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

28 May 2020 5:21 pm
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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)


       
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