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BMD CPO Drags Down On Higher Malaysian Production, Marks 3.6% Weekly Rise Though

22 May 2020 5:28 pm
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Mumbai (Commodities Control) – Malaysian palm oil futures clocked a 3.64% rise for the week, but fell on Friday as investors booked profits ahead of a long weekend for Eid celebrations and higher May production.

Production of Malaysian palm oil products during May 1-20 shot up 11.82% as compared to the same period a month ago, Malaysia Palm Oil Association (MPOA) said on Friday.

The benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange settled down 37 ringgits at 2,167 ringgit, after falling as much as 2.94% in the session. The contract moved in the range of 2144 and 2181 ringgit, while volume stood at 51,739 lots.

Palm oil, which climbed to its highest since April 20 in the previous session, posted its second week of gains.

The Malaysian bourse will be closed on May 25 and May 26.

The world's largest palm oil planter by land size Sime Darby Plantation warned it expected to "face challenges due to disruptions in logistics and supply chain in the event of a prolonged global pandemic".

Travel restrictions to prevent the spread of the coronavirus are causing labour shortages at Malaysia's palm plantations, officials said on Thursday.

Oil fell 5% towards $34 a barrel as U.S.-China tensions rose and doubts grew about the pace of demand recovery from the coronavirus crisis. Weaker crude oil makes palm a less attractive option for biodiesel feedstock.

Dalian's most-active soyoil contract fell 1.39%, while its palm oil contract slipped 1.11%. Soyoil prices on the Chicago Board of Trade were also down 1.22%.

Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.

(Commodities Control Bureau)

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