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Malaysian CPO Futures Gain as Traders Watch Export Data

20 Jan 2025 11:55 am
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MUMBAI, 20 Jan (Commoditiescontrol): Malaysian crude palm oil (CPO) futures rose for the second straight session on Monday, buoyed by a rally in vegetable oil prices on China's Dalian Commodity Exchange. However, concerns about weaker exports and fluctuating global demand continue to weigh on the market.

The benchmark palm oil contract for April delivery on the Bursa Malaysia Derivatives Exchange climbed 55 ringgit, or 1.31%, to 4,245 ringgit ($943.75) per metric ton by midday. This recovery follows a steep 4.51% loss recorded last week, offering traders some relief.

In China, vegetable oil markets showed robust performance. The Dalian Commodity Exchange reported a 1.72% rise in the most active soyoil contract, while palm oil contracts gained 1.39%. Meanwhile, trading on the Chicago Board of Trade was paused due to a public holiday in the United States.

Despite the gains, the outlook for palm oil exports remains cautious. Preliminary data from Malaysian cargo surveyors indicate that exports of palm oil products fell by 15.5% to 23.7% during the January 1-15 period. Traders are now awaiting export figures for January 1-20, which are expected to provide clearer insights into demand trends.

India, the world's largest palm oil importer, is projected to record its lowest palm oil import volumes in nearly five years this January. High prices and unfavorable refining margins are prompting Indian buyers to shift toward more affordable alternatives like soyoil.

Adding to market uncertainty, Indonesia has temporarily frozen subsidies for its mandatory palm oil biodiesel and re-planting programs. This decision stems from the ongoing reorganization of the country’s palm oil fund agency. Officials have assured swift resolution of the transition, but the move has raised concerns about supply dynamics.

As traders navigate these complexities, all eyes are on upcoming export data and global demand indicators to assess the market's next direction.




(By Commoditiescontrol Bureau; +91 98201 30172)


       
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