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BMD CPO Settles Sharply Lower On Demand Concerns

13 Dec 2019 4:44 pm
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MUMBAI (Commoditiescontrol) - Malaysian palm oil futures ended sharply lower on Friday, paring their early gains amid concerns over India's demand and on a firmer Ringgit.

A stronger Ringgit makes palm oil more expensive for holders of foreign currencies.

The February benchmark crude palm oil contract on the Bursa Malaysia Derivatives Exchange (BMD), was down Ringgit 38 at Ringgit 2,853 per tonne by the close after moving in the range of Ringgit 2,928 and Ringgit 2,850 a tonne.

India's palm oil imports declined 3 percent in November from a year ago to the lowest level in 17-months, a leading trade body said on Friday.

New Delhi's palm oil imports in November stood at 671,863 tonnes, the lowest since July 2018, the Solvent Extractors' Association (SEA) said in a statement. The country imported 691,827 tonnes of palm oil in November 2018 and 778,568 tonnes in October 2019, it said.

Meanwhile, Malaysia has raised its export tax for crude palm oil for January, for the first time in one-and-a-half years.

The world’s second-largest producer and exporter of palm oil had last imposed an export tax of 4.5 percent in August 2018 before lowering it to zero. It then placed a tax-free exemption on crude palm oil from May to December 2019 in a move to boost palm oil exports and expand into new markets.

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