Crude palm oil futures in Malaysia seen steady

Malaysia ringgit notesMalaysia ringgit notes

Crude palm oil prices in Malaysia are expected to open steady on Tuesday with the focus on demand from India, the world’s top importer, as the monsoon rain season heads to a close this month and edible oil production figures are tallied.

Bursa Malaysia front-month palm oil futures for November fell 0.04 percent at 2,247 ringgit (US$545.12) a tonne on Monday on volumes stood at 8,629 lots of 25 metric tons each.

Indian edible oil prices are also in focus ahead of the so-called festival season of weddings and holidays in the fall that typically boost demand. Of note is a weaker Indian rupee, which crossed 70 to the U.S. dollar this past week.