Login ID:
Password:
Partner Login
Contact Us : 7066511911

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

8 Nov 2019 4:47 pm
 Comments 0 Comments  |  Comments Post Comment  |  Font Size A A A 

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.

 

       
  Rate this story 1 out of 52 out of 53 out of 54 out of 55 out of 5 Rated
0.0

   Post comment
Comment :

Note : This forum is moderated. We reserve the right to not publish and/or edit the comment on the site, if the comment is offensive, contains inappropriate data or violates our editorial policy.
Name :  
Email :  
   

Top | Post Comment  

Latest Market Commentary
Argentina, Brazil And US Soy Meal FOB Rates On November...
Argentina And Brazil Soy Oil FOB Rates of Seller And Bu...
NAFED Invites Bid For Sale Of 16500 MT Mustard Seed At...
NAFED Invites Bid For Sale Of 26585 MT Mustard Seed At ...
BMD Palm Pares Early Gains, Ends Lower
more
Top 5 News
Centre Extends Moratorium On Rs 15,000 Cr Soft Loan To ...
ICE Cotton Moves Down On US-China Trade Deal Uncertaint...
Argentina, Brazil And US Soy Meal FOB Rates On November...
Argentina And Brazil Soy Oil FOB Rates of Seller And Bu...
Domestic Urad Drops At Major Markets; Imported Variety ...
Top 5 Special Reports
USD/INR (Nov. 19) Bullish Breakout Confirmed Hold ...
Pigeon Pea (TUR) Spot (Mumbai INR) Bullish Primary Tr...
Pigeon Pea (TUR) Spot (BURMA USD) Close to a Bullish...
USD/INR (Nov. 19) Approaching Resistance Near 71.50 ...
USD/MYR
Copyright © CC Commodity Info Services LLP. All rights reserved.