Login ID:
Password:
Partner Login
Contact Us : 7066511911

BMD Palm Oil Halts 4 –Day Rally Tracking Weak Soyoil

5 Aug 2020 11:30 am
 Comments 0 Comments  |  Comments Post Comment  |  Font Size A A A 

Mumbai (Commodities Control) – Malaysian palm oil futures snapped a four-day winning streak on Wednesday, dragged down by lower rival soyoil, but losses were limited by expectations of a plunge in July inventories.

The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange slid 20 ringgit, or 0.72%, to 2,748 ringgit ($654.60) a tonne by the midday break. The contract hover in the range of 2730 and 2769 Ringgit and volume stood at 21,775 lots.

Palm rose as much as 2.82% in the previous session, touching its highest since Feb. 10.

Managed funds are reducing their net long in soybean and soyoil on better soybean crop quality in the U.S. and a record-breaking crop in Brazil, said Marcello Cultrera, institutional sales manager and broker at Phillip Futures in Kuala Lumpur.

Brazilian soy production will hit a record 132.6 million tonnes next season, as demand from China remains strong and farmers intend to expand acreage, according to a forecast from agribusiness consultancy StoneX on Tuesday.

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

Dalian's most-active soyoil contract fell 1.52%, while its palm oil contract was down 0.14%. Soyoil prices on the Chicago Board of Trade were also trading 0.39% lower.

"Palm oil exports estimates for shipments from Malaysia over August 1-5 show around a 20% contraction month-on-month," Cultrera said.

Supporting prices is a survey pegging Malaysia's end-July palm oil inventories nosediving 11.94% from June to three-year lows, as exports grew and production slumped due to a worsening labour shortage.

(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
Mustard Seed Gains Further In Jaipur, Sold In Smaller M...
CBoT Soybeans Firm on Bargain Buying after Four Lower C...
Brazil Soy Prices Near 2012 High
Experts all for Contract Farming, Intercropping to Ac...
Mustard Seed Retreats in Jaipur after Steep Hike; Buyer...
more
Top 5 News
Mustard Seed Gains Further In Jaipur, Sold In Smaller M...
Heavy Rain Can Cause Discolour To Guar Seed, New Arriva...
Sugar Markets Looks For Decision On MSP Hike, Prices Re...
Cotton Prices Steady in Karnataka amid Zero Arrivals Du...
Cotton Prices Steady in Andhra Pradesh, Telangana as Ar...
Top 5 Special Reports
CRB Index & U.S. Dollar Index
USD/ARS & USD/BRL—
USD/CNY & USD/IDR
USD/MYR
Tur Dal (Akola) vs. Tur Bilty (Akola) - Spread Chart An...
Copyright © CC Commodity Info Services LLP. All rights reserved.