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News Admin
 
Date
 15/07/2020
News Provider
 Nur Aisha Abd. Wahab
News Source
 Business Recorder
Headline
 Palm oil hits four-month high

Business Recorder (15/07/2020) - KUALA LUMPUR: Malaysian palm oil futures surged 3% to touch a four-month high on Tuesday on expectations of improving exports ahead of cargo surveyor data due Wednesday.

Export pace from Malaysia during July 1-15 is expected to improve with the market pegging a 9-10% monthly fall, according to traders. This compares with a 17-18% monthly decline in July 1-10 exports.


The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange rose 71 ringgit, or 2.92%, to 2,500 ringgit ($585.48) a tonne, up for the third day. The contract climbed to an intraday high of 3.09% and touched its highest level since March 5.


An initial survey by the brokerage shows a 7%-13% drop in July production from the previous month, he said.


Production in June saw a higher-than-expected jump due to favourable weather conditions and delayed harvesting after coronavirus-fueled restrictions were eased, according to analysts and traders.


Dalian's most-active soyaoil contract rose 1.38%, while its palm oil contract was up 3.96%. Soyaoil prices on the Chicago Board of Trade also advanced 0.66%.


Read more at https://www.brecorder.com/news/40005185/palm-oil-hits-four-month-high



ECONOMICS & INDUSTRY DEVELOPMENT DIVISION
Malaysian Palm Oil Board ( MPOB ) Lot 6, SS6, Jalan Perbandaran, 47301 Kelana Jaya, Selangor Darul Ehsan, MALAYSIA.
Tel : 603 - 7802 2800 || Fax : 603 - 7803 3533