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News Admin
 
Date
 29/09/2020
News Provider
 Norsaidatul Najwa Mohd Shaharmi
News Source
 Today Online
Headline
 VEGOILS-Palm oil ends flat; plans of fresh Malaysia curbs help prices



Today Online (28/09/2020) JAKARTA, Sept 28 (Reuters) - Malaysian palm oil futures ended unchanged on Monday as gains stemming from supply concerns after Malaysia said it would impose fresh COVID-19 curbs offset losses from China traders unloading positions ahead of a week-long holiday.


The benchmark palm oil contract for December delivery on the Bursa Malaysia Derivatives Exchange closed at 2,822 ringgit ($676.25) per tonne, unchanged from Friday's closing.



"Market is expected to consolidate ahead of Chinese holidays and MPOA Sep. 1-30 Malaysian palm oil production data," said Anilkumar Bagani, research head of Sunvin Group, a Mumbai-based vegetable oil broker.



China is heading for a week-long holiday from Oct. 1 and traders may unload their positions ahead of the holidays.



Palm fell as much as 2.6% in the afternoon session before swinging upward after Malaysia said it would impose strict movement restrictions in four districts in its largest palm oil-producing state Sabah, starting Tuesday.



Sabah accounts for 25% of the crude palm oil produced in Malaysia, the world's second-largest exporter.



Elsewhere, Dalian's palm oil contract for January delivery was up 0.4%, while its soyoil contract rose 0.7%.



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


Read more at https://www.todayonline.com/world/vegoils-palm-oil-ends-flat-plans-fresh-malaysia-curbs-help-prices



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