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BMD Palm Falls For Third Day In A Row Amid Rumours Of Bearish Export Data

24 Jun 2019 4:43 pm
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MUMBAI (Commoditiescontrol) - Malaysian palm oil futures fell for the third consecutive day on Monday amid rumours of even sharper decline in exports for June 1-25 and tracking weakness in US soyoil.

The September benchmark crude palm oil contract on the Bursa Malaysia Derivatives Exchange (BMD), was down Ringgit 25 or 1.2 percent at 1,998 (USD 482.60) a tonne by the close after moving in the range of Ringgit 2,012 and Ringgit 1,995.

Palm deepend its early losses in second session of trade as there were rumours in the market that the ITS and AmSpec may lower export estimates for June 1-25 by 17.73 percent and 16 percent, respectively even sharper than a decline of 12.65 percent and 5.8 percent for June 1-20 period.

In other related oils, the CBOT July soybean oil contract was trading lower by 0.38 percent in electronic trade on Monday amid expectations that crops may benefit this week from a break in the rains that stalled plantings across the American Midwest this spring.

Price movements were however limited as traders waited for the US Department of Agriculture to release a weekly US crop-progress report on Monday and separate reports on acreage and grain stocks on Friday.

Traders will also keep an eye on the G20 summit in Osaka at the end of the week as US President Donald Trump and his Chinese counterpart, Xi Jinping, are expected to meet to discuss trade issues. The ongoing trade war between Washington and Beijing has slowed US soybean exports to China, the world’s top importer of the oilseed.

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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