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

7 Jul 2020 4:28 pm
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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)


       
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