Login ID:
Partner Login
Contact Us : 7066511911

BMD Palm Ends Over 2% Lower on Weaker Global Shares, Dalian Prices

22 Sep 2020 4:26 pm
 Comments 0 Comments  |  Comments Post Comment  |  Font Size A A A 

Mumbai (Commodities Control) – Malaysian palm oil futures dropped more than 2% on Monday, dragged lower by weak Dalian prices and global equities, as fears over new coronavirus restrictions in Europe hit sentiment.

The benchmark palm oil contract for December delivery on the Bursa Malaysia Derivatives Exchange slid 65 ringgit, or 2.16%, to 2,942 ringgit ($711.66) a tonne by the midday break. It had snapped a four-session rally to fall 2.4% on Monday.

Asian shares extended losses to a second day, as new pandemic measures in the UK and some other European countries spurred fears about fresh lockdowns that could threaten a nascent economic recovery and further pressure equity markets.

However, hopes of strong demand ahead of key festivals in China and India capped palm oil's losses.

Shipments from Malaysia, which jumped this month, are expected to be steady until October, with arrivals to top buyer India expected to improve ahead of the Diwali festival there, according to Refinitiv Commodities Research.

Palm oil imports into the European Union and Britain in the 2020/21 season that started on July 1 totalled 1.41 million tonnes by Sept. 20, up from 1.32 million tonnes in the previous season, official EU data showed on Monday.

Dalian's most-active soyoil contract fell 1.62%, while its palm oil contract dropped 2.42%. Soyoil prices on the Chicago Board of Trade gained 0.06%.

(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
DATA/EVENTS (GMT) --16th October
Data/Events Ahead - 13th Oct (GMT)
Top 5 News
Moong Traded Mixed in Major Mkts
Maharashtra Sugar Mill Prices – 20 OCTOBER 2020
Gujarat Sugar Mill Prices – 20 OCTOBER 2020
Guar Gum, Seed Turns To Upside When Futures Jump On Inv...
Weak Availability Lifts Tur, Urad in MP
Top 5 Special Reports
USD/INR (Oct ‘20) – Consolidating Near Short-term Suppo...
Weekly: Major Pulses Plunge This Week On Govt Intervent...
Veg Oil
Copyright © CC Commodity Info Services LLP. All rights reserved.