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BMD CPO ends over 5% higher amid firmness in edible oils globally

8 Aug 2022 12:19 pm
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NEW DELHI, Aug 8 (Commoditiescontrol): Malaysian palm oil futures zoomed over 5 percent on Monday to their highest closing level in more than a week, extending their upside momentum for the second consecutive day, tracking gains in edible oils globally.

The October benchmark crude palm oil contract on the Bursa Malaysia Derivatives Exchange (BMD), was up Ringgit 198 or 5.10 percent at Ringgit 4,076 ($914.52) per tonne by the close, after moving in the range of Ringgit 4,118 and Ringgit 3,977 per tonne.

Palm fell 9.6 percent last week after two straight weeks of gains.

Meanwhile, market participants are awaiting Malaysian Palm Oil Board (MPOB) data due on Wednesday for further clues amid concerns over a prolonged labour shortage hitting output in the world's second-largest producer and increasing exports from neighbouring Indonesia.

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.

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.

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

Globally, Dalian's most-active soyoil contract rose 3.8 percent, while its palm oil contract jumped 6.1 percent. Soyoil prices on the Chicago Board of Trade (CBOT) were up 1.3 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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