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BMD Close: Palm hits one-week low on weaker exports

2 Mar 2021 4:33 pm
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Mumbai (Commodities Control) – The benchmark palm oil contract for May delivery fell 44 RM, to 3,640 RM/MT in today’s session.


Malaysian palm oil futures declined for a third straight session on Tuesday, slipping to a one-week low as cargo surveyors said exports in February witnessed a decline.


Peninsular Malaysia region production report for February have confirmed the production cycle recovery with supply in region estimated to increase by more than 9%.


Exports of Malaysian palm oil products for February fell 4.6% to 1,052,779 tonnes from January, with China and the United States cutting down purchases, cargo surveyor Societe Generale de Surveillance said.


European Union palm oil imports in the 2020/21 season was 3.69 million tonnes, compared with 3.78 million a year ago, data published by the European Commission showed.


BMD CPO 3M Futures is likely to trade in range of 3600-3700 RM/MT in coming sessions.


MCX CPO 1M futures are likely to trade in range of 1030 -1050 Rs/10 Kg in coming sessions.


(Commodities Control Bureau)


       
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