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BMD Close: Palm Oil Rallies, Closed 142 RM Up On Firm Soy Oil

8 Mar 2021 5:53 pm
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Mumbai (Commodities Control) – The benchmark palm oil contract for May delivery rise 142 RM, to 3,883 RM/MT in today’s session.

Malaysian palm oil futures jumped nearly 6% on Monday to a more than 10-year high, buoyed by a rally in rival soyoil, crude and world markets on passage of a U.S. stimulus package, while investors also awaited the Malaysian Palm Oil Board data.

The market is now awaiting for the February supply and demand data by the Malaysian Palm Oil Board, and cargo surveyor data on March 1-10 exports due Wednesday.

Malaysian Palm oil Association (MPOA) released production pace estimates for February 21 vs January 21.

MPOA Malaysia palm oil production Feb 1-28 v/s Jan 1-31

Pen Malaysia (+) 6.50%
East Malaysia (-) 9.47%
Sabah (-) 18.02%
Sarawak (-) 6.96%
Malaysia (+) 0.09%

As anticipated earlier, Feb 21 production pace is higher.

South Peninsula Palm Oil Millers Association released palm oil production pace for 1-5th March as against 1-5th Feb. SPPOMA represents about 48% of total palm oil estate in Malaysia.

SPPOMA: 1-5th Mar 21
Overall Summary :
Yield : +22.58%
OER : +0.52%
Prod : +25.32%

Production pace is reversing trends from February onwards in line with seasonality. March CPO production is expected to rise by 10-12% MoM.

Brent crude futures surged above $70 a barrel for the first time since the COVID-19 pandemic began, while U.S. crude touched its highest in more than two years, making palm a more attractive option for biodiesel feedstock.

BMD CPO 3M Futures is likely to trade in range of 3800-3700 RM/MT in coming sessions.

MCX CPO 1M futures are likely to trade in range of 1060 -1050 Rs/10 Kg in coming sessions.

(Commodities Control Bureau)

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