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BMD CPO zooms nearly 2% on firmness in crude oil, edible oils globally

27 Jan 2022 11:51 am
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NEW DELHI, Jan 27 (Commoditiescontrol) - Malaysian palm oil futures gained nearly 2 percent during the first session of trade on Thursday, tracking firmness in edible oils on the Dalian Commodity Exchange (DCE) and following overnight rally in energy and US soyoil prices.

The April benchmark crude palm oil contract on the Bursa Malaysia Derivatives Exchange (BMD), was up Ringgit 97 or 1.82 percent at Ringgit 5,426 per tonne by the midday break, after moving in the range of Ringgit 5,442 to Ringgit 5,329 per tonne.

The contract recorded 1.78 percent gain overnight as crude oil prices jumped on tight supply and rising geopolitical concern.

Globally, Dalian's palm oil contract gained 2.76 percent and its most-active soyoil contract rose 2.18 percent. Prices of soyoil on the Chicago Board of Trade (CBOT) were however down 0.5 percent in electronic trade after rallying 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.

Crude oil rose on Wednesday, touching $90 a barrel for the first time in seven years, supported as tight supply and rising political tensions between Russia and Ukraine added to concerns about further disruption in an already-tight market.

Crude oil prices affects palm oil as it is an option for biodiesel feedstock.

(By Commoditiescontrol Bureau)


       
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