Mumbai (Commodities Control) – The benchmark palm oil contract for April delivery on the Bursa Malaysia Derivatives Exchange declined 49 RM, to 3,233 RM/MY in early trade.
Malaysian palm oil futures fell for a second consecutive session on Monday, tracking losses in rival vegetable oils on the Dalian Commodity Exchange and Chicago Board of Trade (CBOT).
It reported a 0.2% fall in the previous session on Friday and saw its second weekly loss as exports continued to drop.
Prices are down due to spillover weakness from external markets.
CBOT soybean futures extended losses on Monday as rains in South American growing regions eased concerns about tight global supplies. Soyoil prices on the CBOT BOcv1 were last down 0.2%.
Cargo surveyors have released Jan. 1-25 export data, and in line with expectations of market participants exports plunged by a 35-36% on the month.
Malaysia 1-25 Jan 2021 vs. 1-25 Dec 2020 export (in mt)
Amspec: 872,707 vs. 1,343,799 (-471,092 or down 35.06%)
ITS: 851,730 vs. 1,333,543 (- 481,813 or down 36.13%)
BMD CPO 3M futures are likely to stabilise towards 3150/3200 RM/MT in coming sessions.
MCX CPO 1M futures to trade towards 900/925 Rs/10 kg.
(Commodities Control Bureau)
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