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BMD-CPO gains strength from firm exports, ringgits weakness.

30 Nov 2022 4:36 pm
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Mumbai 30, NOV ( commoditiescontrol)-CPO gains strength from firm exports, ringgits weakness.

Palm oil prices gained on Wednesday, due to good export figures and weak production figures and rally in rival oil.

The benchmark palm oil contract for February delivery on the Bursa Malaysia Derivatives Exchange gained 19 ringgit, or 0.45%, to 4,238 ringgit ($952.89) a tonne.

Exports of Malaysian palm oil products for Nov. 1-25 rose 5.60% compared to the same period a month earlier, cargo surveyor Intertek Testing Services said on Wednesday, while independent inspection company AmSpec Agri Malaysia reported a 1.7% increase.

where as according to SPPOMA(south peninsular mills palm oil performance )the production for NOV 1-25 decrease by -4.84%.

Dalian's most active soyoil contract traded at 9502 (+192), while its palm oil contract traded at 8582(+170). Soyoil prices on the Chicago Board of Traded at 76.9lb/cents up by 0.36 cents.

currently the spread between CBOT (soyoil) & BMD (palm oil) is 742.20$/mt.

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