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BMD Palm Extends Early Losses In Afternoon Trade

11 Feb 2019 4:37 pm
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NEW DELHI (Commoditiescontrol) - Malaysian palm oil futures deepened their early losses in the second session of trade on Monday, tracking weakness in US soyoil and on slower-than-expected decline in production.

The April benchmark crude palm oil contract on the Bursa Malaysia Derivatives Exchange (BMD), was down Ringgit 25 at Ringgit 2,266 per tonne by the close after moving in the range of Ringgit 2,290 to Ringgit 2,264 per tonne.

In other related oils, the CBOT March soybean oil contract was trading lower by 1.03 percent in electronic trade on Monday on concerns over US-China trade. Meanwhile, US negotiators are preparing to press China this week on longstanding demands that it reform how it treats US companies' intellectual property in order to seal a trade deal that could prevent tariffs from rising on Chinese imports.

Palm oil prices are affected by movements in soyoil rates, as they compete for a share in the global vegetable oil market.

In addition, data from the MPOB, released at the market's midday break, showed January stockpiles falling 6.7 percent from the previous month to 3 million tonnes, while production fell 3.9 percent to 1.74 million tonnes. However, market was expecting a 10 percent decline in production. Meanwhile, exports rose 21.2 percent to 1.68 million tonnes in January.

Furthermore, exports of Malaysian palm oil products for Feb 1-10 fell 11.14 percent to 406,829 tonnes from 457,880 tonnes shipped during Jan 1-10, independent inspection company AmSpec Agri Malaysia said on Monday. Intertek Testing Services (ITS) also pegged exports lower by 13 percent during the same period.

(By Commoditiescontrol Bureau)

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