SunSirs: MPOB Data is Negative, Malaysia Palm Oil Futures Prices Surge and Fall Back
October 12 2024 14:41:01 SunSirs (Selena)
On October 10th, the crude palm oil futures price on the Malaysian Derivatives Exchange (BMD) fluctuated, with benchmark contracts closing lower and unable to hold onto the morning high. MPOB data showed that palm oil inventories had risen to the highest level in eight months, causing selling pressure. However, the growth in palm oil exports, weak ringgit, and strong international crude oil prices in October limited the decline in palm oil prices.
As of the close, the crude palm oil futures price ranged from an increase of 39 ringgit to a decrease of 22 ringgit, with the crude palm oil benchmark 2,412 contract falling by 17 ringgit, or 0.40%, to close at 4,235 ringgit/ton, equivalent to 986.6 US dollars/ton.
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