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BMD Palm Oil Pares Early Gains To Close In Red

18 Jun 2019 4:39 pm
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MUMBAI (Commoditiescontrol) - Malaysian palm oil futures ended lower on Tuesday, paring their early gains in the afternoon trade as renewed concerns over stockpiles after higher-than-expected fall in exports, prompted market participants to book profits at existing levels.

The September benchmark crude palm oil contract on the Bursa Malaysia Derivatives Exchange (BMD), was down Ringgit 10 or 0.6 percent at 2,022 (USD 483.73) a tonne by the close after moving in the range of Ringgit 2,059 and Ringgit 2,016.

Societe Generale de Surveillance (SGS) said on Tuesday that exports of Malaysian Palm Oil products for June 1-15 were down by 118,140 MT or 15.27 percent at 655,777 MT as compared to the same period a month ago at 773917 MT.

While, AmSpec Agri Malaysia and ITS on Saturday reported a  fall in exports by 18.9 percent and 22.54 percent, respectively for the same period. 

In other related oils, the CBOT July soybean oil contract settled higher by 1.92 percent higher on Monday, supported by forecasts for more rains in the Midwest where wet conditions have delayed plantings and cast doubts on production prospects.

After the CBOT close, the US Department of Agriculture said US soybean planting was 77 percent finished by Sunday, lagging the average trade estimate of 79 percent and the five-year average of 93 percent.

Support from weather woes helped to offset disappointing monthly soy crushing data. The National Oilseed Processors Association (NOPA) said its members crushed 154.8 million bushels of soybeans in May, below an average of trade estimates for 162.5 million.

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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