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BMD CPO Closes Weak Despite Improved Export Data; Demand Woes Linger

31 Mar 2020 5:25 pm
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Mumbai (Commodities Control) – Demand worries come to the forefront, as it hammers Malaysian palm oil futures lower on Tuesday. Demand affected due to global shutdowns has outweighed supply disruptions in the world's second-largest palm producer.

Crude palm oil contract for June delivery on the Bursa Malaysia Derivatives Exchange closed down 39 ringgit, or 1.6%, at 2,402 ringgit ($556.66) per tonne.

Meanwhile, Dalian's most-active soyoil contract dropped 1.82%, while its palm oil contract fell 1.2%. Soyoil prices on the Chicago Board of Trade were down 0.11%.

In the previous session, palm gained as much as 3.7% on supply concerns after Malaysia extended a shutdown of some plantations and factories until April 14 and widened the order to six districts.

However, an appeal made by two planter groups for the Sabah state government to reopen operations triggered some selling activity.

Malaysia's March exports, meanwhile, rose between 6.1% and 6.9% from the month before, cargo surveyors said on Tuesday.

March exports improved as there were more trading days compared to February and a brief pick-up in Ramadan demand before the lockdowns were imposed globally, a Kuala Lumpur-based trader said.

Nonetheless, traders in India, the world's largest edible oil buyer, expect vegetable oil demand to fall below the previous year's 23 million tonnes, while the European Union's vegetable oil consumption is also expected to drop as shutdowns forced restaurants to pull down shutters and people to drive less.

(Commodities Control Bureau)


       
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