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BMD-CPO futures extend gains on bargain buying, sluggish output data.

27 Jan 2023 4:28 pm
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Mumbai, Jan 27 (commoditiescontrol)–The crude palm oil (CPO) futures moved higher on Friday, at Bursa Malaysia Derivative Exchange (BMD) boosted by bargain buying fueled by soyoil gains and worse SPPOMA output statistics.

The benchmark palm oil contract for April delivery on the BMD rose 3.41% to 3910 ringgit ($921.19) per tonne.

SPPOMA production fell by 24% between January 1 and January 25 (2023).

Exports of Malaysian palm oil products for Jan. 1-25 fell 28.4% to 876,193 tonnes from the same period a month earlier, cargo surveyor Societe Generale de Surveillance said on Thursday.

Malaysia maintained its February export tax for crude palm oil at 8% and raised its reference price, a circular on the Malaysian Palm Oil Board website showed on Thursday.

Soyoil prices on the Chicago Board of Trade recently traded at 61.26 cents/lb up by 31 cents. The Dalian exchange is closed this week for the Lunar New Year celebration.

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

Meanwhile, Indonesia's 2022 exports of palm oil products declined by 8.5%, the Indonesia Palm Oil Association (GAPKI) said on Wednesday, amid sluggish production and higher domestic consumption.

Indonesia will set its crude palm oil reference price at $879.31 per tonne for the Feb. 1-15 period, down from $920.57 in the Jan. 16-31 period, a senior official said on Wednesday. ($1 = 4.2430 ringgit).

Currently the spread between CBOT(soyoil)&BMD(palmoil) is 428.98 $/MT.

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