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BMD CPO Ends Down On Technical Selling

12 Nov 2019 3:50 pm
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MUMBAI (Commoditiescontrol) -Malaysian palm oil futures were down on profit booking after gaining for two consecutive days. The benchmark palm oil contract on the Bursa Malaysia Derivatives Exchange was down 25 points at 2,602 ringgit/tonne at close.

The contract rose to a near two-year high in the previous session at 2,657 ringgit a tonne after Malaysian Palm Oil Board(MPOB) announcement that stockpiles and production in October unexpectedly dropped 4.1% from the previous month to 2.3 million tonnes and output was down by 2.5% from the previous month to 1.8 million tonnes at the end of October.

Technically market was overbought and hence it is witnessing some profit booking. But the trend is still up. As per analysts fundamentally also trend appears to be up as production and stocks of palm oil are decreasing month on month and demand whereas there is an increase in demand month on month as palm oil remains cheapest among the rival oils.

Dalian palmolein January 20 futures closed up by 88 points to 5522 CNY/tonne while soy oil May contract closed up 24 points to 6376 CNY/MT.

In electronic trading CBOT soy oil most active December contract was trading down by 10 points at 31.32 cents/lb.


       
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