BMD CPO mid-day close: Malaysia palm oil rises over 1% on U.S., China gains in rival oils

Mumbai (Commodities Control) – The benchmark palm oil contract for April delivery on the Bursa Malaysia Derivatives Exchange declined 82 RM, to 3,348 RM/MT in early trade.

Malaysian palm oil futures jumped more than 1% on Wednesday, extending gains for a second consecutive session, as costlier rival oils in China and the United States made palm more attractive.

Soybeans on the Chicago Board of Trade traded 2% higher on Tuesday on worried about tightening U.S. and global soyoil supplies and spillover strength from a 4% jump in corn futures.

Chicago corn futures rose to a two-week high, as China's purchase of U.S. supplies of the grain hit the highest level since July, while slow harvesting in Brazil due to rains supported soybean prices.

BMD CPO 3M futures are likely to stabilise towards 3300/3400 RM/MT in coming sessions.

MCX CPO 1M futures to trade towards 920/950 Rs/10 kg.

(Commodities Control Bureau)