23Jul
sgx2

Singapore : Malaysian palm oil price comes off 2-week high, strong demand limits losses

SINGAPORE:

  •  “We are seeing some chart-related selling at current levels, as bargain hunting and short covering start to fade,” said one Kuala Lumpur-based trader, adding though that export sales are expected to remain strong.
  • The benchmark palm oil contract on the Bursa Malaysia Derivatives Exchange closed down 1.5 percent to 2,317 ringgit ($571.6) a tonne. On Thursday, it climbed to 2,368 ringgit, highest since July 5. Volumes stood at 32,734 by close.
  • Malaysian palm oil futures fell on Friday, after climbing to a two-week high in the prior session, although expectations of strong demand for the vegetable oil kept a floor under prices.
  • Exports of Malaysian palm oil products for July 1-20 rose 14 percent from a month earlier, data from cargo surveyor Intertek Testing Services showed, while Societe General de Surveillance reported export growth of 15.3 percent.
  • The market is awaiting the next update on export demand from cargo surveyors due on Monday.
  • “Bullish fundamentals and a weaker ringgit will cushion any attempt to sell,” the Kuala Lumpur trader said.
  • This week, the ringgit has slipped almost 3 percent, its biggest such loss in 10 months, making palm oil cheaper for holders of other currencies.

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