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India Palm Oil Futures Up 0.5% As BMD CPO Trims Losses

13 Jun 2018 6:03 pm
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NEW DELHI (Commoditiescontrol) - Crude palm oil prices on the domestic bourse (MCX) were up 0.5 percent in evening trade on Wednesday as Malaysian palm oil futures pared most part of their early losses in the afternoon session.

Globally, the benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange (BMD), recovered slightly at the opening of the second session, from minus 23 and went up to minus 10 points on bargain buying as palm spread to soybean oil widened back to near USD 70.

Dalian Commodity Exchange closed higher on soybeans, but sharply lower on palm olein and soybean oil. Weakness in BMD is weighing down on Dalian noticeably today. BMD remained around minus 15 points during the afternoon session and later traded off the lows for the day as the market rebounded on technical buying and short covering ahead of the long weekend.

The August contract weakened by 0.39 percent to 2,316 Ringgit (USD 580) per tonne by the close, its eighth session fall in a row after moving in the range of 2322-2300 Ringgit, the lowest since July 28, 2016.

Palm oil has declined 2.1 percent so far this week and 4.7 percent this month on weak demand and outlook, alongside talk of higher output and inventories.

BMD is on half day tomorrow and closed on Friday.

The crude palm oil for delivery in June at the Multi Commodity Exchange (MCX) gained by Rs 2.80, or 0.44 percent (17:45 hrs IST), to Rs 636.30 per 10 kg after moving in the range of Rs 638 and Rs 627.50, with an open interest of 4,509 lots.

Similarly, the crude palm oil for delivery in July was trading up by Rs 1.50, or 0.24 percent (17:45 hrs IST), to Rs 632 per 10 kg, clocking an open interest of 2,823 lots.

(By Commoditiescontrol Bureau)


       
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