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BMD Palm Ends Lower On Concerns Over Fundamentals

18 Jul 2019 4:30 pm
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MUMBAI (Commoditiescontrol) - Malaysian palm oil futures ended lower on Thursday amid concerns over rising production and subdued export demand.

The October benchmark crude palm oil contract on the Bursa Malaysia Derivatives Exchange (BMD), was down Ringgit 4 at 1,984 by the close after moving in the range of Ringgit 1,991 and Ringgit 1,972.

In other related oils, the CBOT soybean oil futures settled lower on Wednesday as forecasts for cooler weather lifted expectations for better crop conditions after this week’s hot spell.

Markets have been falling since Monday’s US Department of Agriculture (USDA) weekly crop progress report, which showed conditions for soy improved from the previous week.

Meanwhile, market participants are awaiting the US export sales report due later today.

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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