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BMD CPO Eases nearly 1% on Omicron Worries

2 Dec 2021 12:55 pm
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NEW DELHI, Dec 2 (Commoditiescontrol) - Malaysian palm oil futures fell nearly 1 percent during the first session of trade on Thursday, tracking overnight weakness in crude oil and today's sluggishness in edible oils on Dalian Commodity Exchange amid concerns that the Omicron coronavirus variant would disrupt demand.

The February benchmark crude palm oil contract on the Bursa Malaysia Derivatives Exchange (BMD), was down Ringgit 42 or 0.90 percent at Ringgit 4,642 per tonne by the midday break, after moving in the range of Ringgit 4,677 and Ringgit 4,567 per tonne.

The contract had ended slightly higher on Wednesday.

According to analysts, sentiments are negative amidst the concerns of a demand disruption owing to the new coronavirus variant Omicron.

Crude oil futures settled lower on Wednesday, as an early rally fizzled and selling intensified on worries the Omicron variant of coronavirus could cut oil demand as global supply builds. Weaker crude oil futures make palm a less attractive option for biodiesel feedstock.

Globally, Dalian's most-active soyoil contract and palm oil contract eased. While soyoil prices on the Chicago Board of Trade (CBOT) were traded slightly higher in electronic trade after easing in the previous session.

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

(By Commoditiescontrol Bureau)

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