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BMD Palm Opens Higher On Expectations of Lower May Output

2 Jun 2020 9:14 am
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Mumbai (Commodities Control) – Malaysian palm oil futures edged higher on Tuesday, supported by expectations of lower May output, but weaker rival soyoil and concerns over growing Sino-U.S. tensions capped the gains.

The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange rose 4 ringgit, or 0.18%, to 2,289 ringgit ($533.57) by 0259 GMT.

China on Monday told state-owned firms to halt purchases of soybeans and pork from the United States, two people familiar with the matter said, after Washington said it would eliminate special treatment for Hong Kong to punish Beijing.

India's vegetable oil imports in June could rise to 1.14 million tonnes, up from an average of 865,000 tonnes during April-May, as New Delhi eases coronavirus curbs, the Indian Vegetable Oils Producers' Association (IVPA) said.

Palm oil production in parts of Malaysia for the month of May fell 5.6% from the month before, traders said.

Dalian's most-active soyoil contract fell 0.18%, while its palm oil contract slipped 0.09%. Soyoil prices on the Chicago Board of Trade were also trading down 0.4%.

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

(Commodities Control Bureau)

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