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BMD Palm Falls For Fifth Straight Day On Bearish Production, Export Data

26 Jun 2019 4:35 pm
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MUMBAI (Commoditiescontrol) - Malaysian palm oil futures fell for a fifth consecutive day on Wednesday because of bearish production and export data for June 1-25.

The September benchmark crude palm oil contract on the Bursa Malaysia Derivatives Exchange (BMD), was down Ringgit 15 or 0.8 percent at 1,966 (USD 474.31) a tonne by the close after moving in the range of Ringgit 1,980 and Ringgit 1,953, its lowest level since November 27.

Southern Peninsular Palm Oil Millers Association (SPPOMA) said on Wednesday after the end of the first session of trade that production of Malaysian palm oil products for June 1-25 was down by 13.34 percent, as compared to the same period a month ago.

While SGS said on Tuesday that exports of Malaysian Palm Oil products for June 1-25 were down by 212,770 MT or 15.33 percent at 1,174,292 MT as compared to the same period a month ago at 1,387,062 MT. ITS and AmSpec Agri Malaysia also reported 17.80 percent and 14.04 percent decline in exports for the same period.

In other related oils, the CBOT July soybean oil contract was trading higher by 0.07 percent in electronic trade on Wednesday amid renewed optimism over US-China trade talks.

The trade deal between the United States and China is "about 90%" complete, CNBC reported on Wednesday quoting US Treasury Secretary Steven Mnuchin.

"We were about 90% of the way there (with a deal) and I think there’s a path to complete this," Mnuchin said in an interview to the news channel.

He said he’s confident President Donald Trump and Chinese President Xi Jinping can make progress in stalled trade talks at the forthcoming Group of 20 (G-20) meeting this weekend.

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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