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BMD CPO ends over 2% higher, but suffers 9.6% weekly decline

5 Aug 2022 11:14 pm
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NEW DELHI, Aug 5 (Commoditiescontrol): Malaysian palm oil futures ended over 2 percent higher on Friday, mostly in tandem with the firmer US soyoil, but the contract logged its first weekly loss in three on expectations of rising supplies.

The October benchmark crude palm oil contract on the Bursa Malaysia Derivatives Exchange (BMD), was up Ringgit 79 or 2.07 percent at Ringgit 3,900 ($875.62) per tonne by the close, after moving in the range of Ringgit 3,936 and Ringgit 3,805 per tonne.

For the week, the contract fell 9.6 percent.

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

But production worries due to workers shortages are raising concerns about the quality of the processed crude palm oil and yields are on the decline.

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

Exports from Malaysia during Aug 1-5 rose 24.5 percent from the same week in July, cargo surveyor Intertek Testing Services said.

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 2.6 percent. Soyoil prices on the Chicago Board of Trade (CBOT) were up 0.9 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)


       
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