Mumbai, 24 April (CommoditiesControl): BMD CPO futures displayed a third consecutive session of gains on Wednesday, propelled by intensified heat conditions in key production regions and robust performance of rival oils.
However, appreciation in the Malaysian ringgit restrained upward movement.
The benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange advanced by 0.13%, reaching 3,976 ringgit per metric ton during the midday break.
Supportive market sentiment stemmed from bullish momentum observed in CBOT soy oil futures overnight and in Chinese vegetable oil futures during Asian trading hours as per the sources. Dalian primary soy oil contract experienced a rise of 0.92%, paralleled by a 0.86% increase in its palm oil counterpart.
Meanwhile, soy oil prices on the Chicago Board of Trade registered a marginal decline of 0.02% following Tuesday's uptick of 0.48%.
Palm oil is sensitive to price fluctuations in related oils, given their competition for market share within the global vegetable oils arena.
The Malaysian meteorological agency heightened Level 1 hot weather alerts across over 20 areas, signalling adverse effects on palm yields.
Malaysian smallholders received encouragement to replant aging oil palm trees, aimed at sustaining industry productivity, as reported on Monday.
The Malaysian ringgit strengthened 0.1% against the dollar.
(By Commoditiescontrol Bureau; +91-9820130172)
0 Comments 
Post Comment 
