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BMD CPO stays unchanged as demand worries counterbalance supply concerns

25 Jan 2022 12:16 pm
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NEW DELHI, Jan 25 (Commoditiescontrol) - Malaysian palm oil futures remained unchanged during the first session of trade on Tuesday as concerns over supply were counterbalanced by demand worries and weakness in edible oils globally.

The April benchmark crude palm oil contract on the Bursa Malaysia Derivatives Exchange (BMD), ruled steady at Ringgit 5,260 ($1,256.57) per tonne by the midday break, after moving in the range of Ringgit 5,278 to Ringgit 5,202 per tonne. In the previous session, the contract hit an all-time high of 5,380 Ringgit before reversing course to close 1.18 percent lower.

Indonesia has asked palm oil exporters to get shipment approvals from the trade ministry. The government is also discussing a plan to limit exports of the oil.

Globally, Dalian's most-active soyoil contract and palm oil contract fell 2.60 percent and 1.94 percent, respectively, while soyoil prices on the Chicago Board of Trade (CBOT) were up 0.05 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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