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BMD CPO snaps 3-day winning streak ahead of MPOB data

10 Aug 2022 11:14 am
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NEW DELHI, Aug 10 (Commoditiescontrol): Malaysian palm oil futures moved lower during the first session of trade on Wednesday, snapping their 3-day winning streak, as the contract tracked weakness in rival soyoil ahead of key data by the Malaysian Palm Oil Board (MPOB).

The October benchmark crude palm oil contract on the Bursa Malaysia Derivatives Exchange (BMD), was down Ringgit 33 or 0.80 percent at Ringgit 4,086 per tonne by the midday break, after moving in the range of Ringgit 4,190 and Ringgit 4,075 per tonne.

The Malaysian Palm Oil Board is scheduled to release supply-and-demand data for July later in the day.

Globally, Dalian's most-active soyoil contract was up 0.9 percent, while its palm oil contract was flat. Soyoil prices on the Chicago Board of Trade (CBOT) were down 0.7 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 Commoditiecontrol Bureau)

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