Login ID:
Password:
Partner Login
Contact Us : 7066511911

BMD CPO Ends Lower on Weaker Crude Oil, Higher than Expected Output

7 Jul 2020 4:28 pm
 Comments 0 Comments  |  Comments Post Comment  |  Font Size A A A 

Mumbai (Commodities Control) – Malaysian palm oil futures fell on Tuesday, dragged by estimates of a jump in June production and tracking weaker crude oil prices.

The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange settled down 32 ringgit, or 1.34%, at 2,359 ringgit a tonne. The contract hovered in the range of 2351 and 2404 Ringgit and volume stood at 34,963 lots.

Oil prices fell amid concerns a surge in new coronavirus cases, especially in the United States, will hamper any recovery in fuel demand. Lower crude oil makes palm a less attractive option for biodiesel feedstock.

The Malaysia Palm Oil Association estimated crude palm oil production in June rose 12.7% from the previous month vs estimates of 8% rise, a Kuala Lumpur-based trader said.

India's palm oil imports in June fell 18% from a year earlier to 562,932 tonnes as imports of refined palmolein declined after New Delhi restricted overseas purchases of the grade earlier this year.

Meanwhile, soybean futures on the Chicago Board of Trade hit a near four-month high on Monday on worries about hot, dry weather hitting U.S. crop-growing areas over the next two weeks, traders said. The soybean oil contract, however, was last down 1.13%.

Elsewhere, Dalian's most-active soyoil contract fell 1.24%, while its palm oil contract eased 0.95%.

(Commodities Control Bureau)


       
  Rate this story 1 out of 52 out of 53 out of 54 out of 55 out of 5 Rated
0.0

   Post comment
Comment :

Note : This forum is moderated. We reserve the right to not publish and/or edit the comment on the site, if the comment is offensive, contains inappropriate data or violates our editorial policy.
Name :  
Email :  
   

Top | Post Comment  

Latest Market Commentary
Soy Meal (CBT) Consolidating Between Support (288) & ...
Soy Complex Soybeans (CBT) Trading Near the Upper-e...
Soy Complex Soybean Oil (CBT) Bullish Turnaround fr...
BMD Palm Oil Ends Higher by Midday Break Tracking Dalia...
Groundnut Acreage Hits Record Level in Gujarat; Rises i...
more
Top 5 News
Maharashtra Cotton Springs into Action after Dull Trade...
Rice Slips In Delhi And Karnal Due To Thin Demand
M.P Cotton Jumps Rs 200 amid Mill Purchases
Local Factors Guiding Wheat Prices, Delhi Reports Upsid...
Cotton Prices Rise Rs 200 In Lower Rajasthan
Top 5 Special Reports
USD/INR (Aug 20) Testing Resistance Near 75.50 (the ...
Weekly: Masoor Prices Firm This Week, Tur Weakens amid...
Weekly: ICE Cotton Races Ahead amid U.S. Crop Damage C...
USD / MYR
Weekly : ICE Raw Sugar Zooms 10% Higher on Thailand Out...
Copyright © CC Commodity Info Services LLP. All rights reserved.