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BMD CPO Gains for 2nd Day, Ends nearly 1% Higher amid Positive Global Cues, Supply Concerns

26 Oct 2021 5:20 pm
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NEW DELHI, Oct 26 (Commoditiescontrol) - Malaysian palm oil futures ended nearly 1 percent higher on Tuesday, extending their upside momentum for the second straight day, amid firmness in edible oils on other benchmark markets and due to concerns over supply.

The January benchmark crude palm oil contract on the Bursa Malaysia Derivatives Exchange (BMD), was up Ringgit 43 or 0.87 percent at Ringgit 5,012 (USD 1,208.29) per tonne by the close, after moving in the range of Ringgit 5,067 and Ringgit 4,936 per tonne.

The contract had climbed 0.93 percent on Monday.

Globally, Dalian's palm oil contract rose 2.02 percent, while the most-active soyoil contract gained 1.28 percent. On the Chicago Board of Trade (CBOT), soy oil prices were up 0.14 percent in electronic trade. Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.

Furthermore, there is still a concern on supply levels in Malaysia and Indonesia.

Palm oil production in Malaysia is on course for its weakest showing in five years as planters grapple with the worst-ever labor shortage in the second-biggest grower, and the low yields are likely to last through March.

Crude palm oil output fell 3.3 percent in the first 20 days of October from a month earlier, according to MPOA estimates.

In rival Indonesia, its biggest palm oil industry group has revised down its 2022 exports outlook, while output prediction was lowered to 47.5 million tonnes from a prior 49 million tonnes.

Meanwhile, Malaysian exports of palm oil products during Oct 1-25 fell 8.46 percent to 1.20 million tonnes compared with the same period a month earlier, cargo surveyor AmSpec Agri Malaysia said on Tuesday.

(By Commoditiescontrol Bureau)

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