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BMD CPO ends over 1% higher on bargain buying, weaker Ringgit

16 Aug 2022 11:11 am
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NEW DELHI, Aug 16 (Commoditiescontrol): Malaysian palm oil futures ended over 1 percent higher on Tuesday as the Ringgit hit its lowest in five-and-a-half years, making the vegetable oil cheaper for buyers holding other currencies.

The November benchmark crude palm oil contract on the Bursa Malaysia Derivatives Exchange (BMD), was up Ringgit 45 or 1.09 percent at Ringgit 4,183 ($937.05) per tonne by the close, after moving in the range of Ringgit 4,329 and Ringgit 4,101 per tonne.

On Monday, the contract fell 6.4 percent on lacklustre August exports data and weaker crude oil prices.

A widening discount between crude palm oil and soybean oil, now at about $520 per tonne, and a weakening ringgit has also spurred demand, Refinitiv Commodities Research said in a note late Monday.

The ringgit fell 0.16 percent against the US dollar to hit its lowest since January 2017, making the commodity cheaper for holders of foreign currency. The currency has weakened around 7 percent so far this year.

The market was also supported by short-covering and technical buying after prices managed to stay above 4,100 Ringgit.

Exports of Malaysian palm oil products for Aug 1-15 fell 9.5 percent to 516,072 tonnes from the same week in July, cargo surveyor Societe Generale de Surveillance said.

Dalian's most-active soyoil contract fell 1.2 percent, while its palm oil contract lost 1.1 percent. Soyoil prices on the Chicago Board of Trade (CBOT) were down 1.2 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)

       
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