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BMD Palm Ends Higher As Malaysia's July-End Stockpiles Slip

13 Aug 2019 4:54 pm
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MUMBAI (Commoditiescontrol) - Malaysian palm oil futures ended higher on Tuesday due to supportive supply & demand numbers.

The October benchmark crude palm oil contract on the Bursa Malaysia Derivatives Exchange (BMD), was up Ringgit 35 at 2,214 a tonne by the close, after moving in the range of Ringgit 2,217 and Ringgit 2,188.

Industry regulator the Malaysian Palm Oil Board (MPOB) said on Tuesday that Malaysia's palm oil stockpiles at the end of July declined by by 0.8 percent from the previous month to 2.39 million tonnes.

While, market was expecting a rise in stokpiles.

Palm oil output in July in the world's second-largest palm producer gained 15.1 percent month-on-month to 1.74 million tonnes, while exports also rose 7.4 percent from June to 1.49 million tonnes in July, according to the MPOB data.

In other related oils, the CBOT soybean oil futures ended firm on Monday, underpinned by expectations of lower production.

The USDA lowered its soybean crop estimate to 3.680 billion bushels from 3.845 billion bushels previously.

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

(By Commoditiescontrol Bureau)


       
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