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BMD CPO suffers 22% monthly slump, worst since Oct 2008

30 Jun 2022 4:29 pm
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NEW DELHI, June 30 (Commoditiescontrol) - Malaysian palm oil futures ended slightly higher on Thursday amid concerns that mill closures in the world’s second largest producer will hurt output, but suffered their worst monthly slump since October 2008 amid worries over declining shipments.

The September benchmark crude palm oil contract on the Bursa Malaysia Derivatives Exchange (BMD), was up Ringgit 9 or 0.18 percent at Ringgit 4,912 ($1,114.84) per tonne by the close, after moving in the range of Ringgit 4,975 and Ringgit 4,810 per tonne.

The contract has fallen 22 percent this month amid worries over declining shipments and rising production.

In second-largest producer Malaysia, exports in June fell between 10 percent and 13.4 percent from the previous month as shipments to India and the European Union slowed, cargo surveyors said on Thursday. Traders had expected lacklustre exports amid Indonesia's push to boost exports.

Industry groups have so far pegged a double-digit growth in production this month, although temporary mill closures in some parts of Malaysia due to declining palm prices may hurt output.

Globally, Dalian's most-active soyoil contract fell 0.6 percent, while its palm oil contract eased 0.3 percent. Soyoil prices on the Chicago Board of Trade (CBOT) were down 0.3 percent in electronic trade today.

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

Meanwhile, Indonesia is reportedly considering expanding a mandatory palm oil mix in its biodiesel to 35 percent from 30 percent, as authorities look for ways to stimulate palm fruit purchases from farmers after a slowdown in exports.

(By Commoditiescontrol Bureau: +91-22-40015505)


       
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