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BMD CPO gains nearly 3% on technical buying

5 Aug 2022 12:36 pm
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NEW DELHI, Aug 5 (Commoditiescontrol): Malaysian palm oil futures gained nearly 3 percent during the first session of trade on Friday, supported by technical buying, but were set for a weekly loss on expectations of higher July end-stocks and rising exports from top producer Indonesia.

The October benchmark crude palm oil contract on the Bursa Malaysia Derivatives Exchange (BMD), was up Ringgit 105 or 2.75 percent at Ringgit 3,926 per tonne by the midday break, after moving in the range of Ringgit 3,936 and Ringgit 3,805 per tonne.

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

Stockpiles in the world's second-largest producer expanded 8.3 percent from June to 1.79 million tonnes, according to the median estimate of 11 traders and analysts polled by Reuters. Production also rose to its highest since November, up 2 percent to 1.58 million tonnes. Exports gained 2.2 percent to 1.22 million tonnes while imports surged 35 percent to 80,000 tonnes.

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

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 2.2 percent. Soyoil prices on the Chicago Board of Trade (CBOT) were up 1.9 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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