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BMD CPO up nearly 2% as technical buying emerges amid firmer crude oil

27 Jun 2022 12:18 pm
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NEW DELHI, June 27 (Commoditiescontrol) - Malaysian palm oil futures gained nearly 2 percent during the first session of trade on Monday, after plunging nearly 15 percent last week, supported by technical buying amid firmness in crude oil, however rising production outlook and concerns over demand amid Indonesia's export push and fears of a slowdown in global economy are still weighing on sentiment.

The September benchmark crude palm oil contract on the Bursa Malaysia Derivatives Exchange (BMD), was up Ringgit 90 or 1.93 percent at Ringgit 4,754 ($1,079.47) per tonne by the midday break, after moving in the range of Ringgit 4,830 and Ringgit 4,681 per tonne.

Crude oil prices extended gains on Monday as investors stood on guard for any moves against Russian oil and gas exports that might come out of a meeting of leaders of the Group of Seven (G7) nations meeting in Germany.

Stronger crude oil futures make palm a more attractive option for biodiesel feedstock.

Globally, Dalian's most-active soyoil contract rose nearly 1 percent, while its palm oil contract fell 0.8 percent. Soyoil prices on the Chicago Board of Trade (CBOT) were down 0.5 percent in electronic trade today.

Palm oil is affected by price movements in related oils, as they compete for a share in the global vegetable oils market.

Exports of Malaysian palm oil products for June 1-25 fell between 13 percent and 19.6 percent from the same period in May, cargo surveyors said said on Saturday.

The Malaysian Palm Oil Association on Thursday estimated that production during June 1-20 likely rose 15.9 percent from the month before, traders said.

(By Commoditiescontrol Bureau: +91-22-40015505)


       
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