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BMD CPO plunges to 15-month low amid demand worries sparked by global slowdown fears

28 Sep 2022 11:22 am
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NEW DELHI, Sept 28 (Commoditiescontrol): Malaysian palm oil futures fell over 5 percent to a fresh 15-month low during the first session of trade on Wednesday, extending downside for the fifth consecutive day, as global recession fears triggered concerns over demand.

The December benchmark crude palm oil contract on the Bursa Malaysia Derivatives Exchange (BMD) was down Ringgit 179 or 5.08 percent at Ringgit 3,344 ($724.28) a tonne by the midday break, after moving in the range of Ringgit 3,559 and Ringgit 3,326 per tonne.

The contract has lost 14 percent so far in five days.

As per analysts, global turmoil in energy and share markets added to selling pressure in edible oils side.

Asian share markets tumbled, as surging borrowing costs intensified fears of a global recession, spooking investors into the arms of the safe-haven dollar and punishing currencies across the region.

Globally, crude oil prices fell more 1 percent, pressured by a strengthening dollar and crude storage builds that offset support from U.S. production cuts caused by Hurricane Ian.

Dalian's most-active soyoil contract fell 0.52 percent, while its palm oil contract dropped 1.08 percent. Soyoil prices on the Chicago Board of Trade (CBOT) declined 1.22 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, while weaker crude oil makes palm oil less attractive as biofuel feedstock.

Exports of Malaysian palm oil products for Sept. 1-25 rose between 18.6 percent and 20.9 percent from a month-ago figures, cargo surveyors said.

(By Commoditiescontrol Bureau)


       
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