Mumbai (Commodities Control) – The benchmark palm oil contract for April delivery on the Bursa Malaysia Derivatives Exchange rose 62 RM, to 3,283 RM/MT in today’s trade.
Malaysian palm oil futures rose more than 2% on Thursday, paring losses from the previous session on supply concerns heightened by flooding in the top two producers of the commodity, and tracking gains in rival soyoil.
Output in parts of Malaysia and Indonesia has been disrupted as heavy floods and high rainfall delay harvest and crop evacuation. Its is widely anticipated that output will fall by 10-12% for January 21 in Malaysia.
Exports of Malaysian palm oil products for Jan. 1-20 plummeted between 41% and 43% from the corresponding December period, as biggest buyer India curbed purchases, cargo surveyors said on Wednesday.
BMD CPO 3M futures are likely to stabilise towards 3200/3300 RM/MT in coming sessions.
MCX CPO 1M futures to trade towards 910/930 Rs/10 kg.
(Commodities Control Bureau)
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