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

3 Oct 2022 9:22 pm
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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)


       
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