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

22 Sep 2020 4:26 pm
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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)


       
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