Login ID:
Partner Login
Contact Us : 7066511911

BMD CPO Ends Weaker On Profit-Taking, Lower Crude Oil

28 May 2020 5:21 pm
 Comments 0 Comments  |  Comments Post Comment  |  Font Size A A A 

Mumbai (Commodities Control) – Malaysian palm oil futures ticked lower on Thursday as investors booked profits from sharp gains in the previous session and as U.S. crude oil prices fell on rising inventory levels.

The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange closed down 14 ringgit to 2,267 ringgit ($520.67), after touching an intraday low of 1.5%. The volume stood at 52,912 lots.

Palm climbed 5.26% in the previous session to its highest close since April 10, boosted by estimates of a lower output this month in some parts of Malaysia.

"Production in East Malaysia, however, is gaining traction and end-stocks for May and June would be a tad above 2.1 million tonnes if demand remains at the current pace," said Paramalingam Supramaniam, director at Selangor-based brokerage Pelindung Bestari Sdn Bhd.

Malaysia's exports for May 1-25 rose between 5.1% and 9.8% from the month before, cargo surveyors said.

The world's largest crude palm oil producer FGV Holdings said production, which has dropped due to reduced fertiliser application last year, is expected to normalise in the second half of the year. Demand is also expected to improve with the return of top buyer India, the company said.

Oil prices fell after U.S. industry data showed a surprise steep build in crude oil inventories, dampening hopes of a smooth recovery in demand as some countries ease coronavirus lockdowns.

Dalian's most-active soyoil contract rose 0.65%, while its palm oil contract jumped 1.84%. Soyoil prices on the Chicago Board of Trade were down 0.87%.

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)

  Rate this story 1 out of 52 out of 53 out of 54 out of 55 out of 5 Rated

   Post comment
Comment :

Note : This forum is moderated. We reserve the right to not publish and/or edit the comment on the site, if the comment is offensive, contains inappropriate data or violates our editorial policy.
Name :  
Email :  

Top | Post Comment  

Latest Market Commentary
Cotton Trade Affected by Heavy Rainfall in Gujarat
Cotton Prices Steady in Maharashtra on Weakness in Dema...
M.P Cotton Continues Steady Trade Amid Light Mill Purch...
Cotton Prices Steady In Lower Rajasthan
North India: Cotton Prices Steady, Cocud Firm
Top 5 News
Chana Trade Mixed At Major Spot Markets
Moong Gain At Pipariya Despite Higher Arrivals; Drop In...
Burma Urad Settles Weak At Chennai/Mumbai Amid Sellers’...
Imported Masoor Firm In Mumbai/Mundra/Hazira; Domestic...
India Contracts Deal to Export 5.2 Mn T Sugar; Likely t...
Top 5 Special Reports
CBoT Soybean Reaches 4-Months High on Dry, Hot U.S. Wea...
Weekly: Masoor Falls On Overseas Supply, Chana Dips As ...
Copyright © CC Commodity Info Services LLP. All rights reserved.