[ Back ]     [ Comments ]     [ Print ]

News Admin
 
Date
 17/08/2020
News Provider
 Norsaidatul Najwa Mohd Shaharmi
News Source
 Business Recorder
Headline
 Palm oil logs 2.5 percent weekly fall

Business Recorder (15/08/2020) KUALA LUMPUR: Malaysian palm oil futures fell 2.5% for the week after a volatile session on Friday, closing lower on a likely plunge in August exports so far. The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange reversed early gains to close down 28 ringgit, or 1.03%, at 2,688 ringgit ($641.37) a tonne.

The contract fell following market talk of August exports so far falling 10% to 15%, according to traders. Cargo surveyors are scheduled to release Aug. 1 to 15 palm oil export data on Saturday.


Top buyer India's palm oil imports in July rose 1.4% to 824,078 tonnes from a year earlier, the highest level in 10 months, as a gradual easing of lockdowns increased demand for the tropical oil from hotels and restaurants, a leading trade body said on Friday. Dalian's most-active soyaoil contract gained 0.25%, while its palm oil contract rose 0.18%. Soyaoil prices on the Chicago Board of Trade fell 0.71%.


Read more at https://www.brecorder.com/news/40012170



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