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BMD CPO Edges Lower amid Concerns over Omicron

2 Dec 2021 5:23 pm
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NEW DELHI, Dec 2 (Commoditiescontrol) - Malaysian palm oil futures end over 0.5 percent lower on Thursday amid concerns that the Omicron coronavirus variant would disrupt demand and tracking weakness in edible oils on the Dalian Commodity Exchange (DCE).

The February benchmark crude palm oil contract on the Bursa Malaysia Derivatives Exchange (BMD), was down Ringgit 32 or 0.68 percent at Ringgit 4,652 per tonne by the close, 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.

Globally, Dalian's most-active soyoil contract fell 1.58 percent, while its palm oil contract eased 0.37 percent. While, soyoil prices on the Chicago Board of Trade (CBOT) were up nearly 1 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.

(By Commoditiescontrol Bureau)

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