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BMD Palm Ends Lower On Weak Global Cues, Sluggish Export Numbers

12 Feb 2019 4:21 pm
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NEW DELHI (Commoditiescontrol) - Malaysian palm oil futures settled lower on Tuesday, tracking overnight losses in US soyoil and on dismal export numbers.

However, a weaker Ringgit and positive news related to B10 biodiesel mandate capped losses.

The April benchmark crude palm oil contract on the Bursa Malaysia Derivatives Exchange (BMD), was down Ringgit 11 at Ringgit 2,255 per tonne by the close after moving in the range of Ringgit 2,268  to Ringgit 2,247 per tonne.

In other related oils, the CBOT March soybean oil contract settled lower by 63 points or 2 percent on Monday amid improving crop weather in South America and on worries about a looming March 1 deadline for a US-China trade agreement.

Meanwhile, negotiators from the United States and China, the world's top soybean buyer, are trying to hammer out a trade deal before a March 1 deadline, when US tariffs on USD 200 billion worth of Chinese imports are scheduled to increase to 25 percent from 10 percent.

China expressed hopes for a breakthrough as talks resumed, though a US Navy mission through the disputed South China Sea cast a shadow over the prospect for improved Beijing-Washington ties.

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

Furthermore, exports of Malaysian palm oil products during Feb 1-10 fell 11.2-15.8 from Jan 1-10, according to cargo surveyors AmSpec Agri Malaysia, Intertek Testing Services and Societe Generale de Surveillance.

On the other hand, Malaysia is mulling  to double the palm oil content in biodiesel used for the transport sector to 20 percent next year, as Southeast Asia's third-largest economy looks to cut record stockpiles and boost prices, a government minister said on Tuesday.

The government will also raise the palm oil content in biofuel for the industrial sector to 10 percent next year from a 7 percent quota being rolled out this July, Primary Industries Minister Teresa Kok said, speaking at a conference.

Government  is also considering the possibility of setting up a fund to help contain future price fluctuations of biodiesel — comprising diesel and crude palm oil (CPO) — in ensuring that the programme remains attractive for domestic consumption, Minister added further.

(By Commoditiescontrol Bureau) 

 

       
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