June 18, 2020 / 10:57 AM / 16 days ago

VEGOILS-Palm ends flat, concerns over new virus cases cloud outlook

(Adds closing prices)

SINGAPORE, June 18 (Reuters) - Malaysian palm oil futures ended flat on Thursday, although another wave of coronavirus infections and expectations of higher production clouded the vegetable oil’s demand outlook.

The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange closed unchanged at 2,361 ringgit ($552.28).

China’s capital cancelled several flights, shut schools and blocked off some neighbourhoods as it ramped up efforts to contain an outbreak of the novel coronavirus that has fanned fears of a wider contagion.

Meanwhile, the Southern Peninsular Palm Oil Millers Association estimated June 1-10 production in some parts of Malaysia rose 31.7% from the previous month, traders said.

Investors also booked profits on expectations that prices may not gain further, a Kuala Lumpur-based trader said.

Dalian’s most-active soyoil contract gained 0.3% and its palm oil contract traded 0.2% lower. Soyoil prices on the Chicago Board of Trade shed 0.1%.

Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.

$1 = 4.2750 ringgit Reporting by Fathin Ungku; Editing by Uttaresh.V and Aditya Soni

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below