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

17 Feb 2020 11:56 am
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MUMBAI (Commoditiescontrol)- Malaysian palm oil futures moved higher in the first session of trade on Monday, in line to chart second straight day of gains on the back of lower than expected decline in export for Feb 1-15 and on a weaker Ringgit.

A weaker Ringgit typically makes palm oil cheaper for holders of foreign currencies.

However, fears about the economic fallout from the new coronavirus limited the upside.

The April benchmark crude palm oil contract on the Bursa Malaysia Derivatives Exchange (BMD), was up 23 Ringgit at 2,650 Ringgit a tonne at the midday break after moving in the range of 2,660 Ringgit and 2,635 Ringgit a tonne.

Intertek Testing Services (ITS) said on Saturday that exports of Malaysian palm oil products for Frebruary 1-15 are estimated lower by 6.72 percent or 38,977 tonnes to 541,444 tonnes from 580,421 tonnes in January 1-15. While market was expecting a decline of over 10 percent.

Meanwhile, the number of reported new cases of coronavirus in China`s Hubei province rose on Monday after two days of falls, as authorities imposed tough new restrictions on movement to prevent the spread of the disease which has now killed more than 1,700 people.

In Hubei, the epicentre of the outbreak, health officials reported 1,933 new cases and 100 new deaths on Feb. 16, the lowest daily death count since Feb. 11. The number of new cases rose nearly 5 percent from the previous day, but the number of deaths fell from 139.

Across mainland China, officials said the total number of cases rose by 2,048 to 70,548, with 1,770 deaths.

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