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CPO starts lower on Wednesday; Weak CBOT prices weigh on trader sentiment

28 Sep 2022 10:57 am
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Mumbai, 28 Sep (Commoditiescontrol): Palm oil futures opened lower today, reflecting the overnight action of competing oils on the CBOT and DCE.

After ranging between 63.54 and 62.31 cents per pound, the benchmark CBOT active month December soy oil contract declined 0.07 cents to 62.39 cents per pound. Dalian's most-active soyoil contract fell 0.25%, while its palm oil contract dropped 1.08%.

Commodity funds were net sellers of Chicago Board of Trade soyoil futures 2000 contracts on Tuesday, according to traders.

On September 27, the Argentian FOB soy oil for October shipment basis was minus 1470 as against the CBOT settlement price of 65.66lb/cent (-0.45 cents). The discount increased by 10 points from the previous day's basis level of minus 1460. As a result, Argentina FOB price declined from $1080/MT to $1055/MT.

Meanwhile, in Brazil, for (October) shipment base level was reported as negative 1300 points. While the discount decreased by 120 points over the previous day, the FOB price rose from $1063/mt to $1088/mt.

Weak cues from the CBOT, DCE and decline in Argentina basis led to soft opening in CPO futures during midday Asian trade. The benchmark palm oil contract for December delivery on the Bursa Malaysia Derivatives Exchange fell 5.08% to 3,344 ringgit per tonne, after trading in the range of 3559 to 3326 ringgit/mt. The contract lost more than 9% in the previous four sessions. A leading industry analyst warned that prices would plunge by more than 30% by the end of this year amid soft demand and ample supply.

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

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