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BMD Palm Ends Firm During Mid-Session on Supply Fears

29 Sep 2020 11:26 am
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Mumbai (Commodities Control) – Malaysian palm oil futures rose on Tuesday on concerns over supply disruption following a fresh two-week lockdown in parts of the country's largest palm oil producing state.

The benchmark palm oil contract for December delivery on the Bursa Malaysia Derivatives Exchange gained 0.67% to 2,841 ringgit ($682.60) a tonne by midday break.

Malaysia said starting Tuesday it would impose strict movement restrictions in four districts in Sabah after the state saw more than 1,000 COVID-19 infections in September.

Sabah contributes around 25% of the crude palm oil produced in Malaysia, the world's second-largest exporter of the oil.

The new lockdown provided support for palm but market participants were still worried that the upcoming week-long holiday in China and U.S. soy production may put pressure on palm demand.

Palm oil competes with soy oil for a share in the vegetable oil market.

The Malaysian palm contract briefly fell to 2,792 ringgit per tonne in the morning session.The Dalian's soyoil contract for January delivery was down 0.2% and its palm oil contract also fell 0.2%.

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