Friday, 7 September 2012
FCPO Related News
Malaysian crude palm oil futures fell to a 3-week low on Thursday, as traders booked profits after U.S. soybeans dropped from a record high and a leading industry analyst warned of a looming supply glut of the tropical oil. (Reuters)
The benchmark November closed today at 2927 after dropping to the days low of 2895, weighed by ample palm oil stockpiles and overnight weakness in Chicago soyoil futures. "Palm oil stockpiles in August probably rose to 2.10 million tons, and this could drag palm oil toward MYR2,970/ton but strong export demand for the tropical oil amid its wide price discount of around $250-$300/ton to rival soyoil will likely support prices.