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BMD CPO Ends Nearly 1% Higher As Malaysia Announces $58-Billion Stimulus Package

27 Mar 2020 4:05 pm
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MUMBAI (Commoditiescontrol) - Malaysian palm oil futures ended nearly 1 percent higher on Friday as the Muhyiddin Yassin's government announced USD 58-billion stimulus package to cushion impact of coronavirus.

A weaker Ringgit also supported the price as it makes palm oil cheaper for holders of foreign currencies.

The June benchmark crude palm oil contract on the Bursa Malaysia Derivatives Exchange (BMD), was up 19 Ringgit at 2,376 Ringgit per tonne by the close after moving in the range of Ringgit 2,399 and Ringgit 2,342 per tonne.

Malaysia announced a stimulus package worth 250 billion Ringgit (USD 58.28 billion) on Friday, its second in a month, to help cushion the economic blow from the coronavirus pandemic.

The number of confirmed infections in Malaysia has doubled this week to over 2,000, the highest in Southeast Asia, with 23 deaths. The government has extended curbs on travel and movement until April 14 in an attempt to contain its spread.

The package is in addition to a 20 billion Ringgit stimulus plan announced last month.


       
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