Login ID:
Password:
Partner Login
Contact Us : 7066511911

BMD CPO Gains Sharply As Govt Announces Stimulus Package

27 Feb 2020 4:59 pm
 Comments 0 Comments  |  Comments Post Comment  |  Font Size A A A 

MUMBAI (Commoditiescontrol)- Malaysian palm oil futures ended higher for a second straight day on Thursday as the government announced a package of measures to counter the coronavirus outbreak, which is set to weaken economic growth this year.

The May benchmark crude palm oil contract on the Bursa Malaysia Derivatives Exchange (BMD), was up 41 Ringgit at 2,460 Ringgit a tonne by the close after moving in the range of 2,470 Ringgit and 2,407 Ringgit a tonne.

Interim Prime Minister Mahathir Mohamad said Thursday the government will dedicate 20 billion Ringgit (USD 4.8 billion) to support businesses affected by the virus, particularly in the tourism industry. The country may issue bonds for funding if necessary, he said.

The move follows fiscal steps taken in recent weeks by Indonesia, Singapore and Hong Kong to counter the economic impact of the virus. Indonesia said this week it will give incentives and tax breaks to businesses in a package worth 10.3 trillion rupiah (USD 737 million).

However, the overall sentiment is still bearish due to the rapid spread of coronavirus globally.

The spread of the coronavirus — which has now infected more than 81,000 people and killed over 2,700 — continues to rattle markets and policy makers around the world.

The European countries of Estonia and Denmark both reported their first confirmed cases of coronavirus Thursday morning.

It comes as China’s National Health Commission said there were 433 new confirmed cases and 29 additional deaths as of Feb. 26. South Korea, where there is the second largest outbreak after China, confirmed a surge of 334 more cases on Thursday morning, bringing the country’s total to 1,595. In Japan, a woman has tested positive for the virus for a second time.


       
  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
Imported Masoor Trades Firm In Kolkata
Urad Declines In Delhi
Urad SQ Trades Weak In Chennai Amid Cautious Mills Buyi...
Tanzania Chickpea Registers Record Export Despite India...
Tur, Chana Trades Weak In Solapur
more
Top 5 News
Indonesia PM Cash Market Prices for Palm Oil - March 2...
Malaysian PM Cash Market Prices for Palm Oil – March 2...
Government To Commence Wheat Procurement in Haryana Fro...
ICE Raw Sugar Plunges To 18 Months Low As Oil Heads For...
BMD CPO Ends Nearly 3% Lower On Demand Concerns, Weaker...
Top 5 Special Reports
USD/INR (Apr. ’20) – Inflection Point: Testing a Short-...
USD/INR (Apr. ’20) – Pullback Underway / Testing a Shor...
USD/MYR
USD/CNY & USD/IDR
USD/ARS & USD/BRL—
Copyright © CC Commodity Info Services LLP. All rights reserved.