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BMD CPO Recoups Most Early Losses, Ends Moderately Lower

2 Dec 2019 4:58 pm
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MUMBAI (Commoditiescontrol) - Malaysian palm oil futures ended lower on Monday, snapping their 3-day winning streak, but pared most of their early losses in the second half of trade.

Gains in US soyoil and optimism over biofuel demand helped market recoup most early losses.

The February benchmark crude palm oil contract on the Bursa Malaysia Derivatives Exchange (BMD), was down Ringgit 11 at Ringgit 2,733 per tonne by the close after moving in the range of Ringgit 2,742 and Ringgit 2,685 a tonne.

In other related oils, soyoil January contract on the e-CBOT last traded up 0.16 percent.

Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.

Meanwhile, biodiesel industry stakeholders in Indonesia have completed a five-month road test, whereby 11 vehicles were driven up to 50,000 kilometers using 30 percent blended biodiesel ( B30 ), as the government is set to mandate the biofuel usage starting early next year.

The Energy and Mineral Resources Ministry, as the test’s initiator, said in a statement on Thursday that the vehicles showed “relatively similar” performance in power, emissions and fuel consumption compared to when run using B20 biodiesel, the usage of which was made mandatory last year.

“Based on the B30 road test results, we can say the B30 policy is ready to be implemented on diesel engine vehicles starting Jan. 1, 2020,” said the ministry’s research and development head Dadan Kusdiana.


 

       
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