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BMD Palm Pares Early Gains, But Ends Higher For Third Straight Day

15 May 2019 4:32 pm
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NEW DELHI (Commoditiescontrol) - Malaysian palm oil futures ended higher for a third consecutive day on Wednesday, tracking modest gains in US soyoil and on better export numbers for the first 15 days of May.

A weaker Ringgit also supported prices as it makes palm oil cheaper for foreign buyers.

However, SGS data showing lower-than-expected rise in exports and fall in palm oil imports from India prompted traders to book some of their profits in afternoon trade.

The July benchmark crude palm oil contract on the Bursa Malaysia Derivatives Exchange (BMD), was up Ringgit 14 at Ringgit 2,028 a tonne by the close after moving in the range of Ringgit 2,050 and Ringgit 2,021.

Societe Generale de Surveillance (SGS) said on later Wednesday said that exports of Malaysian palm oil products for May 1-15 rose by 3.99 percent to 773,917 tonnes from 744,188 tonnes during the same period in April. While AmSpec Agri Malaysia and ITS earlier in the day reported over 14 percent gains in exports for the same period. 

Furthermore, the Solvent Extractors' Association of India (SEA) said in a statement on Wednesday that India's palm oil imports  declined by 9.2 percent to a 5-month low of 707,450 tonnes in April from 778,884 tonnes in the same month a year ago.

In other related oils, July soybean oil contract on CBOT was last up 0.96 percent in electronic trade on Wednesday after optimistic comments from Washington and Beijing that tempered concerns about a further escalation in their trade war. 

Trump on Tuesday called the trade war with China "a little squabble" and insisted talks between the world's two largest economies had not collapsed, as investors remained on guard for a further escalation of tit-for-tat tariffs. 

While the Chinese government said the two sides had agreed to keep talking.

Additional support stemmed from the US Department of Agriculture's weekly crop progress report that showed that planting pace was lagging well behind market expectations.

The USDA said on Monday that the soybean crop was 9 percent seeded, lagging the five-year average of 29 percent and the average trade estimate of 15 percent.

Palm oil prices are affected by movements in soyoil, as they compete for a share in the global vegetable oil market.

(By Commoditiescontrol Bureau)



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