Login ID:
Password:
Partner Login
Contact Us : 7066511911

BMD CPO plunges over 8% to 20-month low amid demand worries

28 Sep 2022 5:22 pm
 Comments 0 Comments  |  Comments Post Comment  |  Font Size A A A 

NEW DELHI, Sept 28 (Commoditiescontrol): Malaysian palm oil futures ended over 8 percent lower to a near 20-month low 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 298 or 8.46 percent at Ringgit 3,225 ($696.85) a tonne by the close, after moving in the range of Ringgit 3,559 and Ringgit 3,220 per tonne. It lost 17 percent over five days.

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

World shares sank to two-year lows, hammered by spiralling borrowing costs that intensified fears of a global recession and sent investors into the arms of the safe-haven dollar.

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.

Globally, Dalian's most-active soyoil contract fell 0.36 percent, while its palm oil contract dropped 2.76 percent. Soyoil prices on the Chicago Board of Trade (CBOT) declined 1.57 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.

Meanwhile, the world's top palm oil producer Indonesia plans to set its crude palm oil reference price at $792.19 per tonne for Oct. 1-15, a government official said, which would place its export tax at $33 per tonne, down from currently $52 per tonne.

(By Commoditiescontrol Bureau)

       
  Rate this story 1 out of 52 out of 53 out of 54 out of 55 out of 5 Rated
0.0

   Post comment
Comment :

Note : This forum is moderated. We reserve the right to not publish and/or edit the comment on the site, if the comment is offensive, contains inappropriate data or violates our editorial policy.
Name :  
Email :  
   

Top | Post Comment  

Latest Market Commentary
Oil Spot Price : 03-DEC-2022
Mustard seed prices flat, oil&cake extend fall
Kandla Vessel Line Up - 3 DEC 2022
CBOT soybean futures settle firm, soyoil slips
DCE OIL COMPLEX EVENING CLOSING 02 DEC 2022
more
Top 5 News
Nafed Procures 25,824 MT Moong In Kharif-2022 Season So...
Major producing states witness arrival of 1,10,400 bale...
Cotton trade steady in Andhra & Telangana on limited mi...
Branded processed pulses at Mumbai APMC market- 3rd Dec...
Cotton prices steady at Karnataka markets on limited mi...
Top 5 Special Reports
Weekly: ICE Cotton holds up gains on short covering; De...
Weekly: ICE raw sugar post marginal gain for the week; ...
Soybean (Indore) Positive Short-term Trend / Next Res...
Chana Delhi (Rajasthan Line) Trending Higher / Next R...
US Cotton net export sales for Nov 18 -24 at 16,500 RB ...
Copyright © CC Commodity Info Services LLP. All rights reserved.