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NEWS ADMIN

DATE

01/02/2019

NEWS PROVIDER

Nur Aisha Abd. Wahab

NEWS SOURCE

The Star Online

CATEGORY

HEADLINE

Malaysian palm oil price falls as data shows exports grew slower than expected

The Star Online (01/02/2019) - KUALA LUMPUR: Malaysian palm oil futuresfell on Thursday, after a cargo surveyor data showed exportsgrew slower than expected in January.

The benchmark palm oil contract for April deliveryon the Bursa Malaysia Derivatives Exchange dropped 0.4 percentto 2,294 ringgit ($561.57) a tonne at the midday break. 

Trading volumes stood at 10,013 lots of 25 tonnes each.

"The export numbers released are below yesterday's market rumour. The ringgit's strength also pushed the market lower," a Kuala Lumpur-based trader said, adding that the coming long
weekend should prompt traders to cover short positions.

"That should limit any big sell-offs," the trader said.

Cargo surveyor Intertek Testing Services said on Thursdayexports of Malaysian palm oil products for January rose 14.7percent while independent inspection company AmSpec AgriMalaysia reported a 15.5 percent increase.

The ringgit strengthened by 0.5 percent to 4.0840 tothe dollar.

The Malaysian markets will be closed on Feb. 1 for a stateholiday and Feb. 5-6 for the Lunar New Year celebrations.

"Market is ranging here as external factors have softened,"said another futures trader from Kuala Lumpur, referring tosofter soyoil prices.

The Chicago March soybean oil contract fell 0.2percent.

The May soybean oil contract on the Dalian CommodityExchange declined 0.4 percent, while the Dalian May palmoil contract fell 0.2 percent.

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

Palm oil may slide into a range of 2,256-2,274 ringgit pertonne, as its correction from the Jan. 28 high of 2,333 ringgitlooks incomplete, Wang Tao, a Reuters market analyst forcommodities and energy technicals said.

Palm, soy and crude oil prices at 0534 GMT:  
Contract                Month    Last  Change  Low    High  Volume
MY PALM OIL       FEB9     2195   -9.00    2190    2199      37
MY PALM OIL       MAR9     2261  -11.00  2256    2267     852
MY PALM OIL      APR9     2294   -9.00    2289    2301    4464
CHINA PALM       MAY9     4778   -8.00    4768    4812  193306
OLEIN                                                  
CHINA SOYOIL   MAY9     5742  -20.00  5734    5782  223872

CBOT SOY OIL    MAR9    30.36   -0.06   30.31   30.41    2508
INDIA PALM OIL  JAN9   563.30   -0.30  563.00   563.7      23
INDIA SOYOIL      FEB9    777.2   +0.95   775.5   778.4    2000

NYMEX CRUDE   MAR9    54.59   +0.36   54.21   54.69   27648

Palm oil prices in Malaysian ringgit per tonne
CBOT soy oil in U.S. cents per pound
Dalian soy oil and RBD palm olein in Chinese yuan per tonne
India soy oil in Indian rupee per 10 kg
Crude in U.S. dollars per barrel

($1 = 4.0850 ringgit)
($1 = 71.0360 Indian rupees)
($1 = 6.6979 Chinese yuan) 

- Reuters


Read more at https://www.thestar.com.my/business/business-news/2019/02/01/palm-falls-as-surveyor-data-shows-malaysia-exports-grew-slower-than-expected/#I7bsP7BsvbJdOxqd.99