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BMD CPO Down 1.5% On Demand Concerns, Stronger Ringgit

26 Mar 2020 11:08 am
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MUMBAI (Commoditiescontrol) - Malaysian palm oil futures moved lower by 1.5 percent in the first session of trade on Thursday, in line to snap 2-day gains, amid persistent demand concerns and on a stronger Ringgit.

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

The June benchmark crude palm oil contract on the Bursa Malaysia Derivatives Exchange (BMD), was down 35 Ringgit or 1.5 percent at 2,348 Ringgit per tonne at the midday break after moving in the range of Ringgit 2,406 and Ringgit 2,339 per tonne.

Malaysia's March 1-25 palm oil exports fell between 11.7 per cent and 13.6 percent on weak demand as an increasing number of countries, including top consumer India, imposed lockdown measures to contain the pandemic, according to data by cargo surveyors.

Meanwhile, Malaysia's commodities minister said on Wednesday that relationship with top palm buyer India is expected to improve after India lifted a 5 percent import duty on the edible oil.

Furthermore, weaknesss in oil prices also weighed on market sentiment as it makes palm a less attractive option for biodiesel feedstock.

Oil prices slipped on Thursday following three days of gains, with the prospect of rapidly dwindling demand due to coronavirus travel bans and lockdowns offsetting hopes a USD 2 trillion emergency stimulus will shore up economic activity.

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