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BMD Palm Gains Smartly On Firm Global Cues, Optimism Over Price Outlook

7 Feb 2019 11:41 am
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NEW DELHI (Commoditiescontrol) - Malaysian palm oil futures gained smartly in the first session of trade on Thursday, tracking overnight gains in US soyoil and on sustained optimism over price outlook in the wake of bullish comment, reiterated by a leading industry analyst.

BMD re-opened today after remaining closed on Tuesday and Wednesday for the Lunar New Year holiday. It was also closed in the second half of Monday.

The April benchmark crude palm oil contract on the Bursa Malaysia Derivatives Exchange (BMD), was up Ringgit 36 at Ringgit 2,342 per tonne at the midday break after moving in the range of Ringgit 2,344 to Ringgit 2,333 per tonne.

In other related oils, the CBOT March soybean oil contract settled 52 points higher on Wednesday as the government confirmed more soy purchases by China.

Soybeans drew support from USDA confirmation of more export sales to China following a vow by Beijing last week to purchase five million tonnes as a goodwill gesture during trade talks with the United States.

Private exporters sold 586,000 tonnes of US soybeans to China and 182,000 tonnes to unknown destinations, the USDA said on Wednesday. That followed confirmation on Monday and Tuesday of nearly 3.5 million tonnes in soybean sales.

The US Department of Agriculture (USDA) is scheduled to release a long list of crop forecasts and estimates on Friday after key reports were delayed due to the 35-day partial government shutdown.

Meanwhile, veteran industry analyst Dorab Mistry on Wednesday maintained his earlier forecast that palm oil prices in Malaysia, the world’s second-biggest producer, may climb to 2,400 Ringgit a tonne by the end of March if the Malaysian currency remains at current levels.

Palm oil stockpiles in Malaysia and Indonesia may decline to about 6 million tonnes by April-May, Mistry, a director of Godrej International, said in slides for a presentation at an industry conference in Gurugram, Haryana.

(By Commoditiescontrol Bureau)


       
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