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BMD CPO Snaps 5-Day Winning Streak, Ends Slightly Lower

10 Dec 2019 4:34 pm
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MUMBAI (Commoditiescontrol) - Malaysian palm oil futures ended slightly lower on Tuesday, snapping their 5-day winning streak on lower-than-expected decline in stockpiles.

Weakness in US soyoil also weighed on palm oil prices.

The February benchmark crude palm oil contract on the Bursa Malaysia Derivatives Exchange (BMD), was down Ringgit 2 at Ringgit 2,900 per tonne by the close after moving in the range of Ringgit 2,929 and Ringgit 2,875 a tonne.

Malaysia's palm oil stockpiles at the end of November were down 4.08 percent from the previous month to 2.26 million tonnes, industry regulator the Malaysian Palm Oil Board (MPOB) said on Tuesday. While market was expecting even a higher decline in stockpiles.

Palm oil output in November in the world's second-largest palm producer dropped by 14.35 percent month-on-month to 1.54 million tonnes, while exports declined by 14.64 percent from October to 1.40 million tonnes in November, according to the MPOB data.

Moreover, Intertek Testing Services (ITS) said on Tuesday that exports of Malaysian palm oil products for December 1-10 fell by 12.33 percent or 50,820 tonnes to 361,220 tonnes from 412,040 tonnes in November 1-10.

In other related oils, US January soyoil futures on the e-CBOT was down 0.35 percent on Tuesday, ahead of information about global supply and demand from monthly US Department of Agriculture (USDA) crop forecasts due later today.

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


       
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