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BMD CPO Nosedives Nearly 3% On Worries Over India's Demand

14 Jan 2020 4:17 pm
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MUMBAI (Commoditiescontrol) - Malaysian palm oil futures ended nearly 3 percent lower on Tuesday amid concerns over demand from India and tracking losses in US soyoil.

The March benchmark crude palm oil contract on the Bursa Malaysia Derivatives Exchange (BMD), was down 87 Ringgit or 2.81 percent at 3,005 Ringgit a tonne by the close.

According to a Reuters report, currently, Indian buyers are not making any crude or refined palm oil purchases from top supplier Malaysia, after the government privately warned them to shun product from the country following a diplomatic spat.

The warning, issued last week, comes almost in parallel with New Delhi’s move to restrict imports of refined palm oil and palmolein after Malaysia’s Prime Minister criticized India’s actions in Kashmir and its new citizenship law.

Meanwhile, Malaysian Prime Minister Mahathir Mohamad said on Tuesday that his government needs to find a solution amid concerns of lower purchases of palm oil by major importer India.

At a press conference at the Bank Rakyat Integrity Forum 2020 here today, Dr Mahathir said: “We are concerned of course because we sell a lot of palm oil to India, but on the other hand we need to be frank and see that if something goes wrong, we will have to say it. If we allow things to go wrong and think only about the money involved, then I think a lot of wrong things will be done, by us and by other people.”

In other related oils, US March soyoil futures on e-CBOT were last traded down 1.18 percent Tuesday on favourable crop weather in South America and position-squaring as traders waited to see if a US-Chinese trade agreement due to be signed this week will herald a significant increase in demand for US crops.

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

 

       
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