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BMD CPO Settles Higher As Malaysia’s Sabah Suspends Plant Operations Until Mid-April

8 Apr 2020 5:01 pm
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Mumbai (Commodities Control) – Malaysian palm oil futures ended on a strong note in Wednesday’s session, as Malaysia's biggest palm oil-producing state, Sabah, upholds the decision for to suspend operations for plantations and millers in six districts until mid-April as part of its coronavirus containment measures.

BMD CPO found additional support tracking gains in crude oil futures.

BMD palm oil contract for June delivery gained 48 ringgit to settle at 2,363 Ringgit per tonne while moving through the range of Ringgit 2328 and Ringgit 2378 per tonne. The volume at session’s end stood at 62,881.

Palm oil gained 2.9% in the previous session on fears that Malaysia's biggest palm producing state.

Officials had received a raft of appeals from planter groups and companies to re-open operations in the state.

The Malaysian Palm Oil Association had warned that the industry risked losing 500,000 tonnes of crop valued at 430 million ringgit ($99 million) from a 14-day closure.

DCE May contract gained 116 points to end at 5012 cny/Mt, while Septmebre contract ended 110 points higher at 4842 cny/Mt.

Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.

(Commodities Control Bureau)


       
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