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BMD CPO Ends 9.6% Higher This Week; Rival Oils Rise, China Spurs demand

18 Sep 2020 4:39 pm
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Mumbai (Commodities Control) – Malaysian palm oil futures rose over 3% on Friday, logging their biggest weekly jump in five years, tracking strength in rival oils and on increased demand from key consumer China ahead of Golden Week holiday.

The benchmark palm oil contract for December delivery on the Bursa Malaysia Derivatives Exchange closed up 107 ringgit, or 3.6%, at 3,082 ringgit ($749.88) a tonne, hitting its highest since Jan. 13.

It has gained 9.6% in the week and logged its sharpest weekly rise since Sept. 25, 2015.

"The market was sharply higher, mirroring solid gains in palm olein and soybean oil on Dalian as speculative buying and hedging ahead of the Golden Week holiday," said Sathia Varqa, co-founder of Singapore-based Palm Oil Analytics.

China, the world's second-largest palm oil buyer after India, will celebrate the week-long holiday starting from Oct. 1.

Yihai Kerry, one of the largest agricultural and food processing companies in China, was spun off last year from palm giant Wilmar International, and is among the nation's largest cooking oil producers.

The Southern Palm Oil Millers Association in Malaysia estimated output in some parts of the country during Sept. 1 to 15 rose 2.93% from the month before, traders said on Thursday, slowing from the 8.84% rise seen during Sept. 1 to 10.

Dalian's most-active soyoil contract gained 2.66%, while its palm oil contract rose 2.74%. Soyoil prices on the Chicago Board of Trade were up 1.69%.

(Commodities Control Bureau)

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