Latest news with #SunvinGroup
Business Recorder
a day ago
- Business
- Business Recorder
Palm flat as strong Dalian oils counter weak demand
KUALA LUMPUR: Malaysian palm oil futures were largely flat on Thursday as stronger rival Dalian oils supported the market, while weak demand from key markets, including India, countered the gains. The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange rose 2 ringgit, or 0.05%, to 4,102 ringgit ($963.59) a metric ton at the close. The market was trading sideways following an upward momentum seen in Chinese vegetable oil futures in Asian hours, and the persistent bullish trend in ultra-low sulfur diesel (ULSD) futures, said Anilkumar Bagani, research head at Mumbai-based vegetable oil broker Sunvin Group. But a lack of fresh buying support from destination markets and the weak buying demand from India capped the gains, Bagani added. Dalian's most-active soyoil contract rose 1.44%, while its palm oil contract added 0.45%. The Chicago Board of Trade was closed for a public holiday. Palm oil tracks price movements of rival edible oils as it competes for a share of the global vegetable oils market. Oil prices rose after Israel and Iran continued to exchange missile attacks overnight and U.S. President Donald Trump's stance on the conflict kept investors on edge. Indian refiners cancel palm oil orders for July-Sept as prices surge Stronger crude oil futures make palm a more attractive option for biodiesel feedstock. Indian refiners cancelled orders for 65,000 metric tons of crude palm oil (CPO) scheduled for delivery from July to September following a sudden surge in benchmark Malaysian prices, four trade sources told Reuters. The ringgit, palm's currency of trade, weakened 0.21%against the U.S. dollar, making the commodity slightly cheaper for buyers holding foreign currencies.
Business Recorder
2 days ago
- Business
- Business Recorder
Indian refiners cancel palm oil orders for July-Sept as prices surge
MUMBAI: Indian refiners cancelled orders for 65,000 metric tons of crude palm oil (CPO) scheduled for delivery from July to September following a sudden surge in benchmark Malaysian prices, four trade sources told Reuters. Refiners in the world's largest palm oil importer cancelled the orders in the past three days after Malaysian palm oil futures rose more than 6%, hedging their risk against the prospect of falling prices by locking in a profit. 'There is a lot of volatility in the market. There was more margin in cancelling bought CPO than in importing, refining, and selling refined palm oil in the local market,' said an Indian buyer who operates a refinery on the west coast and cancelled shipments for July delivery. Indian buyers made CPO purchases nearly a month ago around $1,000 to $1,030 per ton, including cost, insurance, and freight, after a rebound in palm oil production brought down prices to their lowest in more than eight months. This week, palm oil futures jumped, tracking a rally in Chicago soyoil futures after the U.S. proposed higher biofuel blending volumes. Palm rises tracking rival soyoil, weaker ringgit The sudden rise prompted Indian refiners to cancel contracts at between $1,050 and $1,065 per ton, making a profit of more than $30 per ton, said the sources who spoke on condition of anonymity because they were not authorised to speak to media. Buyers agreed to contract cancellations by accepting a price slightly lower than the current market rate, a decision mutually reached with sellers, said a New Delhi-based dealer with a global trading house. The CPO is being offered at about $1,070 a ton in India for July delivery, compared to $1,020 to $1,030 a month ago. Despite the cancellations, Indian imports are poised to rise in coming months after falling far below average in recent months, bringing down inventories, said Sandeep Bajoria, chief executive of Sunvin Group, a vegetable oil brokerage. India's palm oil imports hit a six-month high in May, driven by low inventories and the oil's price discount to rival soyoil and sunflower oil. Indian buying had gained momentum after India last month halved the import duty on CPO, but the cancellations have disrupted that momentum, said a Kuala Lumpur-based trader with a palm oil producing company.
