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BMD CPO Ends Lower As China Halts Purchase of U.S. Soybean

1 Jun 2020 4:38 pm
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Mumbai (Commodities Control) – Malaysian palm oil futures reversed early gains on Monday after China asked major state-run firms to stop purchases of U.S soybeans as tensions between the two countries flare.

The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange closed down 12 ringgit, or 0.52%, to 2,280 ringgit ($528.39) a tonne.

China on Monday said Washington's attempts to harm Chinese interests will be met with firm countermeasures, after Washington said it would eliminate special U.S. treatment for Hong Kong to punish Beijing.

Palm oil had earlier climbed to an intraday high of 2.14%, touching its highest since April 9.

"The market was drawing strength from May export numbers and better export outlook in June given the start of 0% export tax," said Sathia Varqa, owner of Singapore-based Palm Oil Analytics.

Malaysia's exports rose between 7% and 8.4% in May from the month before, cargo surveyors said on Monday.

The world's biggest palm oil producers Indonesia and Malaysia have set export tax for crude palm oil at zero for June.

However, Indonesia will charge a blanket export levy of $55 per tonne on shipments from June 1 to raise funds for a domestic biodiesel programme.

Dalian's most-active soyoil contract rose 1.07%, while its palm oil contract inched up 0.52%. Soyoil prices on the Chicago Board of Trade were up 0.07%.

(Commodities Control Bureau)

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