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Malaysian palm oil futures fell continuously
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Malaysian palm oil futures fell continuously

  • Categories:Industry News
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  • Time of issue:2021-08-20 14:24
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(Summary description)On Thursday, the Malaysian Derivatives Exchange (BMD) crude palm oil futures fell, which was also the third consecutive day of decline. The external vegetable oil market fell and the international crude oil futures plummeted, putting pressure on palm oil.

Malaysian palm oil futures fell continuously

(Summary description)On Thursday, the Malaysian Derivatives Exchange (BMD) crude palm oil futures fell, which was also the third consecutive day of decline. The external vegetable oil market fell and the international crude oil futures plummeted, putting pressure on palm oil.

  • Categories:Industry News
  • Author:
  • Origin:
  • Time of issue:2021-08-20 14:24
  • Views:
Information

On Thursday, the Malaysian Derivatives Exchange (BMD) crude palm oil futures fell, which was also the third consecutive day of decline. The external vegetable oil market fell and the international crude oil futures plummeted, putting pressure on palm oil.

As of the close, crude palm oil futures fell 6 ringgits to 63 ringgits, of which the benchmark November crude palm oil futures closed down 61 ringgits or 1.42%, to close at 4,240 ringgits / ton.

The trading range of the benchmark contract is between MYR4,226 and MYR4,365.

During the Asian electronic trading hours on Thursday, soybean oil futures accelerated their decline. December soybean oil fell 1.08 cents, or 1.76%, to 60.40 cents per pound. The January soybean oil futures on the Dalian Commodity Exchange fell by about 50 yuan or 0.55% to 9024 yuan per ton; January palm oil futures fell 64 yuan or 0.78% to 8172 yuan per ton.

International crude oil futures fell sharply on Thursday. Among them, the October contract of Brent crude oil futures fell 2.18 US dollars, or 3.20%, to 66.05 US dollars per barrel. The decline in crude oil has weakened the attractiveness of biodiesel, and palm oil is the main raw material for biodiesel production in Malaysia and Indonesia.

Ping Chuan, an agricultural product analyst at Beijing Derunlin, said that the global financial market fell on Thursday mainly because of concerns that the Fed began to shrink its balance sheet ahead of schedule, China's economic growth has slowed, and the dollar exchange rate rose to a nine-month high, which also made speculative funds risk appetite. Decline, the bulk commodity market is under full pressure, and the palm oil market is also unable to stand alone.

Traders are waiting for palm oil export data from August 1 to 20, which will be released on Friday. Previously released data showed that Malaysian palm oil exports fell 15% to 24% month-on-month from August 1 to 15.

On Wednesday, Malaysia kept the September crude palm oil export tax unchanged at 8%, but raised the reference price to 4,255.52 ringgit, which was 7% higher than in August.

Market participants expect that Indonesia may raise the export tax on crude palm oil in September by nearly 80% from the current US$93 per ton to reach US$166/ton. If this is the case, it will help improve the relative competitiveness of Malaysian palm oil.

On Thursday, the Malaysian ringgit exchange rate closed at 4.24 ringgit to 1 U.S. dollar. Note: 1 U.S. dollar is exchanged for 4.24 ringgits

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