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BMD CPO close: Malaysia palm oil rises over 2% on U.S., China gains in rival oils

27 Jan 2021 7:07 pm
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Mumbai (Commodities Control) – The benchmark palm oil contract for April delivery on the Bursa Malaysia Derivatives Exchange rose 119 RM, to 3,385 RM/MT in today’s trade.


Malaysian palm oil futures jumped more than 2% 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 soybean 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.


As anticipated earlier, BMD CPO 3M futures traded towards 3400 RM/MT in today’s session. We expect prices to move higher towards 3450/3500 RM/MT.


In line with our expectations, MCX CPO 1M futures traded towards 950 Rs/10 kg. We expect prices to stay above 3300 and trade towards 3450 RM/MT.


(Commodities Control Bureau)


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