Yahoo
2 days ago
- Business
- Yahoo
Exclusive-Indian refiners cancel palm oil orders for July-Sept as prices surge
By Rajendra Jadhav MUMBAI (Reuters) -Indian refiners cancelled orders for 65,000 metric tons of crude palm oil (CPO) scheduled for delivery from July to September following a sudden surge in benchmark Malaysian prices, four trade sources told Reuters. Refiners in the world's largest palm oil importer cancelled the orders in the past three days after Malaysian palm oil futures rose more than 6%, hedging their risk against the prospect of falling prices by locking in a profit. "There is a lot of volatility in the market. There was more margin in cancelling bought CPO than in importing, refining, and selling refined palm oil in the local market," said an Indian buyer who operates a refinery on the west coast and cancelled shipments for July delivery. Indian buyers made CPO purchases nearly a month ago around $1,000 to $1,030 per ton, including cost, insurance, and freight, after a rebound in palm oil production brought down prices to their lowest in more than eight months. This week, palm oil futures jumped, tracking a rally in Chicago soyoil futures after the U.S. proposed higher biofuel blending volumes. The sudden rise prompted Indian refiners to cancel contracts at between $1,050 and $1,065 per ton, making a profit of more than $30 per ton, said the sources who spoke on condition of anonymity because they were not authorised to speak to media. Buyers agreed to contract cancellations by accepting a price slightly lower than the current market rate, a decision mutually reached with sellers, said a New Delhi-based dealer with a global trading house. The CPO is being offered at about $1,070 a ton in India for July delivery, compared to $1,020 to $1,030 a month ago. Despite the cancellations, Indian imports are poised to rise in coming months after falling far below average in recent months, bringing down inventories, said Sandeep Bajoria, chief executive of Sunvin Group, a vegetable oil brokerage. India's palm oil imports hit a six-month high in May, driven by low inventories and the oil's price discount to rival soyoil and sunflower oil. Indian buying had gained momentum after India last month halved the import duty on CPO, but the cancellations have disrupted that momentum, said a Kuala Lumpur-based trader with a palm oil producing company. Sign in to access your portfolio
Business Recorder
12-06-2025
- Business
- Business Recorder
Palm rises on bargain buying, Chicago soyoil
JAKARTA: Malaysian palm oil futures rebounded on Thursday after two straight sessions of losses, supported by strength in Chicago soyoil, and bargain buying. The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange gained 35 ringgit, or 0.91%, to 3,874 ringgit ($916.71)a metric ton by the midday break. 'Bursa Malaysia CPO futures initially opened with a mixed to lower trend, but later experienced a recovery due to bargain buying, following a sharp rally in energy prices and indications of stability in Chinese vegetable oil futures,' said Anilkumar Bagani, commodity research at Mumbai-based brokerage Sunvin Group. Strength in Chicago soyoil during Asian trading hours also added support to the contract, he said. Dalian's most-active soyoil contract was down 0.23% while its palm oil contract was up 0.02%. Soyoil on the Chicago Board of Trade (CBOT) gained 0.35%. India's palm oil imports in May rise over 84% m/m, trade body says Palm oil tracks the price movements of rival edible oils as it competes for a share of the global vegetable oils market. Malaysian ringgit, the contract currency of trade, strengthened 0.21% against the U.S. dollar, making the contract more expensive for foreign currency holders. Palm oil may retest the support level of 3,812 ringgit per metric ton, with a good chance of breaking below it and falling towards 3,768 ringgit.
Business Recorder
05-06-2025
- Business
- Business Recorder
Palm ends lower on weaker rival edible oils, profit booking
JAKARTA: Malaysian palm oil futures extended losses on Thursday, snapping a two-session rally, as investors booked profits and prices of rival edible oils fell. The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange dropped 44 ringgit, or 1.11%, to 3,904 ringgit ($923.59) a metric ton at the close. 'The palm oil futures were seen trading lower on profit taking, energy prices and weaknesses in related China and US vegetable oil markets,' said Anilkumar Bagani, head of research at Mumbai-based vegetable oil broker Sunvin Group. Dalian's most-active soyoil contract fell 0.18%, while its palm oil contract declined 0.37%. Soyoil prices on the Chicago Board of Trade were down 0.58%. Palm oil tracks price movements of rival edible oils, as it competes for a share of the global vegetable oils market. Oil prices steadied on Thursday after falling more than 1% the previous day because of a build in US gasoline and diesel inventories and cuts to Saudi Arabia's July prices for Asia. Weaker crude oil futures make palm a less attractive option for biodiesel feedstock. Malaysia's palm oil inventories are projected to climb for a third consecutive month in May, driven by a modest recovery in production despite robust export demand, a Reuters survey showed on Wednesday. Palm oil rebounds on anticipation of strong demand India's palm oil imports in May surged to a six-month high, as lower inventories and the tropical oil's discount to rival soyoil and sunflower oils prompted refiners to increase purchases. Independent inspection company AmSpec Agri Malaysia said exports of Malaysian palm oil products for May rose 13.2%, while cargo surveyor Intertek Testing Services saw a 17.9% jump.
