Login ID:
Password:
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
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 : 26-Nov-2022
Mustard seed complex continues its bearish trend as oi...
CBOT soybean complex settles mixed
DCE OIL COMPLEX EVENING CLOSING 25 NOV 2022
25 Nov 2022 20:20 DCE/ZCE Daily Rates Update
more
Top 5 News
Burma Urad & Madhya Pradesh Masoor firm at Delhi
Major producing states witness arrival of 97,600 bales ...
Imported Tur declines at Mumbai, Tanzania Chana gain
Burma Urad-Tur prices in $ terms at Chennai
Sugar prices remain nearly steady
Top 5 Special Reports
US soybean net export sales for Nov 11-17 down noticea...
US Cotton net export sales reductions for Nov 11 -17 at...
Castor Oil (Kadi) Bullish Price Trend / Next Resistan...
Akola Desi Tur (Pigeon Pea) Trending Higher / Next Re...
Soy Refined Oil (Indore) Positive Short-term Trend / ...
Copyright © CC Commodity Info Services LLP. All rights reserved.