Login ID:
Partner Login
Contact Us : 7066511911

BMD CPO gains nearly 3% on technical buying

5 Aug 2022 12:36 pm
 Comments 0 Comments  |  Comments Post Comment  |  Font Size A A A 

NEW DELHI, Aug 5 (Commoditiescontrol): Malaysian palm oil futures gained nearly 3 percent during the first session of trade on Friday, supported by technical buying, but were set for a weekly loss on expectations of higher July end-stocks and rising exports from top producer Indonesia.

The October benchmark crude palm oil contract on the Bursa Malaysia Derivatives Exchange (BMD), was up Ringgit 105 or 2.75 percent at Ringgit 3,926 per tonne by the midday break, after moving in the range of Ringgit 3,936 and Ringgit 3,805 per tonne.

Malaysia's palm oil inventories at end-July likely jumped to the highest in eight months due to improving production and soaring imports, a Reuters survey showed on Thursday.

Stockpiles in the world's second-largest producer expanded 8.3 percent from June to 1.79 million tonnes, according to the median estimate of 11 traders and analysts polled by Reuters. Production also rose to its highest since November, up 2 percent to 1.58 million tonnes. Exports gained 2.2 percent to 1.22 million tonnes while imports surged 35 percent to 80,000 tonnes.

The Malaysian Palm Oil Board is scheduled to release its data next week.

Traders are expecting higher overseas shipments from Indonesia after the country lowered its crude palm oil export duty reference price for Aug. 1-15, making its products more competitive than Malaysian palm oil.

Globally, Dalian's most-active soyoil contract fell 0.9 percent, while its palm oil contract gained 2.2 percent. Soyoil prices on the Chicago Board of Trade (CBOT) were up 1.9 percent in electronic trade today.

Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.

(By Commoditiecontrol Bureau)

  Rate this story 1 out of 52 out of 53 out of 54 out of 55 out of 5 Rated

   Post comment
Comment :

Note : This forum is moderated. We reserve the right to not publish and/or edit the comment on the site, if the comment is offensive, contains inappropriate data or violates our editorial policy.
Name :  
Email :  

Top | Post Comment  

Latest Market Commentary
Oil Spot Price : 26-Nov-2022
Mustard seed complex continues its bearish trend as oi...
CBOT soybean complex settles mixed
25 Nov 2022 20:20 DCE/ZCE Daily Rates Update
Top 5 News
Burma Urad & Madhya Pradesh Masoor firm at Delhi
Major producing states witness arrival of 97,600 bales ...
Imported Tur declines at Mumbai, Tanzania Chana gain
Burma Urad-Tur prices in $ terms at Chennai
Sugar prices remain nearly steady
Top 5 Special Reports
Weekly: ICE raw sugar snap two straight week of gains o...
US soybean net export sales for Nov 11-17 down noticea...
US Cotton net export sales reductions for Nov 11 -17 at...
Castor Oil (Kadi) Bullish Price Trend / Next Resistan...
Akola Desi Tur (Pigeon Pea) Trending Higher / Next Re...
Copyright © CC Commodity Info Services LLP. All rights reserved.