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BMD CPO Settles Higher For Second Straight Day

17 Feb 2020 4:28 pm
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MUMBAI (Commoditiescontrol)- Malaysian palm oil futures settled higher for the second straight day on Monday, tracking gains in the broader markets as the promise of further policy stimulus to counteract the economic hit from a coronavirus outbreak calmed nervous investors.

Lower than expected decline in export for Feb 1-15 and a weaker Ringgit also supported prices. A weaker Ringgit typically makes palm oil cheaper for holders of foreign currencies.

Fears about the jolt to the world economy from the coronavirus lingered, though, as the number of reported new cases in China rose to 2,048 as on Sunday from 2,009 the previous day.

The April benchmark crude palm oil contract on the Bursa Malaysia Derivatives Exchange (BMD), was up 23 Ringgit at 2,650 Ringgit a tonne by the close after moving in the range of 2,666 Ringgit and 2,623 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.


       
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