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Vegoils: Palm oil falls nearly 2 percent to three-year low on weaker related oils

Reuters  |  KUALA LUMPUR 

By Emily Chow

(Reuters) - Malaysian futures fell to their lowest in nearly three years on Friday evening in a fourth session of losses, tracking declines in related edible oils.

The benchmark palm contract for September delivery on the Bursa was down 1.8 percent at 2,147 ringgit ($530.12) a tonne at the close of trade.

It earlier fell to an intraday low of 2,144 ringgit, the lowest since September 21, 2015. It is down 5.3 percent this week, as sentiment was largely bearish due to weak demand and jitters over the Sino-U.S. trade spat.

Trading volumes stood at 52,928 lots of 25 tonnes each at the end of the trading day.

"Weakness in CBOT and olein prices are pressuring palm," said a futures in Kuala Lumpur, referring to U.S. soyoil on the and palm olein prices on China's Commodity Exchange.

The market was waiting for fresh triggers, another added.

Palm are usually impacted by the performance of other edible oils as they compete for a share in the global vegetable oils market.

The Chicago December contract fell 1.1 percent, while the September contract on China's Commodity Exchange slipped to 0.6 percent.

Meanwhile, the Dalian September eased 0.7 percent.

Palm oil is expected to break a support at 2,187 ringgit per tonne and fall more to 2,148 ringgit, said for commodities and

(Reporting by Emily Chow; Editing by Sunil Nair/David Evans)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, July 13 2018. 16:43 IST
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