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BMD CPO Posts Worst Weekly Fall In Over 7 Years On India's Restrictions

17 Jan 2020 4:50 pm
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MUMBAI (Commoditiescontrol) - Malaysian palm oil futures ended lower for the fifth straight day on Friday amid concerns over India's import restrictions.

The April benchmark crude palm oil contract on the Bursa Malaysia Derivatives Exchange (BMD), was down 43 Ringgit at 2,843 Ringgit a tonne by the close after moving in the range of 2,902 Ringgit and 2,816 Ringgit a tonne.

Palm oil prices have fallen over 9 percent this week, its biggest weekly fall since Sept 2012.

India, the world's largest edible oil buyer, last week restricted imports of refined palm oil and informally instructed traders to avoid purchases from Malaysia following a row over criticisms by Malaysia's prime minister over India's new citizenship law and actions in Kashmir.

India's move is expected to create a huge challenge for Malaysia, as India has been its top market for the past five years.

However, higher biodiesel demand in top suppliers Malaysia and Indonesia and supply tightness are providing support to the prices. Lower production is expected for the first half of the year as dry weather and lower fertiliser usage in early 2019 curbed yields.


       
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