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BMD Palm Trims Gains In Afternoon Trade On Stronger Ringgit

7 Feb 2019 5:19 pm
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NEW DELHI (Commoditiescontrol) - Malaysian palm oil futures moved higher 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.

However, the futures pared most of their gains in the second session of trade due to a stronger Ringgit. A stronger Ringgit, palm's currency of trade, usually makes the edible oil dearer for holders of foreign currencies. The Ringgit strengthened 0.36 percent against the USD on Thursday.

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 12 at Ringgit 2,318 per tonne by the close after moving in the range of Ringgit 2,344, its 7-month high to Ringgit 2,317 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.

Palm oil prices are affected by movements in soyoil rates, as they compete for a share in the global vegetable oil market. China's Dalian Commodity Exchange remained closed for the Lunar New Year.

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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