Futures contracts of crude palm oil ended down on the Bursa Malaysia Derivatives, taking cues from a decline in soyoil contracts on the CBOT. The October contract of palm oil on the Malaysian bourse ended at 2,556 ringgits (38,469.96 rupees) per tn, down 0.7% from the previous close. Prices of crude palm oil and soyoil move in tandem as both are used in the production of bio-fuels. Soyoil contracts on the CBOT are trading lower as there is some relief to the soybean crop in the US from the hot and dry weather of the past few weeks. Investors are also cautious ahead of Tuesday's release of Malaysia palm oil export data for Jul 1-25 by private cargo surveyors.
Source : Newswire
More will update soon!!
