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Crude palm oil (CPO) futures surged to a 27-month high on Wednesday October 23, spurred by firmly bullish sentiment and supportive fundamentals, while gains in related oils also provided positive momentum.
Vegoils futures rose across markets and regions on Tuesday October 22 with underlying support from rising crude oil prices and bullish fundamentals for the palm complex.
Crude palm oil (CPO) futures rebounded from losses on Friday October 18 to end in positive territory on Monday October 21, supported by gains in the energy complex and healthy export indications while related oils were mixed with Chicago futures also bouncing back.
Most vegoils futures in Asia and the US moved downward on Friday October 18, under pressure from falling prices for crude oil and from profit-taking.
Vegoils futures in Asia fell on Thursday October 17 partly because of profit-taking, while technical buying supported soyoil futures in Chicago.
Vegoil futures and cash prices rose across Asia and Europe on Wednesday October 16 amid supporting fundamentals, while soyoil futures in Chicago edged down on technical selling.
Brent crude oil prices plummet on Tuesday October 15 contributing to decreases in Malaysian crude palm oil (CPO) and Chinese futures, but soyoil futures in Chicago recovered part of the sharp losses in the previous session, with the market borrowing some support from a bullish crush report.
Soyoil futures in Chicago plummeted and crude palm oil (CPO) futures in Malaysia erased gains made in the earlier part of the trading session to edge lower on Monday October 14.
Crude palm oil (CPO) futures rebounded sharply on Friday October 11 to close the week higher for a fourth straight week, with support coming from a firm vegoil complex and positioning ahead of the weekend and USDA’s World Agricultural Supply and Demand (WASDE) report.
Crude palm oil (CPO) futures dropped slightly on Thursday October 10 amid opposing pressure from higher stocks and good export prospects, while soyoil futures in Chicago spiked supported by surging crude oil prices.
Vegoils futures trended mostly lower across markets and regions on Wednesday October 9, while crude oil prices continued to decline under risk-off positioning, Fastmarkets heard.
A sharp decline in crude oil prices linked to easing tensions in the Middle East and profit-taking weighed on Malaysian crude palm oil (CPO) and Chicago soyoil markets on Tuesday October 8, with the latter falling steeply on the day.
Crude palm oil (CPO) futures reversed early losses to end in positive territory at the close of trading on Monday October 7, with the most active third-month CPO futures contract for December delivery on the Bursa Malaysia exchange gaining 1.05% to close at 4,345 ringgit ($1,015) per tonne, the highest since early-April this year.
Malaysian crude palm oil (CPO) futures rose sharply to a multi-month high on Friday October 4, with tensions continuing to escalate in the Middle East, while soyoil futures in Chicago gave away part of Thursday’s gains.
Soyoil futures in Chicago climbed further on Thursday October 3 supported by a continued surge in crude oil prices, while crude palm oil (CPO) futures in Malaysia edged marginally lower.
Vegoils futures and cash prices rose across most markets on Wednesday October 2, with higher crude prices providing support earlier in the day while soyoil prices in Chicago caught a bid on product-spreading dynamics as soymeal futures fell steeply.
Crude palm oil (CPO) futures in Malaysia rose slightly and soyoil futures in Chicago increased more steeply, borrowing strength from surging crude prices on Tuesday October 1.
Crude palm oil (CPO) futures lost further steam in Malaysia on Monday September 30, while in Chicago soyoil futures bounced back after two sessions of losses.
Crude palm oil (CPO) futures in Malaysia took a breather from their seven-day rally to close lower on Friday September 27 due to profit-taking, while direction from related vegoils was mixed and soymeal futures surged in Chicago.
Asian vegoils futures continued to gather momentum on Thursday September 26 amid tight supply and demand fundamentals, while in Chicago soyoil futures tumbled to pare back Wednesday’s gains.