NEW DELHI (Commoditiescontrol) - Malaysian palm oil futures staged modest recovery in the second session of trade on Thursday amid technical buying/short-covering and on expectations that production gains will taper off early next year.
A weaker Ringgit also supported prices.
The February benchmark crude palm oil contract on the Bursa Malaysia Derivatives Exchange (BMD), was up Ringgit 9 or 0.5 percent or at Ringgit 2,004 (USD 481.74) per tonne by the close after moving in the range of Ringgit 2,014 and Ringgit 1,979, its lowest since November 28.
There is ongoing concern over high palm stockpiles but that is mostly factored in already.
Meanwhile, CIMB Research has pegged Malaysia's November-end palm oil inventory at record 3.06 million tonnes, up 12 percent month-on-month. The previous record stockpile was 2.91 million tonnes in Nov 2015.
In India, the crude palm oil for delivery in December at the Multi Commodity Exchange (MCX) was down Rs 5 or 1.01 percent at Rs 488.30 per 10 kg, after moving in the range of Rs 496.20 and Rs 488.10, with an open interest of 5,345 lots (16: 45 hrs IST).
(By Commoditiescontrol Bureau)
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