Login ID:
Password:
Partner Login
Contact Us : 7066511911

BMD CPO fails to extend upward momentum, slips on demand concerns

27 Jul 2022 10:46 am
 Comments 0 Comments  |  Comments Post Comment  |  Font Size A A A 

NEW DELHI, July 27 (Commoditiescontrol) - Malaysian palm oil futures failed to continue their yesterday's upside momentum and moved lower during the first session of trade on Wednesday, weighed down by demand concerns as rival Indonesia increased efforts to boost exports.

The October benchmark crude palm oil contract on the Bursa Malaysia Derivatives Exchange (BMD), was down Ringgit 67or 1.75 percent at Ringgit 3,720 per tonne by the midday break, after moving in the range of Ringgit 3,880 and Ringgit 3,669 per tonne.

Palm oil prices will weaken further in the short term due to softer demand and "distress selling" by top producer Indonesia, commodities consultancy LMC International forecast on Tuesday.

Exports of Malaysian palm oil products for July 1-25 fell 2.2 percent from the same period in June, cargo surveyor Societe Generale de Surveillance said on Tuesday.

China has committed to importing an additional 1 million tonnes of Indonesian crude palm oil, the Indonesian state palace said in a statement on Tuesday.

Globally, Dalian's most-active soyoil contract fell 0.4 percent, while its palm oil contract slipped 2.9 percent. Soyoil prices on the Chicago Board of Trade (CBOT) were down 0.2 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 Commoditiescontrol Bureau: +91-22-40015505)


       
  Rate this story 1 out of 52 out of 53 out of 54 out of 55 out of 5 Rated
0.0

   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
Mustard seed trades flat, oil and cake prices fall fur...
DCE OIL COMPLEX AFTERNOON CLOSING 29 SEPTEMBER 2022...
BMD CPO snaps 5-day losing streak, up over 4% on export...
Long/Short Quantity Position In NCDEX Castor seed on 28...
CPO futures rebound; track strength of rival oils
more
Top 5 News
Branded processed pulses at Mumbai APMC market- 29th Se...
Cotton falls further in Madhya Pradesh amid sluggish bu...
Malaysia Rubber Physical Prices (Sen/Kg) 29 September...
IPGA pitches for rupee-based trade with Myanmar; Seeks ...
Cotton stays subdued in Lower Rajasthan amid sluggish o...
Top 5 Special Reports
RBD Palm Olein (Kandla) Short-term Oversold, Due for ...
Urad (Mumbai) Counter-trend Decline / Next Support at...
Kolkata Masur (Lentil) Correction Underway / Next Sup...
Soybean Meal (Indore) Short-term Oversold, Due for a ...
Rice Bran Refined Oil (Ludhiana) Weak Short-term Tren...
Copyright © CC Commodity Info Services LLP. All rights reserved.