Palm oil falls, weighed down by weaker Dalian rivals
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Dalian’s soyoil and palm oil contracts fell by 2.08% and 1.1%, respectively, while Chicago soyoil prices rose 0.3%. Malaysian palm oil exports for July 1-25 increased to 1,193,049 metric tons, up from June’s 908,517 tons. Year-on-year exports rose 31%. Palm oil may retrace to 3,913 ringgit, as it failed to break resistance at 3,953 ringgit per metric ton, according to Reuters.
- Dalian’s most-active soyoil contract dropped 2.08%, while its palm oil contract was down 1.1%. Soyoil prices on the Chicago Board of Trade were up 0.3%.
- Palm oil tracks price movements of rival edible oils, as they compete for a share of the global vegetable oils market.
- Cargo surveyor Societe Generale de Surveillance estimates exports of Malaysian palm oil products at 1,193,049 metric tons for July 1-25, from 908,517 tons during June 1-25, according to LSEG.
- Meanwhile, cargo surveyors Intertek Testing Services and Amspec Agri said exports of Malaysian palm oil products for July 1-25 rose 31% year-on-year.
- Palm oil may retrace to 3,913 ringgit, as it failed to break resistance at 3,953 ringgit per metric ton, Reuters technical analyst Wang Tao said.
Source Link : https://www.brecorder.com/news/40314985/power-sector-work-begins-to-remove-major-bottlenecks
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