World s biggest palm oil exchange sets sights on soyoil futures | Hellenic Shipping News Worldwide hellenicshippingnews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from hellenicshippingnews.com Daily Mail and Mail on Sunday newspapers.
SINGAPORE: Malaysian palm oil futures ended at a more than four-month low on Monday, extending losses for a sixth straight session, hurt by a fall in Indonesian exports and weaker soyoil prices.
The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange fell 285 ringgit, or 7.8%, to 3, 378 ringgit ($821.30) a tonne, its lowest since Feb. 5.
Last week, palm posted its first weekly drop in three weeks, falling 11.3% on worries over tepid June exports and forecasts of higher stocks and output. Bursa Malaysia Derivatives Exchange crude palm oil futures are trading sharply lower following bearish momentum in CBOT (Chicago Board of Trade) soy oil futures, said Anilkumar Bagani, research head of Mumbai-based vegetable oils broker Sunvin Group, adding that lower demand also hit prices.
SINGAPORE: Malaysian palm oil futures fell nearly 10% on Monday, on track for their biggest drop in more than 16 months, as rival Chicago Board of Trade soyoil declined amid worries over a possible U.S. move to reduce biodiesel production.
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