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Malaysian palm oil price closes flat after recouping early losses

Discussion in 'Share your stuff' started by martinlee123, Apr 18, 2018.

  1. martinlee123

    martinlee123 New Member

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    KUALA LUMPUR: Malaysian palm oil W88 live futures closed flat on Wednesday as short covering in the second half of trade helped the market recover from losses earlier in the day.

    The benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange closed at 2,408 ringgit ($619.34) a tonne on Wednesday evening. It earlier fell as much as 1.2 percent to an intraday low of 2,380 ringgit.

    Palm had jumped 1.6 percent in its previous trading session, after seeing six straight days of declines.

    Trading volumes on Wednesday stood at 52,515 lots of W88 withdraw tonnes each at the close of trade.

    Malaysia's palm oil production for April is expected to rise in line with seasonal trend. It last rose 17.2 percent on-month to 1.57 million tonnes in March, its highest March production since 2000.

    Demand for the tropical oil in April, however, is expected to be weak. Shipments from Malaysia during the first half of the month rose between 5 percent and 6 percent from the corresponding period in March, compared with a rise of 25 percent to 32 percent from April 1-10, data from inspection company AmSpec Agri Malaysia and cargo surveyor Societe Generale de Surveillance showed.

    In other related oils, the Chicago SMDC Board of Trade's May soybean oil contract edged up as much as 0.4 percent, while the May soybean oil on China's Dalian Commodity Exchange climbed up to 0.4 percent.

    Meanwhile, the Dalian May palm oil contract gained 0.8 percent.
     

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