Login ID:
Password:
Partner Login
Contact Us : 7066511911

BMD Palm Extends Weakness on Dismal Export Numbers, Tracking Subdued US Soyoil

11 Feb 2019 11:29 am
 Comments 0 Comments  |  Comments Post Comment  |  Font Size A A A 

NEW DELHI (Commoditiescontrol) - Malaysian palm oil futures extended their losses in the first session of trade on Monday, tracking weakness in US soyoil and on dismal export numbers.

A fall in crude oil prices also weighed on sentiments.

The April benchmark crude palm oil contract on the Bursa Malaysia Derivatives Exchange (BMD), was down Ringgit 16 at Ringgit 2,274 per tonne at the midday break after moving in the range of Ringgit 2,290  to Ringgit 2,271 per tonne.

In other related oils, the CBOT March soybean oil contract was trading lower by 0.9 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.

Besides, crude oil prices fell by around 1 percent on Monday as drilling activity in the United States, the world`s largest oil producer, picked up and financial markets were pulled down by trade concerns. Palm oil prices are also impacted by movements in crude oil, as the vegetable oil is used as feedstock to make biodiesel.

Furthermore subdued export numbers also dragged prices lower.

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.

Malaysian Palm Oil Board (MPOB) also released stockpiles data after the end of the first session of trade. So market is likely to react on it in the second half. MPOB has estimated Malaysia's palm oil stockpiles at the end of January down by 6.7 percent from the previous month to 3 million tonnes.

While, production in January fell by 3.9 percent from the previous month to 1.74 million tonnes. Exports, however, jumped 21.2 percent from December to 1.68 million tonnes, according to MPOB data.

(By Commoditiescontrol 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
India 2019-20 Kharif Oilseeds Sowing Status As On Aug 1...
India's July Mustard Crushing Up 16.7% YoY
Argentina And Brazil Soy Oil FOB Rates of Seller And Bu...
Argentina, Brazil And US Soy Meal FOB Rates On August 1...
CBOT Soybeans Close Firm In A Choppy Trade Amid Technic...
more
Top 5 News
Cotton Rules Steady To Firm In Central, South India Ami...
Canada/Ukraine White Pea Settles Weak In Mumbai
Cotton Slightly Up In North On Positive Global Cues
Tur, MP Origin Moong Firm In Delhi; Urad Weakens
India 2019-20 Kharif Oilseeds Sowing Status As On Aug 1...
Top 5 Special Reports
Weekly ICE Sugar: Ends Down As Brazilian Real Sinks Be...
Weekly ICE Cotton: Ends Firm On Hopes Of Improving US-C...
Weekly: Urad/Moong Gain Most This Week; Masoor Slips
Tur Prices May Move Up From Current Level
India's Vegetable Oil Import Up 26% YoY In July At 14.1...
Copyright © CC Commodity Info Services LLP. All rights reserved.