Login ID:
Password:
Partner Login
Contact Us : 7066511911

BMD Palm Falls For 7th Day Amid Expectation Of Subdued Export Numbers For Mar 1-15

14 Mar 2019 5:08 pm
 Comments 0 Comments  |  Comments Post Comment  |  Font Size A A A 

NEW DELHI (Commoditiescontrol) - Malaysian palm oil futures fell for a seventh straight day on Thursday amid expectations of subdued export numbers for March 1-15 and tracking weakness in US soyoil.

There was further pressure on prices as the European Commission on Wednesday restricted the types of biofuels from palm oil that may be counted toward the EU’s renewable-energy goals and introduced a certification system.

The May benchmark crude palm oil contract on the Bursa Malaysia Derivatives Exchange (BMD), was down Ringgit 29 at Ringgit 2,063 a tonne by the close after moving in the range of Ringgit 2,090 and Ringgit 2,051, its weakest since mid-December.

As per market sources, cargo surveyor Intertek Testing Services (ITS) may cut its export estimates of Malaysian palm oil products for March 1-15 to 631,949 tonnes, down by 7.97 percent or 54,708 tonnes from 686,657 tonnes in Feb 1-15. While AmSpec Agri Malaysia is likely to cut its export estimates by 1.75 percent to 673,000 tonnes from 685,000 tonnes in Feb 1-15.

In other related oils, the CBOT May soybean oil contract was last down 0.60 percent in electronic trade on Thursday due to worries about Chinese demand following the spread of African swine fever.

China, home to the world's largest hog herd, has reported 112 outbreaks of the highly contagious disease in 28 provinces and regions since August, although the vast majority were found on farms, with one at a slaughterhouse.

In another development, US trade representative Robert Lighthizer said on Tuesday that the United States and China may be in the final weeks of discussions to hammer out a deal to ease their tit-for-tat tariffs dispute. The trade war has curbed US soybean exports to China.

Palm oil prices track the performances of other edible oils, as they compete for a share in the global vegetable oils market.

Meanwhile, the European Commission has concluded that palm oil cultivation results in excessive deforestation and its use in transport fuel should be phased out, setting the bloc on a collision course with major palm oil producers Malaysia and Indonesia.

The Commission published its criteria on Wednesday for determining what crops cause environmental harm, part of a new EU law to boost the share of renewable energy to 32 percent by 2030 and determine what are appropriate renewable sources.

(By Commoditiescontrol Bureau) 

 

       
  Rate this story 1 out of 52 out of 53 out of 54 out of 55 out of 5 Rated
0.0

   Post comment
Comment :

Note : This forum is moderated. We reserve the right to not publish and/or edit the comment on the site, if the comment is offensive, contains inappropriate data or violates our editorial policy.
Name :  
Email :  
   

Top | Post Comment  

Latest Market Commentary
Soybean Acreage In India Likely To Increase This Year
Malaysian PM Cash Market Prices for Palm Oil May 21
Indonesia PM Cash Market Prices for Palm Oil -May 21
BMD Palm Deepens Early Losses, Falls For Second Day
India Soybean Arrivals As On 21 May
more
Top 5 News
Spot Mentha Gains On Tight Supply
Chana Trade Mixed At Major Spot Markets; Chana Dal Weak...
Spot Turmeric Prices Up On Good Buying
Spot Jeera Prices Move Lower On Weak Futures
Spot Coriander Prices Rule Steady To Firm
Top 5 Special Reports
Technical: Wheat Spot Delhi- Correction Likely To End...
Technical: Sugar M Grade Delhi- Trend Line Breakout Is...
WEEKLY: Selling Pressure In Cardamom May Appear At Exis...
WEEKLY: Uptrend May Continue In Coriander Prices
WEEKLY: Jeera Prices Likely To Remain Firm On Export De...
Copyright © CC Commodity Info Services LLP. All rights reserved.