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BMD Palm Stages Recovery In Afternoon Trade, Snaps 7-Day Losing Streak

15 Mar 2019 5:39 pm
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NEW DELHI (Commoditiescontrol) - Malaysian palm oil futures staged smart recovery in the second session of trade and ended marginally higher on Friday after facing seven straight sessions of losses mainly on the back of latest export data released by SGS.

However, a stronger Ringgit capped gains. A stronger ringgit, palm's currency of trade, usually makes the edible oil more expensive for foreign buyers. It was last up 0.19 percent to 4.0803 per USD.

The May benchmark crude palm oil contract on the Bursa Malaysia Derivatives Exchange (BMD), was up Ringgit 3 at Ringgit 2,067 a tonne by the close after moving in the range of Ringgit 2,088 and Ringgit 2,038, its weakest level since mid-December.

Exports of Malaysian palm oil products for March 1-15 rose by 3.5 percent to 697,483 tonnes from 674,129 tonnes in February 1-15, cargo surveyor Societe Generale de Surveillance (SGS) said on Friday.

While Intertek Testing Services (ITS) and AmSpec Agri Malaysia earlier during the first session of trade reported a decline of 5.15 percent and 1.34 percent, respectively, for the same time period.

Meanwhile, India’s palm oil imports in February dropped 1.1 percent from a year earlier to 751,703 tonnes, the Solvent Extractors’ Association of India (SEA) said in a statement on Friday.

However the magnitude of decline was even higher at 7.79 percent on a monthly basis. India, the world's leading vegetable oil buyer, had imported 8,15,236 tonnes palm oil in January this year.

In other related oils, the CBOT May soybean oil contract settled on a negative note on Thursday. It was last down 0.20 percent in electronic trade on Friday amid uncertainty about the prospect of a trade deal between the United States and China.

President Donald Trump said on Thursday the United States was doing very well in trade talks with China, but that he could not say whether a final deal would be reached.

Moreover, US Treasury Secretary Steven Mnuchin also said on Thursday that a summit to seal a trade deal between US President Donald Trump and his Chinese counterpart Xi Jinping will not happen at the end of March as previously discussed because more work is needed in negotiations.

Palm oil prices track the performances of other edible oils, as they compete for a share in the global vegetable oils market.

(By Commoditiescontrol Bureau) 

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