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BMD CPO settles firm on strong global cues

28 Nov 2023 4:36 pm
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Mumbai, 28 Nov (Commoditiescontrol) Crude palm oil (CPO) futures settled a little higher on Tuesday supported by strength in rival edible oils, although poor demand and expectations of declining production kept the contract near a two-week low.

The benchmark palm oil contract for February delivery on the Bursa Malaysia Derivatives (BMD) Exchange rose 5 ringgit, or 0.13%, to 3,896 ringgit ($834.26) per metric ton at closing.

The contract opened higher but was quickly seen retracing in negative territory as the absence of fresh buying continued to hurt overall sentiment, a research analyst said.

In related oils, Dalian's most-active soyoil contract rose 1.01%, while its palm oil contract ticked up 0.77%. Soyoil prices on the Chicago Board of Trade were up 0.78%.

Palm oil normally takes directions from the price movements in related oils as they compete for a share in the global vegetable oils market.

The ringgit gained 0.19% against the dollar, making the commodity more expensive for buyers holding foreign currency.

Crude oil prices surged with the Brent benchmark rising above $80 a barrel, supported by expectations that the OPEC+ producer group may deepen and extend output cuts due to concern over softer global demand. O/R Stronger crude oil futures make palm a more attractive option for biodiesel feedstock.

(By CommoditiesControl Bureau; +91-9820130172)

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