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BMD CPO Set To End 2nd Straight Day On Negative Note

11 Dec 2019 10:39 am
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MUMBAI (Commoditiescontrol) - Malaysian palm oil futures moved lower in the first session of trade on Wednesday, in line to chart losses for the second straight day on lower-than-expected decline in stockpiles.

Subdued export numbers for December 1-10 also weighed on palm oil prices.

The February benchmark crude palm oil contract on the Bursa Malaysia Derivatives Exchange (BMD), was down Ringgit 24 at Ringgit 2,879 per tonne at the midday break after moving in the range of Ringgit 2,901 and Ringgit 2,870 a tonne.

Malaysia's palm oil stockpiles at the end of November were down 4.08 percent from the previous month to 2.26 million tonnes, industry regulator the Malaysian Palm Oil Board (MPOB) said on Tuesday. While market was expecting even a higher decline in stockpiles.

Palm oil output in November in the world's second-largest palm producer dropped by 14.35 percent month-on-month to 1.54 million tonnes, while exports declined by 14.64 percent from October to 1.40 million tonnes in November, according to the MPOB data.

Moreover, Societe Generale de Surveillance (SGS) said on Tuesday that exports of Malaysian palm oil products for December 1-10 are estimated down 11.38 percent or 48,351 tonnes to, 376,659 tonnes from 425,010 tonnes in November 1-10. ITS and AmSpec Agri Malaysia also reported 12.33 percent and 11.26 percent decline in exports, respectively for the same period.


       
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