Login ID:
Partner Login
Contact Us : 7066511911

BMD CPO extends upside, set for fifth straight weekly gain amid positive global cues

21 Jan 2022 11:59 am
 Comments 0 Comments  |  Comments Post Comment  |  Font Size A A A 

NEW DELHI, Jan 21 (Commoditiescontrol) - Malaysian palm oil futures climbed over half a percent during the first session of trade on Friday, extending their upside momentum for the fourth straight day, tracking gains in edible oils on other benchmark overseas markets.

The upside was also underpinned by news that top producer Indonesia is planning to restrict palm oil exports, which could cut global supply of the edible oil.

The April benchmark crude palm oil contract on the Bursa Malaysia Derivatives Exchange (BMD), was up Ringgit 29 or 0.6 percent at Ringgit 5,216 per tonne by the midday break, after moving in the range of Ringgit 5,231 to Ringgit 5,181 per tonne. It had gained 0.69 percent overnight.

The contract is set for a fifth consecutive weekly gain, having risen nearly 2 percent so far this week.

Globally, Dalian's most-active soyoil contract gained 1.2 percent, while its palm oil contract rose 0.7 percent. Soyoil prices on the Chicago Board of Trade (CBOT) were down 0.6 percent in electronic trade after jumping 3.5 percent overnight.

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)

  Rate this story 1 out of 52 out of 53 out of 54 out of 55 out of 5 Rated

   Post comment
Comment :

Note : This forum is moderated. We reserve the right to not publish and/or edit the comment on the site, if the comment is offensive, contains inappropriate data or violates our editorial policy.
Name :  
Email :  

Top | Post Comment  

Latest Market Commentary
India signs deals to export 8.5 mln T sugar in 2021/22,...
ICE sugar prices tracks crude oil lower, Brazil frost f...
Sugar prices mixed in Mumbai
Sugar prices stay flat Delhi amid weak demand-supply
ICE sugar price gain on Brazil frost risk, strong real
Top 5 News
Season 2021-22: Kapas arrivals at 15,250 bales on May 1...
Cotton stays unchanged in Maharashtra on limited buying...
Cotton moves lower in Gujarat as buying from mills soft...
Burma Urad drop at Delhi-Mumbai & Kolkata, domestic var...
Indonesia to lift palm oil export ban from Monday pre...
Top 5 Special Reports
Sugar production rises 14% to 348.83 lakh tonnes in 20...
Stocks of wheat, canola, barley, dry peas, oats and len...
Lentil (Kolkata) Consolidating in an Uptrend (Rs. 6,8...
Soybean Meal (Indore) Counter-trend Decline / Next Su...
Pulses Import Data Month/Origin/Destination Wise 17 May...
Copyright © CC Commodity Info Services LLP. All rights reserved.