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BMD CPO Falls On China Concerns

18 Feb 2020 11:47 am
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MUMBAI (Commoditiescontrol)- Malaysian palm oil futures moved lower in the first session of trade on Tuesday, snapping their 2-day gains, as sentiment turned negative in line with the downtrend trend in the broader markets amid lingering concerns over the economic impact of the coronavirus outbreak in China.

The April benchmark crude palm oil contract on the Bursa Malaysia Derivatives Exchange (BMD), was down 22 Ringgit at 2,627 Ringgit a tonne at the midday break after moving in the range of 2,647 Ringgit and 2,623 Ringgit a tonne.

The number of new coronavirus infections in mainland China fell below 2,000 on Tuesday for the first time since January, Chinese health officials said, although global experts warn it is too early to say the outbreak is being contained.

Expectations of higher production of palm oil also weighed on prices.

Southern Peninsular Palm Oil Millers Association (SPPOMA) said on Monday that production of Malaysian palm oil products for February 1-15 is estimated up 42.52 percent as compared to a month ago.

(By Commoditiescontrol Bureau)


       
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