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BMD CPO snaps 5-day losing streak, up over 4% on export optimism

29 Sep 2022 11:39 am
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NEW DELHI, Sept 29 (Commoditiescontrol): Malaysian palm oil futures gained over 4 percent during the first session of trade on Thursday, snapping their 5-day losing streak as low-level buying emerged amid an upside in edible oils in the global market and expectations for better export data.

The December benchmark crude palm oil contract on the Bursa Malaysia Derivatives Exchange (BMD) was up Ringgit 137 or 4.25 percent at Ringgit 3,363 ($724.16) a tonne by the midday break, after moving in the range of Ringgit 3,400 and Ringgit 3,234 per tonne.

The contract declined more than 17 percent in the previous five sessions, hitting its lowest level since early February 2021 on Wednesday.

As per analysts, market today improved on the back of slightly supportive external market, weak ringgit and potentially better export data tomorrow.

Traders are awaiting cargo surveyors' September exports data of Malaysian palm oil products on Friday.

For the Sept 1-25 period, exports rose between 18.6 percent and 20.9 percent from a month ago, cargo surveyors said.

Globally, Dalian's most-active soyoil contract rose 0.95 percent, while its palm oil contract slid 0.39 percent. Soyoil prices on the Chicago Board of Trade (CBOT) gained 0.93 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.

The Malaysian ringgit slipped to a record low, as strong U.S. dollar continued to weigh on most Asian currencies.

Weaker ringgit makes palm oil cheaper for buyers holding the U.S. currency.

(By Commoditiescontrol Bureau)

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