【can guinea pigs eat grass instead of hay】VEGOILS-Palm jumps over 2 pct to as India cuts import tax
* Palm gains as much as 2.4 pct in Wednesday's trade
* Lower production also supportive of prices - trader
* India cuts import taxes on crude,can guinea pigs eat grass instead of hay refined palm oil
(Updates with closing prices)
By Emily Chow
KUALA LUMPUR, Jan 2 (Reuters) - Malaysian palm oil futures
rose to their highest in nearly two weeks on the first trading
day of 2019, after world's largest edible oil importer India
announced import tax cuts, amid expectations of a fall in
production.
The benchmark palm oil contract for March delivery
on the Bursa Malaysia Derivatives Exchange was up 2.1 percent at
2,166 ringgit ($523.82) a tonne at the close of trade, its
strongest daily gains in two and a half weeks.
It earlier rose as much as 2.4 percent to 2,171 ringgit, its
strongest levels since Dec. 21.
Trading volumes stood at 32,672 lots of 25 tonnes each at
the end of the trading day. (1FCPO-TOT)
"Palm is higher today on India's import tax cut and
production, which is expected to be down for the whole month
also," said a futures trader in Singapore.
Palm oil output in Malaysia, the second largest producer of
the vegetable oil, seasonally declines in the first few months
of the year after peaking in the previous quarter.
November production had slid 6.09 percent from the previous
month to 1.85 million tonnes, according to industry regulator
data. (MYPOMP-CPOTT)
India, the world's largest importer of edible oils, said
late on Monday it would lower the duty on crude palm oil imports
to 40 percent from 44 percent, while a tax on refined oils was
cut to 50 percent from 54 percent.
Malaysian shipments of refined palm oil, however, will be
taxed at 45 percent compared with 54 percent earlier.
Despite the tax cuts, traders expect market gains to be
short-lived as palm inventory levels in Southeast Asia remain
high.
In other related oils, the January soybean oil contract on
the Dalian Commodity Exchange rose 1 percent and the
Dalian January palm oil contract gained 2.3 percent.
Palm oil prices are impacted by changes in soyoil prices, as
they compete for a share in the global vegetable oil market.
Palm, soy and crude oil prices at 1052 GMT:
Contract Month Last Change Low High Volume
MY PALM OIL JAN9 2075 +71.00 2030 2075 84
MY PALM OIL FEB9 2129 +55.00 2090 2134 3117
MY PALM OIL MAR9 2164 +43.00 2132 2171 13419
CHINA PALM OLEIN JAN9 4150 +94.00 3868 4150 3132
CHINA SOYOIL JAN9 4942 +48.00 4846 4942 1366
CBOT SOY OIL JAN9 27.55 +0.00 0 0 0
INDIA PALM OIL JAN9 521.50 +7.50 516.40 523.5 1512
INDIA SOYOIL JAN9 736 +5.85 731.5 738 8800
NYMEX CRUDE FEB9 44.96 -0.45 44.41 46.00 166325
Palm oil prices in Malaysian ringgit per tonne
CBOT soy oil in U.S. cents per pound
Dalian soy oil and RBD palm olein in Chinese yuan per tonne
India soy oil in Indian rupee per 10 kg
Crude in U.S. dollars per barrel
($1 = 4.1350 ringgit)
($1 = 70.1100 Indian rupees)
($1 = 6.8552 Chinese yuan)
(Reporting by Emily Chow; Editing by Rashmi Aich)
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