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BMD CPO Rises During Mid-Session Tracking Rival Oils Rally, Lower Indonesia Output

13 Aug 2020 11:45 am
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Mumbai (Commodities Control) – Malaysian palm oil futures rose for a second session on Thursday, mirroring a rally in rival soyoils, while lower Indonesian production also lifted sentiment.

The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange gained 42 ringgit, or 1.56%, to 2,730 ringgit ($651.63) a tonne by the midday break.The contract hovered in the range of 2721 and 2778 Ringgit and volume stood at 35,072 lots.

"Palm was on a roll this morning at the back of the rally in soyoil on CBOT and Dalian. This was despite the ringgit rising sharply," said Sathia Varqa, co-founder of Singapore-based Palm Oil Analytics.

Unconfirmed reports of China restocking with 2 million tonnes of soyoil boosted contracts, traders said.

Dalian's most-active soyoil contract gained 3.74%, while its palm oil contract was up 2.04%. Soyoil prices on the Chicago Board of Trade gained 0.22%.

The ringgit rose 0.07% against the dollar, making the edible oil more expensive for holders of foreign currency.

Output in Indonesia, the world's biggest producer of palm oil, fell 8.9% to 23.5 million tonnes in the first half of the year due to drier weather, the Indonesian Palm Oil Association said on Wednesday.

(Commodities Control Bureau)



       
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