Malaysian palm oil price edges down on overnight soyoil losses - Business News

collected by :Frank Ithan

KUALA LUMPUR: Malaysian palm oil futures edged down slightly at the close of trade on Tuesday, tracking overnight losses in soyoil, but remained largely range-bound as a weaker ringgit offset losses, traders said. A weaker ringgit, palm's currency of trade, typically supports the tropical oil by making it cheaper for holders of other currencies. Cargo surveyor Societe Generale de Surveillance reported an 8.8 percent decline in Malaysian palm oil exports for the July 1-15 period, versus a 23.1 percent fall in the June 1-10 period. Meanwhile, the September soybean oil contract on China's Dalian Commodity Exchange rose 0.7 percent and the Dalian September palm oil contract was also up 0.7 percent. Palm oil prices are usually affected by the performance of other edible oils that compete for a share in the global vegetable oils market.

Malaysian palm oil price snaps losing streak on improved demand - Business News

KUALA LUMPUR: Malaysian palm oil futures snapped four earlier sessions of losses to gain on Monday evening on the back of improved demand and a market retracement, according to traders. Palm oil prices fell to a three-year low in the previous session, tracking weakness in edible oils and falling demand. In other related oils, the Chicago December soybean oil contract fell 0.9 percent, while the September soybean oil contract on China's Dalian Commodity Exchange dropped 0.4 percent. Meanwhile, the Dalian September palm oil contract was up 0.7 percent. Palm oil prices are usually impacted by the performance of other edible oils as they compete for a share in the global vegetable oils market.

Malaysian palm oil price edges up but sluggish demand caps range - Business News

referring to KUALA LUMPUR: Malaysian palm oil futures edged up at the close of trade on Friday, but remained largely caught in a range as demand remained tepid. In other related oils, the Chicago December soybean oil contract fell 0.1 percent, while the September soybean oil contract on China's Dalian Commodity Exchange was down 0.3 percent. Meanwhile, the Dalian September palm oil contract edged down 0.6 percent. Palm oil prices are usually impacted by the performance of other edible oils as they compete for a share in the global vegetable oils market. Palm oil looks neutral in a range of 2,187-2,218 ringgit per tonne, said Wang Tao, a Reuters market analyst for commodities and energy technicals.