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VegOils Commentary: Palm oil unchanged, to trade firm on tighter supply

28 Oct 2020 8:13 am
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Mumbai (Commodities Control) – BMD CPO January contract ended the session RM 1/MT lower at MYR3,065/MT after rallying 4.3% to a one-month high the day before.

Malaysian palm oil futures ended Tuesday’s session mostly flat as pressure from some initial profit taking was offset by rallying Chinese vegoil futures.

The contract initially fell 1.8% on some profit-taking, but recovered those losses by the end of the session as palm oil futures on China’s Dalian were up 1.5% supporting levels on the Bursa, while Chinese soyoil futures ended 1.1% higher.

BMD CPO 3M prices are likely to remain firm above 3000 RM to trade towards 3100 RM in coming session based on tighter supply in Malaysia.

MCX CPO 1M Prices are likely to follow benchmark BMD CPO to trade towards 810/820 in coming sessions.

(Commodities Control Bureau)


       
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