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BMD CPO rebounds snapping 5-day losing streak

8 Dec 2023 12:28 pm
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Mumbai, 8 October (Commoditiescontrol) Prices of palm oil rose at Malaysian exchange on Thursday,snapping a five session losing streak due to revival in the other international edible oil markets.

The benchmark palm oil contract for February delivery on the Bursa Malaysia Derivatives (BMD) Exchange gained 48 ringgit, or 1.30%, to 3,750 ringgit ($803.86) by the mid-session break.

However, the futures are down 3.20% on the weekly basis.

"Overnight strong gains in rival oils has prompted futures benchmark contract to open gap up, snapping 5-day negative streak," a trader said.

Another trader said the market is expected to take profits before the weekend, while waiting for the Malaysian Palm Oil Board data scheduled to be published on Dec. 12.

Dalian's most-active soyoil contract rose 1.82%, while its palm oil contract was up 2.62%. Soyoil prices on the Chicago Board of Trade gained 0.16%.

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

Malaysian ringgit strengthened 0.15% against the U.S. dollar. A weaker ringgit makes palm oil more attractive for foreign currency holders.

Indonesia will continue its mandatory 35% biodiesel blending in 2024 and has allocated 13.41 million kilolitres of biodiesel for next year, slightly higher than the 13.15 million kilolitres allotted for 2023. Palm oil is used as feedstock to make biodiesel.

Palm oil on the European vegetable oils market rose on Thursday on the back of stronger CBOT soyoil futures and a weaker dollar. Asking prices for palm oil were between $10 and $30 a tonne higher.

(By CommoditiesControl Bureau; +91-9820130172)

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