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BMD Close: Palm down for fourth day on rising stockpile outlook

3 Mar 2021 10:35 am
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Mumbai (Commodities Control) – The benchmark palm oil contract for May delivery fell 18 RM, to 3,624 RM/MT in today’s morning session.


Malaysian palm oil futures fell on Wednesday for a fourth straight session, pressured by expectations of higher stockpile for end-February as exports dropped over the month.


Malaysia's palm oil stocks likely grew 7.6% month-on-month to 1.43 million tonnes at end-February due to a slower decline in production compared to exports.


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.


Dalian's most-active soyoil contract fell 0.5%, while its palm oil contract were down 1.7%. Soyoil prices on the Chicago Board of Trade declined 0.2%.


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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