Login ID:
Password:
Partner Login
Contact Us : 7066511911

BMD Palm Ends Lower As India Agrees To Reduce Duty On Indonesian Oil

11 Sep 2019 3:55 pm
 Comments 0 Comments  |  Comments Post Comment  |  Font Size A A A 

MUMBAI (Commoditiescontrol) - Malaysian palm oil futures ended lower on Wednesday, paring their early gains amid reports that India has agreed to bring down import duty for Indonesian refined, bleached, and deodorized palm oil (RBDPO) from existing 50 percent to 45 percent.

Such a move will make Indonesian palm oil more competitive in the Indian market than Malaysian oil.

Higher-than-expected decline in exports for September 1-10 also weighed on prices.

The November benchmark crude palm oil contract on the Bursa Malaysia Derivatives Exchange (BMD), was down Ringgit 15 at Ringgit 2,207 a tonne by the close, after moving in the range of Ringgit 2,240 and Ringgit 2,203 a tonne.

Societe Generale de Surveillance (SGS) said on Wednesday that exports of Malaysian palm oil products for September 1-10 fell by 29 percent to 337,570 tonnes from 475,555 tonnes in August 1-10.

While exports jumped by a bigger-than-expected 16.4 percent in August to 1.73 million tonnes, rising for a second straight month and marking the largest monthly gain since March, as key buyers like India snapped up purchases of the vegetable oil, according to data from the Malaysian Palm Oil Board (MPOB).

(By Commoditiescontrol Bureau)


       
  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
Malaysia's Feb 1-20 Palm Oil Production Seen Up 33.55% ...
BMD CPO Extends Gains For Second Day
B30 Biodiesel Mandate To Be Rolled Out In Malaysia By 2...
CBoT Soybean Falls On China Demand Concerns, Brazil’s B...
BMD CPO Snaps 2-Day Losses, Ends 1.5% Higher
more
Top 5 News
Malaysia's Feb 1-20 Palm Oil Production Seen Up 33.55% ...
BMD CPO Extends Gains For Second Day
B30 Biodiesel Mandate To Be Rolled Out In Malaysia By 2...
Crude Declines On Demand Worries As Epidemic Spreads Be...
Data/Events To Watch (GMT) – 21st February
Top 5 Special Reports
Higher Prices Deteriorate Palm Oil Demand In India; Edi...
USD/INR (Feb. ’20) – Neutral Stance: Prices Consolidati...
Chana Indore (Kabuli 42-44 Count Spot) - Bearish Price ...
Mumbai Lentil (Masoor) - Pullback Extends Further / Nex...
Kolkata Pea(Matar)-May Decline Further Towards Channel ...
Copyright © CC Commodity Info Services LLP. All rights reserved.