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

21 Jan 2022 11:59 am
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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)

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