Login ID:
Partner Login
Contact Us : 7066511911

BMD Palm Snaps 3-Day Losing Streak On Positive Global Cues, Technical Buying

11 Jul 2019 4:25 pm
 Comments 0 Comments  |  Comments Post Comment  |  Font Size A A A 

MUMBAI (Commoditiescontrol) - Malaysian palm oil futures ended slightly higher on Thursday, snapping their 3-day losing streak, tracking firmness in US soyoil and on technical buying.

However, bearish S&D data and a stronger Ringgit limited the upside.  A stronger Ringgit, palm's currency of trade, makes the edible oil more expensive for foreign buyers.

The September benchmark crude palm oil contract on the Bursa Malaysia Derivatives Exchange (BMD), was up Ringgit 2 at 1,939 a tonne by the close after moving in the range of Ringgit 1,947 and Ringgit 1,921.

In other related oils, the CBOT December soybean oil futures were trading higher in electronic trade on Thursday as traders adjusted positions before a monthly US Department of Agriculture (USDA) report due later today in which analysts expect the government to lower its 2019 US yield estimates for soybeans.

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

Malaysian Palm Oil Board (MPOB) said on Wednesday that palm oil inventories in Malaysia, at the end of June stood at 2.42 million tonnes, down 0.97 percent from the previous month, its fourth straight monthly drop. End-May palm oil stocks were at 2.45 million tonnes.

While market was expecting even higher decline in stockpiles.

The MPOB data showed output fell 9.17 percent to 1.52 million tonnes in June from 1.67 million tonnes in May. While June exports were down 19.35 percent from May to 1.38 million tonnes. Exports were at 1.71 million tonnes in May.

Furthermore, AmSpec Agri Malaysia said on Wednesday that exports of Malaysian palm oil products for July 1-10 fell by 2.35 percent to 367,950 tonnes from 376,802 tonnes during the same period in June. ITS and SGS also reported 1.49 and 2.9 percent decline in exports for the same period, respectively.

(By Commoditiescontrol Bureau)

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

   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
India Notifies Imports Of 30,000 Tonne Crude Soy Oil Fr...
BMD Palm Ends Lower For Third Straight Day
Indonesia PM Cash Market Prices for Palm Oil - August 1...
Malaysian PM Cash Market Prices for Palm Oil – August 1...
BMD Palm Weakens Further As MPOB Ups Malaysia's Product...
Top 5 News
Domestic Sugar Prices Rule Steady In Limited Trade
Spot Mentha Gains On Tight Supply, Better Demand
Mumbai Pulses Market Closed Unchanged
Spot Red Chilli Prices Remain Steady
Spot Coriander Prices Remain Steady To Slightly Down
Top 5 Special Reports
USD/MYR—Backing Away from Resistance at 4.2000
USD/IDR—Near the Midpoint of a Multi-month Range (13,90...
USD/BRL—Approaching Symmetrical Triangle Pattern Resist...
U.S. Dollar Index—Remains on an Upward Trajectory
Weekly: ICE Sugar Ends Down As Brazilian Real Sinks Be...
Copyright © CC Commodity Info Services LLP. All rights reserved.