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BMD Palm Snaps 2-Day Losing Steak, Ends Nearly 1% Higher

19 Nov 2019 5:06 pm
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MUMBAI (Commoditiescontrol) - Malaysian palm oil futures ended higher on Tuesday, snapping their 2-day losing streak, tracking gains in US soyoil and on a weaker Ringgit.

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

The February benchmark crude palm oil contract on the Bursa Malaysia Derivatives Exchange (BMD), was up Ringgit 25 or 0.96 percent at Ringgit 2,622 per tonne by the close after moving in the range of Ringgit 2,635 and Ringgit 2,603 a tonne.

In other related oils, US January soyoil futures on the Chicago Board of Trade (CBOT) were last up 0.65 percent in electronic trade on Tuesday. The US Department of Agriculture (USDA) said the US soybean harvest was 91 percent complete. While the five-year average pace of soybean harvest stands at at 95 percent.

Palm is affected by price movements in related oils as they compete for share in the global vegetable oils market.

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