Login ID:
Partner Login
Contact Us : 7066511911

BMD CPO Pares Early Losses, Ends Modestly Lower

21 Jan 2020 4:34 pm
 Comments 0 Comments  |  Comments Post Comment  |  Font Size A A A 

MUMBAI (Commoditiescontrol) - Malaysian palm oil futures ended lower on Tuesday amid indications of more than anticipated recovery in production, and reduction in export pace.

Besides, worries about demand from India also weighed on sentiment. India, the world's largest edible oil buyer, has restricted imports of refined palm oil and informally instructed traders to avoid purchases from Malaysia, following a diplomatic spat.

However, optimism over reduced output in the first half of the year and higher biodiesel consumption in top producers Indonesia and Malaysia, helped market pare most of its early losses.

The April benchmark crude palm oil contract on the Bursa Malaysia Derivatives Exchange (BMD), was down 12 Ringgit at 2,890 Ringgit a tonne by the close after moving in the range of 2,896 Ringgit and 2,819 Ringgit a tonne.

Palm oil fell 9.5 percent last week, its largest weekly decline since November 2008, dragged down by India's import restrictions on the refined product and an export tax hike.

Societe Generale de Surveillance (SGS) said on Tuesday that exports of Malaysian palm oil products for January 1-20 are estimated down 8.6 percent to 765,801 tonnes from 837,873 tonnes in December 1-20. ITS and AmSpec Agri Malaysia also estimated 7.41 and 9.9 percent decline in exports for the same period.

In addition, Southern Peninsular Palm Oil Millers Association (SPPOMA) said on Tuesday that production of Malaysian palm oil products for January 1-20 is estimated up 8.33 percent as compared to the same period a month ago.

In other related oils, US March soyoil futures on e-CBOT were trading 1.02 percent lower on Tuesday as China's pledge to buy US agricultural goods based on "market conditions" added to doubts about the size of any future purchases. US markets were closed on Monday due to a public holiday. Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.

  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
BMD CPO Plunges 3% Amid Political Uncertainty, Coronavi...
Ukraine Sunflower Oil Exports Up 66% Y/Y So Far In 2019...
ITS May Lower Malaysia's Palm Oil Export Estimates For ...
India's 2019-20 Castor Seed Production Seen Up 88%: Sur...
Top 5 News
Spot Mentha Gains Further On Low Level Demand
Chana Carried Loses To The Closing Session At Major Mar...
Domestic Sugar Prices Rule Firm On Increased Demand
Cardamom Prices Tumble On Lacklustre Buying Support
Spot Jeera Prices Steady; Futures Down Over 1%
Top 5 Special Reports
Weekly: ICE CottonManages Modest Weekly Gain Amid Linge...
Copyright © CC Commodity Info Services LLP. All rights reserved.