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

14 Mar 2019 5:08 pm
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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) 

 

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