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BMD CPO rules mostly range-bound with slight upside on higher crude oil

3 Oct 2022 12:05 pm
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NEW DELHI, Oct 3 (Commoditiescontrol) - Malaysian palm oil futures ruled mostly range-bound with slight upside during the first session of trade on Monday, as higher crude prices outweighed weakness in CBOT soyoil on Friday.

The benchmark December palm oil on the Bursa Malaysia Derivatives Exchange was up 8 ringgit at 3,424 ringgit a tonne by the midday break, after moving in the range of 3,448 and 3,324 ringgit a tonne.

The contract plunged 17.6% in September, marking its fifth straight monthly loss.

Indonesia has set its crude palm oil reference price at $792.19 per tonne for the period of Oct. 1-15, a trade ministry regulation document released on Friday showed, placing the export tax for the vegetable oil at $33 per tonne.

Crude oil prices jumped more than 3% as OPEC+ considers cutting output by more than 1 million barrels a day for its biggest reduction since the pandemic, in a bid to support the market.

Stronger crude oil futures make palm a more attractive option for biodiesel feedstock.

Globally, soyoil prices on the Chicago Board of Trade (CBOT) were up 0.4%, after declining 3.5% in the previous session. The Dalian Commodity Exchange is closed this week for holidays.

Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.

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