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BMD Palm Ends 2% Higher On Stronger US Soyoil, Supportive Price Outlook

8 Nov 2019 4:47 pm
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MUMBAI (Commoditiescontrol) - Malaysian palm oil gained over 2 percent on Friday due to a supportive price outlook by an industry analyst and tracking an upside in US soyoil.

The January benchmark crude palm oil contract on the Bursa Malaysia Derivatives Exchange (BMD), was up Ringgit 51 at Ringgit 2,579 per tonne by the close after moving in the range of Ringgit 2,585 and Ringgit 2,512 a tonne.

The market is looking forward on the price outlook given by Dorab Mistry, director of London-based Godrej International, at an industry conference in Guangzhou, China.

The benchmark prices would exceed 2,700 Ringgit (USD 651.70) a tonne by March next year due to lower output, higher demand from key markets like China and India, and a push to use more palm oil in biofuels by Malaysia and Indonesia, said Mistry on Friday.

Mistry estimates Indonesia’s target to use biodiesel with 30 percent bio-content, known as B30, by January 2020 is likely to require an additional 2.5 million tonnes of crude palm oil.

China’s soybean crushing activity and imports of rapeseed and rapeseed oil are expected to fall, leaving palm oil with “a big opportunity”.

“China has turned out to be a star for palm oil in 2019 and will continue to be so in 2020. After this winter, in 2020, China may not import palm biodiesel due to uncompetitive pricing,” said Mistry.

In other related oils, US December soyoil futures on the Chicago Board of Trade (CBOT) were last up 0.60 percent in electronic trade on Friday ahead of US Department of Agriculture (USDA) monthly supply and demand report.


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