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BMD Palm Ends Higher For Fourth Straight Day

9 Oct 2019 4:55 pm
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MUMBAI (Commoditiescontrol) - Malaysian palm oil futures ended higher for a fourth straight day on Wednesday, tracking firmness in US soy complex and on a weaker Ringgit.

A weaker Ringgit makes palm oil more attractive to buyers holding foreign currencies.

The December benchmark crude palm oil contract on the Bursa Malaysia Derivatives Exchange (BMD), was up Ringgit 22 at Ringgit 2,196 a tonne by the close, after moving in the range of Ringgit 2,206 and Ringgit 2,188 a tonne.

In other related oils, the CBOT soybean complex was firm in electronic trade on Wednesday as forecasts for a snowstorm in the US Midwest growing region threatened supplies.

In its weekly crop update on Monday afternoon, the US Agriculture Department (USDA) said 14 percent of the soybean crop had been harvested as of Oct. 6, well behind the average pace.

The market is also waiting USDA's World Agricultural Supply and Demand Estimates scheduled for release on Thursday.

Official palm oil data will also be published by the Malaysian Palm Oil Board on October 10.

(By Commoditiescontrol Bureau)


       
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