CPO REACHES HIGHEST LEVEL IN FOUR MONTHS AS IT TRACKS SOYBEAN OIL RALLY
KUALA LUMPUR, Nov 8 (Bernama) -- Crude palm oil reached its highest level in more than four months on Monday as it tracked a rally in soybean oil and on the expectation of strong shipments from the second-biggest grower Malaysia, said CGS-CIMB.
The research firm said the benchmark prices of both soybean and soy oil surged last Friday on hopes of a boost in demand after reports suggested that top consumer China might change its zero COVID policy.
It said soybean oil jumped 7.5 per cent last week, while its premium over tropical oil hit a record, further strengthening palm oil’s position as the cheapest among major cooking oils.
Meanwhile, soybeans were lower on profit-taking and technical selling in overnight trading.
CGS-CIMB said China’s October soybean imports were the lowest for any month since October 2014, likely due to high prices and poor domestic crush margins.
According to China’s General Administration of Customs, the total of 4.14 million tonnes was down 19 per cent on year, with year-to-date purchases through the end of October at 73.18 million tonnes, 7.4 per cent behind the 2021 pace.
Beijing has said it will keep the zero-COVID policy in place, likely further impacting demand.
For now, demand continues to be solid, with export inspections topping 2.5 million tonnes, a slight improvement from last week, mainly to China and Mexico.
-- BERNAMA
BERNAMA provides up-to-date authentic and comprehensive news and information which are disseminated via BERNAMA Wires; www.bernama.com; BERNAMA TV on Astro 502, unifi TV 631 and MYTV 121 IFLIX channels and BERNAMA Radio on FM93.9 (Klang Valley), FM107.5 (Johor Bahru), FM107.9 (Kota Kinabalu) and FM100.9 (Kuching) frequencies.
Follow us on social media :
Facebook : @bernamaofficial, @bernamatv, @bernamaradio
Twitter : @bernama.com, @BernamaTV, @bernamaradio
Instagram : @bernamaofficial, @bernamatvofficial, @bernamaradioofficial
TikTok : @bernamaofficial
