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NEWS ADMIN

DATE

13/03/2019

NEWS PROVIDER

Nur Aisha Abd. Wahab

NEWS SOURCE

The Edge Markets

CATEGORY

HEADLINE

Malaysian palm pares back early gains

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