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News Admin
 
Date
 11/09/2020
News Provider
 Norsaidatul Najwa Mohd Shaharmi
News Source
 Business Recorder
Headline
 Palm oil slips


Business Recorder (11/09/2020) KUALA LUMPUR: Malaysian palm oil futures inched down on Thursday, falling for a second straight day on lower-than-expected Sept. 1-10 exports and rising production, but a marginal rise in August inventories capped losses.


The benchmark palm oil contract for November delivery on the Bursa Malaysia Derivatives Exchange closed down 2 ringgit, or 0.07%, at 2,812 ringgit ($675.64) a tonne, after rising as much as 1% during the session.



Malaysia's palm oil stocks at the end of August rose 0.06% from July to 1.7 million tonnes, lower than the 5.4% increase predicted by a Reuters survey, as imports slumped and domestic consumption picked up, the Malaysian Palm Oil Board data showed.



Crude palm oil output rose 3.07% to a two-month high of 1.86 million tonnes, MPOB said. Exports from Malaysia during Sept. 1-10 grew 10% from August, according to cargo surveyors. That missed market estimates of a 13% increase, said Cultrera.



Weakness in Dalian palm and rumours of higher production in no.1 exporter Indonesia also pressured prices, a Kuala Lumpur-based trader said. Dalian's most-active soyaoil contract fell 0.47%, while its palm oil contract slipped 0.24%. Soyaoil prices on the Chicago Board of Trade were down 0.15%.



Read more at https://www.brecorder.com/news/40017952/palm-oil-slips




ECONOMICS & INDUSTRY DEVELOPMENT DIVISION
Malaysian Palm Oil Board ( MPOB ) Lot 6, SS6, Jalan Perbandaran, 47301 Kelana Jaya, Selangor Darul Ehsan, MALAYSIA.
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