Palm rose due to supply problems, the acquisition of a weak demand hat

Malaysian palm oil spent time reversing losses on Thursday to increase due to caring and supply strength in Chicago Soyoil, but weak demand limits profits.

Benchmark Palm Oil Contract FCPO1! For November delivery in the Malaysian Exchange Derivatives Exchange rose 40 Ringgit, or 0.91%, to 4,453 Ringgit ($ 1,055.46) per metric ton at closing, after falling for two consecutive sessions.

“The highly anticipated increase in the third quarter of production was not there,” said Paramalingam Supramaniam, Director of Brokers based in Selangor Protector Bestari.

Malaysian palm oil shares jumped to a height of 20 months at the end of August due to increased production and slightly decreased exports, data from Malaysian palm oil boards showed. However, the output of palm oil in July and August was 1.87% lower than the same period last year.

Exports of Malaysian palm oil products in the September 1-10 period fell between 1.2% and 8.4% from the same period a month ago, said the Surveyor of the Service Intertek Service and AMSSPEC AGRI Malaysian inspection company said on Wednesday.

“The market is still looking for demand, it is the biggest sacred wind,” Supramaniam said.

Soyoil’s most active Dalian (DBYCV1) contract rose 0.17%, while CPO1 palm oil contracts! down 0.11%. Soyoil’s price at the Chicago Trade Council (CBOT) (BOC2) rose 0.55%.

Palm oil tracks the movement of the price of oil that can be eaten because it competes to get the global vegetable oil market share.

FCPO1 Palm Oil! Can test support in 4,381 ringgit per metric ton, rest below which can open the road to 4,343 ringgit.
Source: Reuters