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VEGOILS-Palm oil falls for 2nd session as firmer ringgit, competing oils weigh

Malaysian palm oil futures dropped for a 2nd consecutive session on Thursday as a. stronger ringgit and weak point in competing vegetable oils weighed on. the contract.

The benchmark palm oil contract for October. delivery on the Bursa Malaysia Derivatives Exchange lost 37. ringgit, or 0.95%, to 3,871 ringgit ($ 847.60) a metric heap at. closing.

The contract fell 0.18% in July, its 2nd successive. month-to-month drop.

Malaysia unrefined palm oil futures is tracking Dalian. efficiency carefully as well as our ringgit fortifying, a. Kuala Lumpur-based trader said.

The Malaysian ringgit, the contract currency of trade,. enhanced against the U.S. dollar for a 6th straight. session, rising 0.54% on Thursday.

A stronger ringgit can lower buying interest for foreign. currency holders.

Dalian's most-active soyoil agreement was down. 0.71%, while its palm oil agreement dropped 0.82%. Soyoil prices on the Chicago Board of Trade were down. 0.86%.

Palm oil tracks the cost motions of rival edible oils as. they contend for a share of the worldwide veggie oils market.

Malaysian palm oil exports in July are seen rising in between. 22.8% and 30.91%, cargo surveyor Amspec Agri and Intertek. Testing Services said.

Cargo property surveyor Societe Generale de Monitoring (SGS). approximated exports stood at 1.48 million lots, according to LSEG,. a 23.6% dive from June exports.

(source: Reuters)