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BMD CPO Ends Higher On Bargain-Buying

26 Feb 2020 4:55 pm
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MUMBAI (Commoditiescontrol)- Malaysian palm oil futures ended higher on Wednesday after declining 7 percent in the last two sessions, supported by bargain-buying and a weaker Ringgit, but concerns over sharp rises in coronavirus infections beyond China limited the gains.

The May benchmark crude palm oil contract on the Bursa Malaysia Derivatives Exchange (BMD), was up 17 Ringgit at 2,421 Ringgit a tonne by the close after moving in the range of 2,482 Ringgit and 2,393 Ringgit a tonne.

However, the virus has pressured the market after sharp rises in infections in South Korea, Italy, Iran and the Middle East Gulf stoked fears of the outbreak growing into a pandemic.

The overall market sentiment is bearish amid concerns over slowing demand and higher production.

AmSpec Agri Malaysia said on Tuesday that exports of Malaysian palm oil products for February 1-25 are estimated lower by 3 percent or 30,442 tonnes to 981,073 tonnes from 1,011,515 tonnes in January 1-25. ITS and SGS also reported 5.02 percent and 4.45 percent decline in exports for the same period.

While production of Malaysian palm oil products for February 1-25 is estimated up 38.84 percent as compared to the same period a month ago, Southern Peninsular Palm Oil Millers Association (SPPOMA) said on Wednesday.


       
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