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BMD CPO Settles In Green On Stronger Export Data

6 Apr 2020 4:55 pm
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Mumbai (Commodities Control) – Malaysian palm oil futures ended higher on Monday, snapping a four-day losing streak, on better-than-expected exports for the first five days of this month.

BMD palm oil contract for June delivery closed up 9 ringgit, or 0.4%, at 2,254 ringgit ($516.97) a tonne, after declining 1% in early trade.

Palm prices fell 5.6% last week on demand worries as more countries, including top buyer India, closed businesses and imposed lockdowns to stem the spread of the coronavirus.

The market slipped during morning trade on weakness in soybean oil and crude oil, but regained grounds on reports of higher exports by Intertek Testing Services (ITS) for the first five days of April.

Palm oil exports during April 1-5 rose 10.6% at 133,215 MT from a month earlier, ITS said.

Soyoil prices on the Chicago Board of Trade fell 0.23%. China's Dalian market was closed for trading for a holiday.

Meanwhile, edible oil imports in India are down 32% from the year before, according to an industry body. The country is in the middle of a three-week lockdown to curb the coronavirus outbreak.

Crude oil prices fell on Monday, after the world's top producers delayed a meeting to discuss output cuts that could partly alleviate oversupply in global markets as the coronavirus pandemic pummels demand. Weaker crude oil futures make palm a less appealing option for biodiesel feedstock.

(Commodities Control Bureau)

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