Login ID:
Partner Login
Contact Us : 7066511911

BMD Palm Snaps 3-Day Losing Streak On Positive Global Cues, Technical Buying

11 Jul 2019 4:25 pm
 Comments 0 Comments  |  Comments Post Comment  |  Font Size A A A 

MUMBAI (Commoditiescontrol) - Malaysian palm oil futures ended slightly higher on Thursday, snapping their 3-day losing streak, tracking firmness in US soyoil and on technical buying.

However, bearish S&D data and a stronger Ringgit limited the upside.  A stronger Ringgit, palm's currency of trade, makes the edible oil more expensive for foreign buyers.

The September benchmark crude palm oil contract on the Bursa Malaysia Derivatives Exchange (BMD), was up Ringgit 2 at 1,939 a tonne by the close after moving in the range of Ringgit 1,947 and Ringgit 1,921.

In other related oils, the CBOT December soybean oil futures were trading higher in electronic trade on Thursday as traders adjusted positions before a monthly US Department of Agriculture (USDA) report due later today in which analysts expect the government to lower its 2019 US yield estimates for soybeans.

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

Malaysian Palm Oil Board (MPOB) said on Wednesday that palm oil inventories in Malaysia, at the end of June stood at 2.42 million tonnes, down 0.97 percent from the previous month, its fourth straight monthly drop. End-May palm oil stocks were at 2.45 million tonnes.

While market was expecting even higher decline in stockpiles.

The MPOB data showed output fell 9.17 percent to 1.52 million tonnes in June from 1.67 million tonnes in May. While June exports were down 19.35 percent from May to 1.38 million tonnes. Exports were at 1.71 million tonnes in May.

Furthermore, AmSpec Agri Malaysia said on Wednesday that exports of Malaysian palm oil products for July 1-10 fell by 2.35 percent to 367,950 tonnes from 376,802 tonnes during the same period in June. ITS and SGS also reported 1.49 and 2.9 percent decline in exports for the same period, respectively.

(By Commoditiescontrol Bureau)

  Rate this story 1 out of 52 out of 53 out of 54 out of 55 out of 5 Rated

   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
Long/Short Quantity Position In NCDEX soy oil On 9th Ap...
Long/Short Quantity Position In NCDEX Mustard seed On 9...
Long/Short Quantity Position In NCDEX soyabean on 9th A...
Long/Short Quantity Position In NCDEX Castor seed On 9t...
Malaysia March-End Palm Oil Stocks Rise More-Than-Expec...
Top 5 News
Branded Processed Pulses At Mumbai APMC Market- 12th Ap...
Spot & Futures Jeera Extend Southward Price Rally as Lo...
Burma Urad Gains in Major Mkt
BMD Close: Palm slumps 3% to one-week low as March stoc...
Kottayam/Kochi Rubber Rates 12 April 2021
Top 5 Special Reports
Cotton Yarn Prices to Resume Northward Rally; Expanding...
Weekly: Most Pulses Rise Over the Week Amid Mill Purcha...
Weekly: NY Cotton Gains For the First Time in Seven We...
Weekly: NY Sugar Ends Positive on Brazil Weather Concer...
Chana Special: Lower Production & Carry Forward Stocks ...
Copyright © CC Commodity Info Services LLP. All rights reserved.