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BMD CPO Futures Extend Downside, Export & Inventory Data Caps Losses

10 Aug 2018 12:04 pm
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NEW DELHI (Commoditiescontrol) - Malaysian palm oil futures extended their yesterday's losses in the first half of trade Friday, tracking losses in overnight CBOT soybean oil.

However lower than expected rise in inventory coupled with good export numbers limited losses.

The October benchmark crude palm oil contract on the Bursa Malaysia Derivatives Exchange (BMD), was down Ringgit 12 or 0.53 percent at Ringgit 2,234 (USD 548) a tonne at the midday break after moving in the range of Ringgit 2,240 and 2,225. 

Malaysia's palm oil inventory climbed 1.26 percent to 2.21 million tonnes in July from 2.19 million tonnes in June, as crude palm oil (CPO) production rose 12.79 percent to 1.5 million tonnes from 1.33 million tonnes.

Inventory comprises CPO and processed palm oil, according to the Malaysian Palm Oil Board's (MPOB) statement today.

MPOB said the country's palm oil exports rose 6.75 percent to 1.21 million tonnes from 1.13 million tonnes.

While, exports of Malaysian palm oil products during Aug 1-10 rose 7.4 percent to 298,610 tonnes, from 278,048 tonnes shipped during July 1-10, inspection company AmSpec Agri Malaysia said on Friday.

In India, the crude palm oil for delivery in August at the Multi Commodity Exchange (MCX) quoted up by Rs 5.10 or 0.86 percent at 598.60 per 10 kg, after moving in the range of Rs 599.60 and Rs 593.20 with an open interest of 6,458 lots (11:45 hrs IST).

(By Commoditiescontrol Bureau)

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