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BMD CPO Pares Early Losses, Ends Modestly Lower

21 Jan 2020 4:34 pm
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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.


       
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