Login ID:
Password:
Partner Login
Contact Us : 7066511911

BMD CPO Ends 2% Lower on Weaker Soyoil Prices

5 Aug 2020 4:46 pm
 Comments 0 Comments  |  Comments Post Comment  |  Font Size A A A 

Mumbai (Commodities Control) – Malaysian palm oil futures ended nearly 2% lower on Wednesday, snapping a four-day winning streak tracking weaker 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 settled down 53 ringgit to 2,715 ringgit a tonne. The contract hovered in the range of 2707 and 2769 Ringgits and volume stood at 56,026 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 1.83%, while its palm oil contract was down 0.24%. Soyoil prices on the Chicago Board of Trade were also trading 0.16% lower.

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

A survey pegging Malaysia's end-July palm oil inventories nosediving 11.94% from June to three-year lows is supporting prices, 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
Uptrend Continues in Mustard Seed Prices On Strong Buyi...
BMD CPO Ends Weaker on China Demand Concerns, Lower Soy...
Soy Complex – Soybeans (CBT) – Counter-trend Decline / ...
Soy Complex – Soybean Oil (CBT) – Pullback Underway / T...
Soy Meal (CBT) – Emerging Signs of a Pullback / Next Su...
more
Top 5 News
Chana Mixed For Second Straight Day in Major Spot Marke...
Domestic-Imported Tur Mixed in Selective Mkts
Coriander: Futures Settle Higher for 4th Consecutive Se...
Maharashtra Sugar Mill Prices – 29 SEPTEMBER 2020
Uptrend Continues in Mustard Seed Prices On Strong Buyi...
Top 5 Special Reports
USD/INR (Oct ‘20) – Consolidating in a Downtrend / More...
CCI Gears Up For Export First Time thru Government Chan...
Weekly: Pulses Rise on Crop Damage Report, Hike In MSP
USD/INR (Oct ‘20) – Needs a Breakout Above Resistance a...
Weekly: ICE Cotton Manages to End Positive on Technica...
Copyright © CC Commodity Info Services LLP. All rights reserved.