooking oil requirement is huge, and it could buy even more from China if offered at competitive prices," said Sandeep Bajoria, chief executive of the Sunvin Group, a vegetable oil brokerage based in Mumbai.
Reuters
2 days ago
- Business
- Reuters
Exclusive: India buys record soyoil from China in rare move, sources say
MUMBAI, July 29 (Reuters) - Indian importers have bought a record 150,000 metric tons of soyoil from China in rare purchases, as a supply glut prompted Chinese crushers to sell at a discount to India's traditional suppliers from South America, four trade sources said. The exports to India will help Chinese crushers cut inventories that surged after the country's soybean imports hit a record peak in May, boosting processing and stockpiles while demand slowed. China is the world's biggest importer of soybean. Indian importers bought the soyoil for shipment between September and December, with sellers offering a $15 to $20 a ton discount compared with South American supplies, said the sources who declined to be named because they were not authorised to speak to the media. "Chinese soybean crushers are struggling with excessive soymeal and soyoil. To reduce inventories, they are shipping oil to India," a New Delhi-based dealer with a global trade house told Reuters. India, which mainly imports soyoil from Argentina and Brazil, began buying from China due to the price advantage, the dealer said. China is traditionally a net importer of soyoil and palm oil. Chinese crushers offered crude soyoil at around $1,140 per ton, including cost, insurance, and freight (CIF), for shipments in the December quarter, compared with $1,160 from South America, another dealer said. Lower freight costs have given China the upper hand too, as shipments from South America take more than six weeks to reach India, while those from China arrive in two to three weeks, a Mumbai-based dealer said. India meets nearly two-thirds of its vegetable oil demand through imports - by private companies - of palm oil, mainly from Indonesia and Malaysia, as well as sunflower oil and soyoil from Russia and Ukraine in addition to Argentina and Brazil. In India and elsewhere, soyoil is trading at a premium over palm oil, but in China, soyoil is trading at a discount due to the supply glut, a Kuala Lumpur-based dealer said. India's annual cooking oil requirement is huge, and it could buy even more from China if offered at competitive prices, said Sandeep Bajoria, chief executive of the Sunvin Group, a Mumbai-based vegetable oil brokerage.
