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BMD Palm Snaps 3-Day Winning Streak On Negative Global Cues, Stronger Ringgit

16 Jul 2019 4:38 pm
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MUMBAI (Commoditiescontrol) - Malaysian palm oil futures ended lower on Tuesday, snapping their 3-day losing streak, tracking weakness in US soyoil and on a stronger Ringgit.

A stronger Ringgit makes the palm oil more expensive for foreign buyers.

Besides, lower-than-expected increase in export numbers also weighed on prices.

The October benchmark crude palm oil contract on the Bursa Malaysia Derivatives Exchange (BMD), was down Ringgit 7 at 1,981 a tonne by the close after moving in the range of Ringgit 1,989 and Ringgit 1,973.

Intertek Testing Services (ITS) said on Monday that exports of Malaysian palm oil products for July 1-15 rose 11.60 percent or 70,652 tonnes, to 679,920 tonnes from 609,268 tonnes during the same period in June. AmSpec Agri Malaysia and SGS also reported 3 percent and 0.4 percent increase in exports for the same period, respectively.

In other related oils, the CBOT December soybean oil futures were trading lower by 0.21 percent in electronic trade on Tuesday.

The USDA on Monday said in a weekly report that 54 percent of the US soybean crops are in good-to-excellent condition, slightly ahead of market forecasts.

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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