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BMD CPO Settles Nearly 3% Higher Tracking Rival Oils; Stay Order on Mustard Blending Ban Aids

1 Oct 2020 5:10 pm
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Mumbai (commodities control) - BMD CPO 3M contract prices rose 2.80%, or 76 MYR to close at 2790 MYR in today's session.

BMD CPO 3M contract prices made a high of 2825 MYR in today's trading session. Prices rose today on the back of firm soy complex in US and stay order on mustard oil blending in India. Overall edible complex traded strong today across the counters in US, India and Malaysia as USDA quarterly data indicates lower stock in US. In India, the decision on mustard oil ban by Delhi High court provided a much needed relief to the crushers who had stocked or booked soy and palm oil for blending purpose. Spread between mustard kacchi ghani Jaipur and RBD Palm olein kandla as of today is +285 INR per 10 Kg. Mustard oil demand will keep driving palm oil consumption higher for next few sessions. However, ongoing US soy bean harvest, India's soybean harvest and increase in local CPO stocks in Malaysia will keep the upside capped. With a support of 2750 MYR, market is likely to head towards 2850 MYR for next session. MCX CPO 1M is currently trading at 763 INR/10kg, Prices are likely to stay above 760 and head towards 770 levels.

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