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NEWS ADMIN

DATE

12/04/2019

NEWS PROVIDER

Siti Safura Masiron

NEWS SOURCE

The Edge Markets MY

CATEGORY

HEADLINE

Palm dips on expectations of higher production

11.04.2019 (The Edge Markets MY) - KUALA LUMPUR (April 11): Malaysian palm oil futures edged lower in range-bound trading on Thursday, weighed down by expectations of rising production.

The benchmark palm oil contract for June delivery on the Bursa Malaysia Derivatives Exchange was down 0.2% at RM2,165 (US$526.12) a tonne at the midday break; poised for a second session of declines.

The market had dropped as much as 2% in the previous session as official data from the Malaysian Palm Oil Board (MPOB) showed March end-stocks and production at higher levels than expected.

The MPOB data showed end-stocks dropped 4.6% to 2.92 million tonnes from February, while output rose 8.3% to 1.67 million tonnes on-month.

"Players are digesting April's supply and demand after Wednesday's selloff on higher-than-expected MPOB stocks. The market is stuck on a mixed view," said a Kuala Lumpur-based trader.

"However, I think we are seeing a lower market on a higher April production outlook."

Meanwhile, Malaysian palm oil exports during the April 1-10 period rose from the corresponding period last month by 6.2% and 12.6%, according to Amspec Agri Malaysia and Intertek Testing Services respectively.

In other related oils, Chicago May soybean oil contract was down 0.3%, and the May soyoil contract on the Dalian Commodity Exchange slipped 0.1%.

Meanwhile, the Dalian May palm oil contract declined 0.6%.

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

Palm, soy and crude oil prices at 0512 GMT

Contract         

Month   

Last 

Change    

Low  

High 

Volume

MY PALM OIL      

APR9       

0  

+0.00

0

0

0

MY PALM OIL      

MAY9    

2125  

-4.00   

2122  

2144    

744

MY PALM OIL      

JUN9    

2165  

-5.00   

2163  

2180   

7810

CHINA PALM OLEIN 

MAY9    

4462 

-28.00   

4440  

4474  

66234

CHINA SOYOIL     

MAY9    

5450  

-4.00   

5430  

5462  

48586

CBOT SOY OIL     

MAY9   

28.99  

-0.08  

28.97 

29.06   

2031

INDIA PALM OIL   

APR9  

533.50  

-2.30 

533.50 

536.9     

31

INDIA SOYOIL     

APR9       

0  

+0.00  

0

0

0

NYMEX CRUDE      

MAY9   

64.27  

-0.34  

64.22 

64.49  

24507

Palm oil prices in Malaysian ringgit per tonne
CBOT soy oil in US 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 US dollars per barrel

(US$1 = RM4.1150)
(US$1 = 6.7116 Chinese yuan)
(US$1 = 69.0000 Indian rupees)