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BMD CPO Moves Higher As Broader Market Sentiment Improves Slightly

14 Feb 2020 11:15 am
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MUMBAI (Commoditiescontrol)- Malaysian palm oil futures moved higher in the first session of trade on Friday amid improving broader market sentiment.

The April benchmark crude palm oil contract on the Bursa Malaysia Derivatives Exchange (BMD), was up 14 Ringgit at 2,639 Ringgit a tonne at the midday break after moving in the range of 2,651 Ringgit and 2,601 Ringgit a tonne.

Palm oil is however down nearly 7 percent so far this week, erasing most of the 8 percent gains it made last week.

The broader market sentiment improved slightly today as the daily death toll in Hubei, the Chinese province at the centre of the coronavirus outbreak, halved and the number of new cases dropped from a record posted the day before.

Market sentiment improved also after World Health Organization official said the big jump in China's reported cases reflects a decision by authorities there to reclassify a backlog of suspected cases by using patients` chest images, and is not necessarily the "tip of an iceberg" of a wider epidemic.

Still, sceptics saw it as undermining confidence in data accuracy, a constant issue in Chinese data.

While many investors hope the epidemic will gradually slow down in coming months, allowing companies and businesses to come back to normal operations, how long that process will take remains anybody's guess.

Meanwhile, Malaysia has decided not to file a World Trade Organisation (WTO) lawsuit against European Union restrictions on palm oil-based biofuel, the country's Primary Industries Minister Teresa Kok said in Brussels on Thursday.

She said it will instead seek to convince the EU to change its treatment of the crop in a review scheduled for 2021.

The European Commission concluded last year that palm oil cultivation results in excessive deforestation and should not count towards renewable energy targets. So palm oil-based diesel will not be regarded as renewable energy and its use in transport fuel will effectively be phased out from 2024.

     

       
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