2 C
New York
Monday, March 8, 2021

Palm slips on concerns over rising output, lower-than-expected exports

Must read

Gold: Hunt Continues for Bottom in $1,600 Territory

Commodities6 minutes ago (Mar 08, 2021 01:36PM ET) By...

Denmark stocks higher at close of trade; OMX Copenhagen 20 up 1.37%

Stock Markets8 minutes ago (Mar 08, 2021 01:35PM ET) ...

Prince Harry, Meghan interview brings bumper U.S. TV audience

Sports & General12 minutes ago (Mar 08, 2021 01:30PM ET) ...

Dow Hits Record High on Swashbuckling Stimulus-Led Rally in Cyclicals

Stock Markets14 minutes ago (Mar 08, 2021 01:28PM ET) ...

KUALA LUMPUR: Malaysian palm oil futures inched down on Thursday, falling for a second straight day on lower-than-expected Sept. 1-10 exports and rising production, but a marginal rise in August inventories capped losses.

The benchmark palm oil contract for November delivery on the Bursa Malaysia Derivatives Exchange closed down 2 ringgit, or 0.07%, at 2,812 ringgit ($675.64) a tonne, after rising as much as 1% during the session.

Malaysia’s palm oil stocks at the end of August rose 0.06% from July to 1.7 million tonnes, lower than the 5.4% increase predicted by a Reuters survey, as imports slumped and domestic consumption picked up, the Malaysian Palm Oil Board data showed.

Crude palm oil output rose 3.07% to a two-month high of 1.86 million tonnes, MPOB said.

“The market this morning was trading on the likelihood of lower demand from Sept. 1-15 onwards, and as supply levels at Malaysia and Indonesia slowly increase moving forward,” said Marcello Cultrera, institutional sales manager and broker at Phillip Futures in Kuala Lumpur.

Exports from Malaysia during Sept. 1-10 grew 10% from August, according to cargo surveyors. That missed market estimates of a 13% increase, said Cultrera.

Weakness in Dalian palm and rumours of higher production in no.1 exporter Indonesia also pressured prices, a Kuala Lumpur-based trader said.

Dalian’s most-active soyoil contract fell 0.47%, while its palm oil contract slipped 0.24%. Soyoil prices on the Chicago Board of Trade were down 0.15%.

Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.

- Advertisement -

Latest article

Gold: Hunt Continues for Bottom in $1,600 Territory

Commodities6 minutes ago (Mar 08, 2021 01:36PM ET) By...

Denmark stocks higher at close of trade; OMX Copenhagen 20 up 1.37%

Stock Markets8 minutes ago (Mar 08, 2021 01:35PM ET) ...

Prince Harry, Meghan interview brings bumper U.S. TV audience

Sports & General12 minutes ago (Mar 08, 2021 01:30PM ET) ...

Dow Hits Record High on Swashbuckling Stimulus-Led Rally in Cyclicals

Stock Markets14 minutes ago (Mar 08, 2021 01:28PM ET) ...