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BMD Palm Edges Lower In Early Trade

21 May 2019 10:59 am
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NEW DELHI (Commoditiescontrol) - Malaysian palm oil futures edged lower in the first session of trade on Tuesday in line to post second consecutive day of losses, tracking Friday's weakness in US soyoil and on lower than expected increase in export numbers.

However, gains in US soyoil prices in today's trade coupled with a weaker Ringgit limited the downside.

The August benchmark crude palm oil contract on the Bursa Malaysia Derivatives Exchange (BMD), was down Ringgit 12 at Ringgit 2,086 tonne at the midday break, after moving in the range of Ringgit 2,015 and Ringgit 2,084.

In other related oils, July soybean oil contract on CBOT was last up 0.51 percent in electronic trade on Tuesday on the back of short-covering and spillover support from higher corn and wheat.

The lack of progress in US-China trade talks had however weighed on prices on Friday.

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

Meanwhile, AmSpec Agri Malaysia said on Tuesday that exports of Malaysian palm oil products for May 1-20 rose by 8.7 percent to 969,767 tonnes from 892,477 tonnes as against  a rise of 14.4 percent for May-15.

While ITS reported a rise of 13.03 percent in exports for the same period.

(By Commoditiescontrol Bureau)

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