Mumbai (Commodities Control) – The benchmark palm oil contract for April delivery on the Bursa Malaysia Derivatives Exchange rose 31 RM, to 3,253 RM/MT in today’s trade.
Malaysian palm oil futures fell 1% on Friday, on track for their second weekly decline, as lacklustre January exports and weak prices of rival soyoil weighed on sentiment.
Palm is set for a 5% weekly drop, adding to the previous week's sharp decline, after cargo surveyors reported a 43% on-month decline in Jan. 1-20 exports.
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.
Portions of plantations are "under water" as heavy rains and floods disrupt harvesting and crop evacuation activities, leading to crop losses, planters based in Malaysia's biggest palm-producing states of Sabah and Sarawak said.
Palm oil production in the world's top two producing countries is expected to recover this year and drive volatility in prices, which are likely rise to nine-year highs, a Reuters poll showed.
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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