Coconut oil ends with a higher tracking of Soyoil’s rival

Futures Malaysian palm oil oil closed higher on Wednesday after the profits in Soyoil’s rival in Dalian and Chicago Markets, helped him compensate for the previous session.

Benchmark Palm Oil Contract for October Delivery in the Malaysia Derivatives Exchange Exchange earned 62 ringgit, or 1.49%, to 4,225 ringgit ($ 996.46) per metric ton at the closing.

“Futures opened a higher gap today, following the rise movement in Chicago Soyoil, Ice Canola and at Euronext Rapeseed Futures on Tuesday and Uptick at Asian clock today for Chicago Soyoil and energy prices,” said Anilkumar Bagani, Head of Research at the Sunvin Group Broker Sunvin Group based in Mumbai.

Soyoil’s price at the Chicago Trade Council (CBOT) added 0.51%. Soyoil’s most active contract rose 0.37%, while the palm oil contract CPO1! slipped 0.37%.

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.

Ringgit USDMYR, Palm’s trade currency, slightly weakened 0.02% of the dollar, making commodities cheaper for foreign currency holders.

The price of steady oil on Wednesday, due to signs of Chinese crude oil consumption that is stronger defeated by investors who are careful about the wider economic impact of US tariffs.

Crude oil that is stronger in futures makes the palm of the hand a more attractive choice for biodiesel raw materials.

AMSSPEC Agri Malaysia’s independent inspection company estimates that the exports of Malaysian palm oil products for the July 1-15 period have dropped 5.3% compared to the June 1-15 period, while the Cargo Intertek surveyor testing service predicts a decline of 6.2%.
Source: Reuters