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BMD Palm Recovers From Early Losses, Ends In The Green

11 Jan 2019 4:50 pm
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NEW DELHI (Commoditiescontrol) - Malaysian palm oil futures ended in the green on Friday, recovering from their early losses, tracking firmness in US soyoil and on expectations of fall in inventories ahead.

The March benchmark crude palm oil contract on the Bursa Malaysia Derivatives Exchange (BMD), was up Ringgit 10 at Ringgit 2,173 per tonne by the  close after moving in the range of Ringgit 2,174 and Ringgit 2,146 per tonne, its lowest since Jan 4.

In other related oils, the CBOT March soybean oil contract was last up 0.67 percent on Friday in electronic trade.  Palm oil prices are impacted by changes in soyoil prices, as they compete for a share in the global vegetable oil market.

Meanwhile, CIMB regional head of agribusiness Ivy Ng said in Jan 10 report that inventories may ease 2 percent m/m in January due to lower output and rise in exports. But key events to watch are development of an El Nino, implementation of biodiesel mandate in Indonesia & Malysia and palm oil exports to India after the import duty cut.

On the other hand, production of Malaysian palm oil products for January 1-10 rose 3.24 percent compared to the same period last month, Southern Peninsular Palm Oil Millers Association (SPPOMA) said on Friday.

(By Commoditiescontrol Bureau) 

 

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