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BMD gains for 6th day on weather concerns, stronger crude

6 Oct 2022 6:48 pm
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NEW DELHI, Oct 6 (Commoditiescontrol) - Malaysian palm oil futures ended over 1.5 percent higher on Thursday, extending upside for the 6th consecutive day, underpinned by concerns over wet weather and by a rally in crude oil prices.

The benchmark December palm oil on the Bursa Malaysia Derivatives Exchange was up 59 ringgit or 1.62 percent at 3,701 ringgit ($798.49) a tonne by the end of the afternoon trade, after moving in the range of 3,806 and 3,620 ringgit a tonne.

Crude oil prices stabilised near three-week highs after the OPEC+ producer group agreed to further tighten global crude supply with a deal to cut production by about 2 million barrel per day, the largest reduction since 2020.

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

Soyoil prices on the Chicago Board of Trade (CBOT) fell 1.6 percent in electronic trade today. The Dalian exchange was closed for the week for holidays.

Expectations of a drop in Southeast Asian palm oil production from November to February owing to potential La Nina weather disruption also supported the contract.

(By Commoditiescontrol Bureau)


       
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