Login ID:
Password:
Partner Login
Contact Us : 7066511911

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

18 Sep 2020 4:39 pm
 Comments 0 Comments  |  Comments Post Comment  |  Font Size A A A 


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)



       
  Rate this story 1 out of 52 out of 53 out of 54 out of 55 out of 5 Rated
0.0

   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
Brazil Corn Prices Break Record at 81.48 Reais per Sack...
CBoT Corn Falls from 14 – Month High as Market Awaits F...
Arrival Of 1121 Paddy To Pick Up Next Month, Steady Tre...
Rice Prices Remain Steady In Punjab, Haryana Due To Wea...
Wheat Touches Rs. 1900/Q In Delhi First Time In Season,...
more
Top 5 News
VegOils Commentary: Palm oil unchanged, to trade firm o...
Brazil's October Soy Exports Seen Tad Bit Higher at 2.3...
Brazil Corn Prices Break Record at 81.48 Reais per Sack...
CBoT Corn Falls from 14 – Month High as Market Awaits F...
ICE Cotton Steadies Below 18 – Month Peak on Harvest Pr...
Top 5 Special Reports
USD/INR (Nov ‘20) – Positive Short-term Trend / May Ret...
USD/INR (Oct ‘20) – Positive Short-term Trend / May Ret...
Weekly: Tur, Chana Plunge Most This Week, Moong Gains
USD/MYR—
USD/CNY & USD/IDR
Copyright © CC Commodity Info Services LLP. All rights reserved.