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Palm Oil Continues Its Sharp Journey Downwards

28 Sep 2020 10:22 am
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A 2.4% rebound in Malaysian palm oil futures on Friday halted the four-day losing streak on the global vegoil complex, with futures recovering some losses and cash prices stabilising, supported by stronger September exports. After falling 10.5% in the last four days, the December palm oil benchmark contract on the Bursa Malaysia closed higher at MYR2,822/mt ($676.90/mt), and posted an 8.4% weekly loss – its largest weekly loss since late February.

Malaysia Export Shipment

Cargo Surveyor

1-25 Sept

1-25 Aug

% Change

ITS

1.30

1.21

6.94%

AMSpec

1.31

1.22

8.14%

The palm oil market climbed after cargo surveyors said Malaysian exports during the September 1-25 period increased between 6.9% and 8.14% on the month, reflecting higher global demand for the tropical oil.

We are expecting BMD CPO Dec 20 contract to stay towards 2800/2880 MYR in coming session. For MCX CPO Sept 20, price may trade towards 770/790 INR levels in coming few sessions.


       
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