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BMD Palm Extends Gains On Stronger US Soyoil, Weaker Ringgit

23 Oct 2019 10:55 am
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MUMBAI (Commoditiescontrol) - Malaysian palm oil futures gained sharply in the first session of trade on Wednesday, extending their yesterday's rally, tracking overnight rally in US soyoil futures and on a weaker Ringgit.

A weaker Ringgit typically makes palm oil cheaper for holders of foreign currencies.

The January benchmark crude palm oil contract on the Bursa Malaysia Derivatives Exchange (BMD), was up Ringgit 29 at Ringgit 2,346 per tonne at the midday break, after moving in the range of Ringgit 2,359 and Ringgit 2,340 a tonne.

In other related oils, US soyoil futures on the CBOT settled higher on Tuesday amid hopes of fresh export sales to China after Beijing gave major crushers waivers to import US soybeans without retaliatory tariffs.

China on Tuesday offered 10 million tonnes of tariff-free quota to state and privately owned crushers and to major international trading houses with crushing plants in China at a meeting called by the state planner, according to sources that were briefed on the matter.

Meanwhile, Malaysia said on Tuesday it viewed with “great concern” the decision by India’s top vegetable oil trade body to ask its members to stop buying Malaysian palm oil in protest over criticism of New Delhi’s action in disputed Kashmir.

“While we try to understand the underlying sentiment associated with the SEA (Solvent Extractors’ Association)advisory with respect to Malaysian palm oil imports, we feel this is a major setback in our progressing cooperation and working relations,” Malaysian Primary Industries Minister Teresa Kok said.

Kok urged SEA not to make any unilateral decisions and allow the governments of both countries to resolve the issue at hand.

She said it was important for SEA and the Malaysian palm oil industry to continue to work together and act as a bridge to promote better ties between the two countries.

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