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BMD Palm Falls For Third Day On Subdued US Soyoil, Stronger Ringgit

20 Sep 2019 4:05 pm
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MUMBAI (Commoditiescontrol) - Malaysian palm oil futures ended lower on Friday, extending their losses for the third straight day, tracking weakness in US soyoil and on a stronger Ringgit.

A stronger Ringgit makes palm oil more expensive for holders of foreign currencies. Subdued export numbers for September 1-20 also weighed on prices.

The December benchmark crude palm oil contract on the Bursa Malaysia Derivatives Exchange (BMD), was down Ringgit 21 at Ringgit 2,224 a tonne by the close, after moving in the range of Ringgit 2,238 and Ringgit 2,214 a tonne.

In other related oils, the CBOT December soybean oil futures were trading weak by 0.77 percent in electronic trade on Friday as market participants remained cautious awaiting cues from the ongoing trade talks between China and the US.

US and Chinese deputy trade negotiators resumed face-to-face talks for the first time in nearly two months on Thursday, as the world's two largest economies try to bridge deep policy differences and find a way out of their protracted trade war.

A Chinese delegation will visit American farm regions with US officials next week in an effort to build goodwill amid ongoing trade negotiations, US Agriculture Secretary Sonny Perdue told reporters on Thursday.

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

Meanwhile, AmSpec Agri Malaysia said on Friday that exports of Malaysian palm oil products for September 1-20 were down 10.76 percent or 110,590 tonnes to 917,120 tonnes from 1,027,710 tonnes in August 1-20. ITS also reported 8.69 percent decline in exports for the same period.

(By Commoditiescontrol Bureau)

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