Login ID:
Partner Login
Contact Us : 7066511911

BMD CPO Ends Down On Technical Selling

12 Nov 2019 3:50 pm
 Comments 0 Comments  |  Comments Post Comment  |  Font Size A A A 

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.

  Rate this story 1 out of 52 out of 53 out of 54 out of 55 out of 5 Rated

   Post comment
Comment :

Note : This forum is moderated. We reserve the right to not publish and/or edit the comment on the site, if the comment is offensive, contains inappropriate data or violates our editorial policy.
Name :  
Email :  

Top | Post Comment  

Latest Market Commentary
ITS May Lower Malaysia's Palm Oil Export Estimates For ...
EU Slaps 5-Year Anti-Subsidy Duties On Indonesian Biodi...
China's Soybean imports surge 54% YoY; Cargoes from U.S...
CBOT soybean eyes the resistance at $8.95 – 1/2
BMD CPO Extends Positive Momentum On Stronger US Soyoil...
Top 5 News
WTI prices Slip After Closing 7% Higher Last Week
LME – warehouse stock movements: 9th Dec
M.P Cotton Shoots Up Rs 200 on Millers’ Buying Interest...
Tur and Moong Decline In Delhi
Tamil Nadu Sugar Mill Prices – 09 December 2019
Top 5 Special Reports
Cotton Seed Oilcake (NCDEX) – May Attempt a Relief Rall...
Cotton Complex – Kapas (NCDEX) – Trading Within a Multi...
Copyright © CC Commodity Info Services LLP. All rights reserved.