The Edge Markets (13/03/2019) - JAKARTA (March 12): Malaysian palm oil futures dipped again on Tuesday, losing earlier gains made on rising crude oil prices.
The benchmark palm oil contract for March delivery on the Bursa Malaysia Derivatives Exchange ended down 0.14% at 2,116 ringgit (US$518.37) per tonne, after peaking at 2,140 ringgit.
Prices of the edible oil have fallen 2% in the past week on weak demand and high stockpiles in the world's second-largest producer.
Trading volumes stood at 46,573 lots of 25 tonnes each.
"The market doesn't have a clear direction, so it is going to be minimal movement," said one Kuala Lumpur-based trader.
In related oils, the Chicago May soybean oil contract was up 0.27%.
The May soyoil contract on the Dalian Commodity Exchange was down nearly 1%, while the May palm contract slipped 0.3%.
Palm oil prices track the performances of other edible oils, as they compete for a share in the global vegetable oils market.
Palm, soy and crude oil prices at 1138 GMT
Contract Month Last Change Low High Volume
MY PALM OIL MAR9 1980 +18.00 1950 1980 14
MY PALM OIL APR9 2072 -12.00 2072 2101 2514
MY PALM OIL MAY9 2115 -3.00 2114 2140 18372
INDIA PALM OIL MAR9 531.10 +0.80 529.10 533.50 841
INDIA SOYOIL MAR9 763.70 +4.85 759.70 764.90 6800
NYMEX CRUDE APR9 57.26 +0.47 56.74 57.46 126051
* 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
(US$1 = 4.0820 ringgit)
Read more at https://www.theedgemarkets.com/article/malaysian-palm-pares-back-early-gains