Login ID:
Password:
Partner Login
Contact Us : 7066511911

BMD CPO Ends Nearly 1.5% Higher Amid Broader Market Rebound, Production Concerns

25 Mar 2020 4:59 pm
 Comments 0 Comments  |  Comments Post Comment  |  Font Size A A A 

MUMBAI (Commoditiescontrol) - Malaysian palm oil futures ended higher by nearly 1.5 percent on Wednesday amid gains in broader financial markets and on production concerns following news that Malaysia will extend the Movement Control Order for another two weeks to April 14 as new COVID-19 cases and the death toll rose further.

The June benchmark crude palm oil contract on the Bursa Malaysia Derivatives Exchange (BMD), was up 34 Ringgit or 1.44 percent at 2,387 Ringgit per tonne by the close after moving in the range of Ringgit 2,429 and Ringgit 2,332 per tonne.

The local benchmark index, FBM KLCI, ended higher for the second consecutive day today, riding on the optimism in global equities and as bargain hunting continued from the heavy sell-off earlier this month.

Meanwhile, Malaysia on Wednesday announced the extension of a restricted movement order which was meant to expire on March 31 but will now last until April 14.

In a televised address, Prime Minister Muhyiddin Yassin said the extension was necessary to “flatten the curve” of infection and curb the spread of the coronavirus, which has led to 1,624 cases in Malaysia so far – the highest in Southeast Asia.

While Malaysia's largest palm oil producing state has already told plantations in three districts to shut down after several workers tested positive for the coronavirus.

The state, Sabah, will suspend operations at palm oil plantations and factories in the districts of Tawau, Lahad Datu and Kinabatangan from this week until the end of the month, according to a notice issued by the Sabah state government.

Sabah, located in the east of the country, accounts for about 25 percent of palm oil production in Malaysia.


       
  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
BMD Palm Ends Over 5% Higher On Robust Exports, Lower O...
NAFED Procures 415.49 MT Groundnut In Rabi-2020 Season ...
NAFED Procures 590898.92 MT Mustard Seed In Rabi-2020 ...
Soy Meal (CBT) – Trending Lower / Next Downside Target ...
Soy Complex – Soybeans (CBT) – Trading in a Range (Supp...
more
Top 5 News
Domestic/Imported Tur Weak At Major Markets
Moong Extend Fall At Selective Markets
BMD Palm Ends Over 5% Higher On Robust Exports, Lower O...
Icex Rubber Closing Price – 27 MAY 2020
Punjab Sugar Mill Prices – 27 MAY 2020
Top 5 Special Reports
USD/INR (May ‘20) – Consolidating in a Multi-Week Range...
Cotton Yarn Prices Set To Slide About 9%; Buying Oppor...
Indian COTTON Market intelligence and Price Outlook: F...
veg oil Complex Fundamental Analysis Report
Weekly: Pulses Drop On Listless Demand In Dals, Crop Ar...
Copyright © CC Commodity Info Services LLP. All rights reserved.