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BMD Palm Ends Lower On Bearish External Cues, Profit-Booking

18 Sep 2019 4:38 pm
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MUMBAI (Commoditiescontrol) - Malaysian palm oil futures ended lower on Wednesday, tracking overnight losses in US soyoil and on profit-booking.

The December benchmark crude palm oil contract on the Bursa Malaysia Derivatives Exchange (BMD), was down Ringgit 23 at Ringgit 2,262 a tonne by the close, after moving in the range of Ringgit 2,273 and Ringgit 2,252 a tonne.

In other related oils, the CBOT soybean oil futures ended down on Tuesday despite the announcement of more sales to top importer China, as forecasts for continued warm weather across much of the US Midwest lessened concerns that the late-developing crop would be damaged by frost.

USDA on Tuesday said private exporters reported the sale of 260,000 tonnes of soybeans to China. It was the third daily soy sales announcement in a row involving the world’s top importer, with total sales reaching 720,000 tonnes.

But the sales announcement had been expected following deals for at least 600,000 tonnes last week, and US soybean sales to China remain well behind normal.

Palm oil prices are affected by movements in soyoil, as they compete for a share in the global vegetable oil market.

Meanwhile, Societe Generale de Surveillance (SGS) said on Wednesday that exports of Malaysian palm oil products for September 1-15 fell by 6.85 percent or 51,535 tonnes to 700,935 tonnes from 752,470 tonnes in August 1-15.

(By Commoditiescontrol Bureau)

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