29.
10.18
08:05

Technical correction on Malaysia's palm oil courses

Malaysia's palm oil prices are up 1% this morning, offsetting some of their past trading losses. It is probably a technical correction, which is supported by a weak exchange rate of the ringgit.
The most-traded date on January 19 went into the lunch break at 2,173 ringgit / ton or 1.2%. It is the strongest increase in two weeks. In the past week, prices on Bursa Malaysia declined on four out of five trading days, down 3.4%. This morning, 11,841 lots have been traded with the standard amount of 25 tons.
From the perspective of traders in Kuala Lumpur, the market is oversold and the ringgit is weakening, which supports the prices. This makes shopping for dealers who pay in US dollars cheaper.
Ringgit lost 1% of its value against the US dollar this month. Purchasing power in Malaysia loses 0.1% this morning.
On the CBoT, the December 18 futures on soybean oil are traded at 0.36% per hour. On the Chinese derivatives exchange in Dalian, the January 19 soybean oil yields 0.04%. Palm oil prices on the Dalian exchange decline by 0.5%.

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