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BMD CPO Ends Weaker As Demand Concerns, Improved Output Forecast Weighs

2 Apr 2020 6:05 pm
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Mumbai (Commodities Control) – Crude palm oil on BMD ends Thursday’s session with extended losses, over heightened demand concerns and forecasts of better production eclipsed worries that the coronavirus pandemic could disrupt global supplies of the vegetable oil.

Crude palm oil contract for June delivery on the Bursa Malaysia Derivatives Exchange closed down 30 ringgit, or 1.28%, at 2,309 ringgit ($531.05) per tonne. The contract marked its third session of losses on Thursday.

In the previous session, palm dived 2.6% on mounting worries over a plunge in global demand as more countries are under shutdown orders to curb the spread of the pandemic.

The market is also monitoring whether Indonesia, the world's largest palm oil producer, will impose a lockdown after declaring a public health emergency over the coronavirus epidemic on Tuesday.

China's ports and shipping firms are bracing for a deeper and more prolonged supply chain disruption in the world's second-largest palm buyer as the global spread of the virus chokes international demand.

Soyoil contract on DCE gained 0.6%, while its palm oil contract firmed 0.9%. Soyoil prices on the Chicago Board of Trade were unchanged.

Crude oil futures jumped nearly 5% in early trading on Thursday after U.S. President Donald Trump said he expected Saudi Arabia and Russia to reach a deal in the next few days to end their oil price war.

Stronger crude oil futures make palm a more appealing option for biodiesel feedstock.

(Commodities Control Bureau)


       
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