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BMD CPO Extends Gains For Second Day

21 Feb 2020 11:43 am
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MUMBAI (Commoditiescontrol)- Malaysian palm oil futures moved higher in the first session of trade on Friday, in line to chart second straight day of gains, on the back of supportive export data for Feb 1-20 and amid optimism over biofuel demand.

The May benchmark crude palm oil contract on the Bursa Malaysia Derivatives Exchange (BMD), was up 20 Ringgit at 2,610 Ringgit a tonne at the midday break after moving in the range of 2,614 Ringgit and 2,571 Ringgit a tonne.

AmSpec Agri Malaysia said on Thursday that exports of Malaysian palm oil products for February 1-20 are estimated higher by 10.93 percent or 80,751 tonnes to 819,653 tonnes from 738,902 tonnes in January 1-20. ITS also reported 8.70 percent increase in export for the same period.

Prices were further supported by the optimism over biofuel demand.

Malaysia will implement a B30 biodiesel programme in the transport sector by 2025 or even earlier, Prime Minister Mahathir Mohamad said on Friday at the launch of the country's National Automotive Policy plan.

The policy will provide supporting measures including the development of testing and research standards to facilitate the adoption of biodiesel with a 30 percent palm oil content.

But investors were jarred by South Korea’s report of 52 new cases of the coronavirus. That renewed concern the infection is spreading in South Korea, Singapore and other Asian economies.

More than 2,200 people have died from the novel coronavirus, which has infected over 75,000 people, mostly in China, and spread panic around the world.

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