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Wednesday, October 5, 2022

Palm oil plunge 5pc tracking crude, soyoil prices

KUALA LUMPUR: Malaysian palm oil futures tumbled more than 5% on Thursday, tracking losses in crude futures and rival edible oils, while traders booking profits after recent gains also weighed on sentiment.

The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange slid 213 ringgit, or 5.41%, to 3,722 ringgit ($835.47) a tonne. “Palm swung lower in a week of fluctuating trade but overall sentiments appears to be turning positive though still highly cautious,” said Sathia Varqa, co-founder of Singapore-based Palm Oil Analytics.

The contract was in profit-taking mode and weighed down by weaker Chicago soy oil, he added.

Exports from Malaysia during July 1-20 fell between 2% and 9.6% from the month before, cargo surveyors said on Wednesday.

Dalian’s most-active soyoil contract fell 0.5%, while its palm oil contract lost 1.4%. Soyoil prices on the Chicago Board of Trade were down 2.5%.

Palm oil plunge 5pc tracking crude, soyoil prices

Source: Brecorder

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