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BMD Palm Set To Chart Third Straight Day Of Gains

11 Sep 2019 11:29 am
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MUMBAI (Commoditiescontrol) - Malaysian palm oil futures edged higher in the first session of trade on Wednesday, in line to chart third straight day of gains as palm oil inventories in Malaysia fell for a sixth consecutive month to a 13-month low at the end of August.

Overnight firmness in US soyoil also supported prices. But dismal export numbers for September 1-10 limited the upside.

The November benchmark crude palm oil contract on the Bursa Malaysia Derivatives Exchange (BMD), was up Ringgit 6 at Ringgit 2,228 a tonne at the midday break, after moving in the range of Ringgit 2,236 and Ringgit 2,218 a tonne.

Stockpiles fell for the sixth month in a row, easing 5.3 percent from a month earlier to 2.25 million tonnes, the lowest since July 2018, data from the Malaysian Palm Oil Board (MPOB) showed on Tuesday.

Exports jumped by a bigger-than-expected 16.4 percent last month to 1.73 million tonnes, rising for a second straight month and marking the largest monthly gain since March, as key buyers like India snapped up purchases of the vegetable oil.

While palm oil output in August in the world's second-largest palm producer gained 4.64 percent month-on-month to 1.82 million tonnes.

In other related oils, the CBOT soybean oil futures settled higher on Tuesday as worries about lower yields in the late-developing crop underpinned prices.

On the other hand, AmSpec Agri Malaysia said on Tuesday that exports of Malaysian palm oil products for September 1-10 were down 23.2 percent to 393,129 tonnes from 511,756 tonnes in August 1-10. Intertek Testing Services (ITS) also reported 14.87 percent decline in exports for the same period.

(By Commoditiescontrol Bureau)

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