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BMD CPO extends gains for 2nd day on firmer US soyoil, weaker Ringgit

27 Jul 2022 5:55 pm
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NEW DELHI, July 27 (Commoditiescontrol) - Malaysian palm oil futures ended nearly 1 percent higher on Wednesday, extending their upside momentum for the second consecutive day, supported by a rebound in US soy oil and a weaker ringgit.

The October benchmark crude palm oil contract on the Bursa Malaysia Derivatives Exchange (BMD), was up Ringgit 37 or 0.98 percent at Ringgit 3,824 ($858.17) per tonne by the close, after moving in the range of Ringgit 3,880 and Ringgit 3,669 per tonne.

The contract fell as much as 3.14 percent earlier on Wednesday, but was lifted by a rebound in soyoil prices on the Chicago Board of Trade (CBOT), which rose 2.26 percent, and a weaker ringgit.

Malaysian ringgit on Wednesday touched its weakest level since March 2017 as most Asian currencies weakened ahead of a key U.S. Federal Reserve decision that could determine the path of policy tightening for the region's central banks.

On the Dalian exchange, its most-active soyoil contract rose 0.11 percent, while its palm oil contract slipped 1.99 percent.

Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market, while weaker ringgit makes palm oil more attracted for buyers using foreign currency.

Palm oil prices will weaken further in the short term due to signs of demand destruction and "distress selling" by top producer Indonesia, commodities consultancy LMC International forecast on Tuesday.

(By Commoditiescontrol Bureau: +91-22-40015505)

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