Login ID:
Partner Login
Contact Us : 7066511911

BMD CPO ends higher for 3rd straight day amid firmer crude oil

3 Oct 2022 9:22 pm
 Comments 0 Comments  |  Comments Post Comment  |  Font Size A A A 

NEW DELHI, Oct 3 (Commoditiescontrol) - Malaysian palm oil futures ended slightly higher on Monday, extending upside for the third consecutive day, underpinned by firmer crude prices, although tepid performance of soyoil on CBOT limited gains.

The benchmark December palm oil on the Bursa Malaysia Derivatives Exchange was up 12 ringgit or 0.35 percent at 3,428 ringgit ($737.84) a tonne by the close, after moving in the range of 3,469 and 3,324 ringgit a tonne.

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

As per analysts, palm oil futures turned stagnant ahead of industry estimates for September supply-and-demand as well as production data.

Top producer 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 4 percent 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. The Dalian Commodity Exchange is closed this week for holidays.

Globally, soyoil prices on the Chicago Board of Trade (CBOT) were up 0.7 percent, after declining 3.5 percent in the previous session.

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)

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

   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
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.