1. Home >
  2. Export Import News >
  3. Export Benefits >
  4. Palm oil prices shed early gains after traders flag short-lived recovery >
  5. Palm oil prices shed early gains after traders flag short-lived recovery

Online Export Import Data Search

Recent Searches: No Recent Searches
Complete Training Video : Click Here

Palm oil prices shed early gains after traders flag short-lived recovery.

Date: 24-06-2020
Subject: Palm oil prices shed early gains after traders flag short-lived recovery
KUALA LUMPUR: Malaysian palm oil futures shed early gains on Tuesday as traders feared that the surge in demand and exports would eventually lose steam if there is a second wave of COVID-19.

The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange slipped 19 ringgit, or 0.78%, to 2,426 ringgit ($567.88) a tonne by the midday break, after rising as much as 0.86%.

Exports in June 1-20 rose between 55.3% and 57%, according to cargo surveyors, after an easing of coronavirus curbs and an export duty exemption.

However, the market lacks follow-up buying from destination markets such as China, Pakistan, Bangladesh and Europe to sustain the exceptionally strong June exports, said Anilkumar Bagani, research head of Mumbai-based vegetable oil broker Sunvin Group.

The Malaysian Palm Oil Council on Monday said exports are likely to increase further in the second half of the year, but a leading analyst cautioned that the global consumption of the edible oil would fall for the first time on record.

European Union palm oil imports in the 2019/20 season that started last July were down 11% at 5.55 million tonnes by June 21, official EU data showed.

Earlier in the session, markets were spooked by surprise comments from White House trade adviser Peter Navarro saying a hard-won U.S-China trade deal was "over", although he later said his comments had been taken out of context.

Dalian's most-active soyoil contract fell 0.21%, while its palm oil contract was down 0.39%. Soyoil prices on the Chicago Board of Trade dropped 0.75%.

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

Palm oil may retreat moderately to a support at 2,408 ringgit, following its two failures to break a resistance at 2,479 ringgit per tonne, Reuters technical analyst Wang Tao said.

Source:- economictimes.indiatimes.com

Get Sample Now

Which service(s) are you interested in?
 Export Data
 Import Data
 Exim Help

What is New?

Date: 25-08-2020

Date: 06-07-2020
Notification No. 29/2020-Customs
Seeks to further amend notification no. 152/2009 dated 31.12.2009, to increase the rate of duty of customs on imports of Phthalic Anhydride originating in Korea RP and imported under the India-Korea Comprehensive Economic Partnership Agreement, on recommendation of preliminary findings of Directorate General of Trade Remedies under India-Korea Comprehensive Economic Partnership Agreement (Bilateral Safeguard Measures) Rules, 2017.

Date: 02-07-2020
Notification No. 55/2020 - Customs (N.T.)
Exchange Rates Notification No.55/2020-Custom (NT) dated 02.07.2020.

Date: 01-07-2020
Notification No. 58/2020 – Central Tax
Seeks to make eighth amendment (2020) to CGST Rules

Date: 30-06-2020
Notification No. 54/2020-CUSTOMS (N.T.)
Tariff Notification in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Silver- Reg.

Date: 30-06-2020
Circular No.31/2020-Customs
Extension of validity of AEO certification for ease of renewal process (Modification in Circular No. 27/2020 dated 02.06.2020) [Circular No. 31/2020 - Customs dated 30.06.2020].

Date: 30-06-2020
Notification No. 57/2020 – Central Tax
Seeks to amend notification no. 52/2020-Central Tax in order to provide conditional waiver of lat fees for the period from July, 2017 to July, 2020.

Date: 30-06-2020
PUBLIC NOTICE No. 11/2015-2020
Extension of validity of Recognition of Pre-shipment Inspection Agencies (PSIAs

Date: 29-06-2020
Trade Notice No. 17/2020-2021
Procedure and Criteria for submission and approval of applications for export of PPE Medical Coveralls for COVID-19

Date: 27-06-2020
Notification No. 55/2020 – Central Tax
Seeks to amend notification no. 35/2020-Central Tax in order to extend due date of compliance which falls during the period from "20.03.2020 to 30.08.2020" till 31.08.2020.

Exim Guru Copyright © 1999-2020 Exim Guru. All Rights Reserved.
The information presented on the site is believed to be accurate. However, InfodriveIndia takes no legal responsibilities for the validity of the information.
Please read our Terms of Use and Privacy Policy before you use this Export Import Data Directory.


C/o InfodriveIndia Pvt Ltd
F-19, Pocket F, Okhla Phase-I
Okhla Industrial Area
New Delhi - 110020, India
Phone : 011 - 40703001