Malaysian palm oil futures fall for second consecutive month

01-Aug-2024 03:42 PM

Kuala Lumpur. Malaysian crude palm oil (CPO) futures remained weak on the previous day and with this it registered its second consecutive monthly decline.

Earlier in June also, the futures price remained soft. The softening of prices of rival edible oils and focus on July export data of cargo surveyor also affected the price of palm oil.

Benchmark palm oil futures for October contract at Kuala Lumpur-based Bursa Malaysia Derivatives (BMD) Exchange fell by 17 ringgit or 0.43 percent to 3898 ringgit (846.29 dollars) per tonne till midday break.

On the other hand, soy oil futures for the most active month at China's Dalian Commodity Exchange fell by 0.37 percent and palm oil futures fell by 0.15 percent, while no significant fluctuation was seen in soy oil futures at Chicago Board of Trade (CBOT).

According to analysts, the Malaysian ringgit's exchange rate strengthened by 0.3 percent against the dollar, which put pressure on the palm oil market.

Cargo Surveyors is expected to release the data of palm oil exports from Malaysia during the month of July.

A surveyor has released it. Only 1.50 lakh tons of palm oil was imported in the European Union till July 28, which was much less than last year's import of 2.90 lakh tons.

The world's largest producer and exporter country - Indonesia has increased the reference price of its crude palm oil (CPO) for the month of August to $ 820.11 per ton,

which is more than the price of $ 800.75 per ton fixed for July, but there has been no change in the rate of export tax and export levy on it.