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BMD Palm Remains Range-Bound In Early Trade

12 Jun 2019 11:34 am
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MUMBAI (Commoditiescontrol) - Malaysian palm oil futures remained range-bound in the first session of trade on Wednesday amid expectations of supportive MPOB data.

The August benchmark crude palm oil contract on the Bursa Malaysia Derivatives Exchange (BMD), was up Ringgit 2 at Ringgit 2,009 at the midday break after moving in the range of Ringgit 2,015 and Ringgit, 1,997.

In other related oils, the CBOT July soybean oil contract was trading lower by 0.18 percent in electronic trade on Wednesday, having fallen 0.58 percent in the previous session.

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

After the end of the first session of trade, Malaysian Palm Oil Board (MPOB) on Wednesday reported Palm oil inventories in Malaysia, at the end of May at 2.45 million tonnes, down 10.34 percent from the previous month, its third straight monthly drop.

End-April palm oil stocks were at 2.73 million tonnes.

The MPOB data showed output rose 1.34 percent to 1.67 million tonnes in May from 1.65 million tonnes in April.

While May exports were up 3.51 percent from April to 1.71 million tonnes for a third month of gains. Exports were at 1.65 million tonnes in April.

(By Commoditiescontrol Bureau)


       
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