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India CPO Futures Extend Losses As BMD Palm Oil Hits 2-Year Low

11 Jul 2018 7:57 pm
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NEW DELHI (Commoditiescontrol) - Crude palm oil prices on the domestic bourse (MCX) were down over 1 percent in evening trade on Wednesday, extending their early losses as Malaysian palm oil futures plungd nearly 2.5 percvent to a two-year low in afternoon trade amid weakness on other benchmark markets in the wake of escalating US-China trade war.

The US on Tuesday announced beginning the process of imposing tariffs of 10 percent on an additional USD 200 billion of Chinese imports, intensifying the trade war between world's two largest economies.

Investors fear an escalating trade war between the world's two biggest economies could hit global growth.

The benchmark September palm oil contract on the Bursa Malaysia Derivatives Exchange (BMD), was down 2.4 percent or Ringgit 55 at Ringgit 2,204 (USD 545.95) by the close after moving in the range of Ringgit 2,249 and 2,202, its lowest since July 14, 2016. The contract posted its sharpest intra-day drop in over four months in its second straight session of declines.

Palm oil prices have declined 5.2 percent so far this month, with traders jittery over concerns about the US-China trade dispute and on weak demand.

In other related oils, the Chicago December soybean oil contract fell 1.7 percent, while the September soybean oil contract on China's Dalian Commodity Exchange was down 1.1 percent. The Dalian September palm oil contract declined 1.7 percent.

Meanwhile, June production fell 12.6 percent to 1.33 million tonnes versus the previous month, according to data from industry regulator the Malaysian Palm Oil Board (MPOB) on Tuesday. The MPOB data also showed end-stocks in June rose 0.8 percent from the previous month to 2.19 million tonnes, while exports declined 12.6 percent to 1.13 million tonnes.

The following are details of the June crop data and revised numbers for May, issued by MPOB: 

Crude Palm Oil Output 1,332,705 (June) vs 1,525,405 (May) - Down 12.63% 

Palm Oil Exports 1,129,088 (June) vs 1,291,365 (May) -Down 12.57% 

Closing Stocks 2,188,660 (June) vs 2,170,620 (May) - Up 0.83% 

Malaysian palm oil shipments during July 1-10 also fell 14.4 percent from the corresponding period last month, reported inspection company AmSpec Agri Malaysia on Tuesday. While cargo surveyor Societe Generale de Surveillance reported a 23.1 percent decline in exports for the same period at 257,096 metric tonnes.

The crude palm oil for delivery in July at the Multi Commodity Exchange (MCX) was down Rs 8.60, or 1.36 percent (19:45 hrs IST), to Rs 622.70 per 10 kg after moving in the range of Rs 630.80 and Rs 622.50, with an open interest of 4,513 lots.

(By Commoditiescontrol Bureau)

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