By Dewi Kurniawati
JAKARTA, September 19 (Reuters) – Malaysian palm oil futures marketsnote down Tuesday, extending the losses for a second session, weighed down byEloff In rival vegetable oils.
The benchmark palm oil contract FCPOc3 for December delivery on the Bursa Malaysia Derivatives Exchange lost 42 ringgit, or 1.12 percent, to 3,707 ringgit ($790.07) per metric ton by lunch break.
Futures opened a gap to the downside as selling pressure accelerated due to a sell-off in CBOT soybean oil futures overnight and Chinese futures on palm olein, soybean oil and rapeseed oil and CBOT soybean oil futures during Asian hours today, said Anilkumar Bagani, head of Group Research Sunvin India.
Dalian’s most active soybean oil contract DBYcv1 was down 10.39%, while its palm oil contract DCPcv1 lost 00.95%. Soybean oil prices at the Chicago Board of Trade BOc2 decreased by 0.67%.
Palm oil is affected by fluctuations in the prices of related oils as they compete for share of the global vegetable oil market.
Indonesia set the benchmark crude palm oil price at $798.83 per tonne from September 16 to 30, down from the first half of the month. However, the export tax and levy remained unchanged at $33 per ton and $85 per ton, respectively.
China to increase imports of Malaysian palm oil by 250,000 tonnes per yearthe official Bernama news agency reported on Sunday, citing Malaysian Prime Minister Anwar Ibrahim.
Exports of Malaysian palm oil products from September 1 to 15 fell 9.3% from the previous month, to 574,936 tonnes, independent inspection company AmSpec Agri Malaysia said on Friday.
Palm oil FCPOc3could revisit its September 12 low of 3,667 ringgit per tonne, as it may have rebounded from that level, according to Reuters technical analyst Wang Tao.
($1 = 4.6920 ringgit)
cpo https://tmsnrt.rs/3EHdbQa
(Reporting by Dewi Kurniawati; editing by Rashmi Aich and Janane Venkatraman)
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
By Dewi Kurniawati
JAKARTA, September 19 (Reuters) – Malaysian palm oil futures marketsnote down Tuesday, extending the losses for a second session, weighed down byEloff In rival vegetable oils.
The benchmark palm oil contract FCPOc3 for December delivery on the Bursa Malaysia Derivatives Exchange lost 42 ringgit, or 1.12 percent, to 3,707 ringgit ($790.07) per metric ton by lunch break.
Futures opened a gap to the downside as selling pressure accelerated due to a sell-off in CBOT soybean oil futures overnight and Chinese futures on palm olein, soybean oil and rapeseed oil and CBOT soybean oil futures during Asian hours today, said Anilkumar Bagani, head of Group Research Sunvin India.
Dalian’s most active soybean oil contract DBYcv1 was down 10.39%, while its palm oil contract DCPcv1 lost 00.95%. Soybean oil prices at the Chicago Board of Trade BOc2 decreased by 0.67%.
Palm oil is affected by fluctuations in the prices of related oils as they compete for share of the global vegetable oil market.
Indonesia set the benchmark crude palm oil price at $798.83 per tonne from September 16 to 30, down from the first half of the month. However, the export tax and levy remained unchanged at $33 per ton and $85 per ton, respectively.
China to increase imports of Malaysian palm oil by 250,000 tonnes per yearthe official Bernama news agency reported on Sunday, citing Malaysian Prime Minister Anwar Ibrahim.
Exports of Malaysian palm oil products from September 1 to 15 fell 9.3% from the previous month, to 574,936 tonnes, independent inspection company AmSpec Agri Malaysia said on Friday.
Palm oil FCPOc3could revisit its September 12 low of 3,667 ringgit per tonne, as it may have rebounded from that level, according to Reuters technical analyst Wang Tao.
($1 = 4.6920 ringgit)
cpo https://tmsnrt.rs/3EHdbQa
(Reporting by Dewi Kurniawati; editing by Rashmi Aich and Janane Venkatraman)
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
