Palm oil prices fall for the third consecutive session due to weak demand and a strong ringgit

The 'Malaysian Palm Oil Futures' fell for a third session in a row on Tuesday. They were impacted by a strong ringgit, and data from a cargo surveyor that showed weak exports.

By midday, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange had fallen 12 ringgit or 0.29% to 4,071 Ringgit ($1,043.85) per metric ton. The contract traded between 4,071 and 4,117 in the morning session.

The market was looking for a new direction. There wasn't much news to move the market, said Paramalingam Supramaniam of Selangor brokerage Pelindung Bestari. He added that the high ringgit value and the weak export data had pushed up prices.

According to cargo surveyors Intertek Testing Services & AmSpec Agri Malaysia, exports of?Malaysian Palm Oil Products for February 1-20 fell between 8.9% - 12.6% compared to a month ago.

The ringgit (the currency of palm trade) eased by 0.18% but still hovered at its highest level since April 2018.

Dalian's soyoil contract, which is the most active contract in Dalian, rose by 1.09%. Its palm oil contract also gained 1.03%. Chicago Board of Trade soyoil prices rose 0.1%.

Palm?oil monitors the price changes of competing?edible oil as it competes to gain a share in the global vegetable oils market.

Palm oil could revisit its February 20 high of 4,156 ringgit a ton, due to a wave of c.

(source: Reuters)