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NEWS ADMIN

DATE

11/07/2019

NEWS PROVIDER

Nur Aisha Abd. Wahab

NEWS SOURCE

The Edge Markets

CATEGORY

HEADLINE

Palm declines on higher than forecast stocks data
The Edge Markets (10/07/2019) - KUALA LUMPUR (July 10): Malaysian palm oil futures fell on Wednesday evening weighed down by higher than forecast inventory levels in June, according to a data release from the Malaysian Palm Oil Board (MPOB).

The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange fell 0.3% at 1,937 ringgit (US$468.21) per tonne at the close of trade, a third straight session of declines.      

"Stocks came in higher than polled," said a Kuala Lumpur based trader, referring to the MPOB data. "I was expecting stocks to be lower."

Industry regulator the MPOB released official data for the month of June, which showed that inventory levels came in higher than forecast. 

Malaysian stockpiles at end-June eased 0.97% on-month to 2.42 million tonne, versus a Reuters survey which forecast a 4% decline to 2.35 million tonnes. 

The MPOB also reported that output in June fell 9.2% month-on-month to 1.52 million tonnes, while exports dropped 19.4%, from May to 1.38 million tonnes last month.

In other related oils, U.S. soyoil futures on the Chicago Board of Trade were up 0.6%, while the September soyoil contract on the Dalian Commodity Exchange fell 0.2%.

The Dalian September palm oil contract was also down 0.5%.

Palm oil prices are impacted by movements in related oils, as they compete for a share in the global vegetable oils market.
    
 Palm, soy and crude oil prices at 1147 GMT  

Contract                             Month  Last  Change  Low  High   Volume

MY PALM OIL                       JUL9   1870  -6.00    1870   1870     1

MY PALM OIL                       AUG9  1915  -6.00   1892   1934    2388

MY PALM OIL                       SEP9  1938  -5.00   1916   1956   21268

 CHINA PALM OLEIN         SEP9  4190  -22.00  4180   4224   362268

CHINA SOYOIL                   SEP9  5442 -10.00  5410  5462   322210

CBOT SOY OIL                   AUG9  28.17  +0.16  27.84 28.19   3469

INDIA PALM OIL                  JUL9   493.60  -2.90 491.30  499.3  948

INDIA SOYOIL                      JUL9   728.75   -0.20  728.7  731.5  4550

NYMEX CRUDE                  AUG9  59.12   +1.29   58.35  59.31  135539

  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 = 4.1370 ringgit)
(US$1 = 68.5527 Indian rupees)
(US$1 = 6.8823 Chinese yuan)

Read more at https://www.theedgemarkets.com/article/palm-declines-higher-forecast-stocks-data