SourceVideopokerfreecasinogamesChina Grain Network
Crude palm oil futures on the Malaysia Derivatives Exchange (BMD) fell for the fourth day in a row to a six-week low on Wednesday as supply growth coincided with a worrying demand outlook. Lower external cooking oil and crude oil markets also put price pressure on palm oil.
By the close, crude palm oil futures were down 30 ringgit to 62 ringgit, with the benchmark crude palm oil down about 60 ringgit or 1 in July 2024.Videopokerfreecasinogames.47 percent, to close at 4014 ringgit / ton, or about $837.8, the lowest since March 5.
The benchmark contract trades in a range of 3974 to 4093 ringgit.
Palm oil futures are down 4.7 percent so far this week. With the South American soybean harvest on the market, the global supply of oilseeds and vegetable oil is abundant, putting pressure on the edible oil market.
Malaysia's palm oil production in March was 1.39 million tonnes, up 10.57 per cent from a month earlier, according to the Palm Oil Authority of Malaysia.
Malaysia's palm oil production is expected to increase in the second quarter of this year due to favorable weather patterns and increased productivity of newly hired foreign workers, according to MIDF research.
International crude oil futures continued to fall on Wednesday, weakening the attractiveness of palm oil as a biodiesel feedstock.
Malaysia's palm oil exports rose 9.2% to 28.5% month-on-month from April 1 to 15, according to the Shipping Survey.
Palm oil exports face competitive pressure because the price of palm oil is less attractive than soybean oil and sunflower oil.
Malaysian palm oil futures are down 2.3% so far this month, while Chicago soybean oil futures are down 6.2%.
In Asian electronic trading, CBOT soybean oil futures fell 0.18 cents to 45.30 cents per pound. September soybean oil futures, which were the most actively traded on the Dalian Commodity Exchange, fell 112 yuan to 7486 yuan / ton. September palm oil futures fell 186 yuan to 7458 yuan. Brent crude fell 74 cents to 89.28 dollars a barrel.
The Malaysian ringgit was traded at 4.791 ringgit to the dollar on Wednesday and 4.792 ringgit on Tuesday.
Master Boyi
