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BMD Close: Palm rebounds on profit booking at lower levels

3 Mar 2021 6:02 pm
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Mumbai (Commodities Control) – The benchmark palm oil contract for May delivery rise 37 RM, to 3,679 RM/MT in today’s session.


Malaysian palm oil futures rise on Wednesday on back strengthening demand at lower price levels, while profit booking for short position also took market up by today’s close.


On fundamental basis Malaysia stockpiles are expected to build up after consistently falling since last few months.


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


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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