Malaysian palm oil futures extend losses on weak crude, firm ringgit
Malaysian palm oil futures extended losses for a second straight session on Monday, as a firmer ringgit, softer crude oil prices and sluggish exports dampened sentiment. The benchmark December palm oil contract on the Bursa Malaysia Derivatives Exchange fell 41 ringgit, or 0.84%, to 4,857 ringgit a metric ton at the close. Cargo surveyors estimated that exports of Malaysian palm oil products for September 1 to 20 fell between 12.8% and 24.7% from a month earlier.
(Updates with closing prices) KUALA LUMPUR, Sept 21 (Reuters) — Malaysian palm oil futures extended losses for a second straight session on Monday, as a firmer ringgit, softer crude oil prices and sluggish exports dampened sentiment. 90) a metric ton at the close. 77% in the previous session. The market was pressured by lower oil prices and a stronger ringgit, while Friday’s decline in open interest also reflected subdued market participation, a Kuala Lumpur-based trader said.
Oil prices slid to their lowest in 11 days as investors hoped for diplomatic progress on the Iran war and eyed a partial recovery in shipments from Saudi Arabia. O/R Weaker crude makes palm a less-attractive option for biodiesel feedstock. 7% from a month earlier. 92%.
45%. Palm oil tracks the price movements of rival edible oils, as it competes for a share of the global vegetable oils market. 02% against the dollar, making the commodity slightly expensive for buyers holding foreign currencies. com)