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BMD CPO slips on higher production estimates, demand concerns, but mills closure caps downside

28 Jun 2022 12:05 pm
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NEW DELHI, June 28 (Commoditiescontrol) - Malaysian palm oil futures edged slightly lower during the first session of trade on Tuesday as rising production outlook and concerns over demand amid Indonesia's export push and fears of a slowdown in global economy weighed on prices. However, news of some mills closure coupled with a firmness in edible oils globally capped downside.

The September benchmark crude palm oil contract on the Bursa Malaysia Derivatives Exchange (BMD), was down Ringgit 14 Ringgit 4,908 per tonne by the midday break, after moving in the range of Ringgit 4,931 and Ringgit 4,775 per tonne. Palm had jumped 5 percent in the previous session.

The Southern Peninsula Palm Oil Millers' Association (SPPOMA) estimated June 1-25 production to rise 17.19 percent from the previous month, traders said on Monday.

Capping the downside, some palm oil millers in Malaysia, the world's second largest producer, have temporarily halted production following a dramatic plunge in prices of the edible oil.

Globally, Dalian's most-active soyoil contract rose 1.8 percent, while its palm oil contract were up 2.5 percent. Soyoil prices on the Chicago Board of Trade (CBOT) gained 0.8 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.

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


       
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