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

25 Mar 2020 4:59 pm
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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.

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