Mumbai, 4 April (Commoditiescontrol):
Malaysian palm oil futures settled on Thursday, snapping a four-session rally amid profit taking and lower trading activity due to a holiday in China, while market participants awaited monthly endstock data.
The benchmark palm oil contract for June delivery on the Bursa Malaysia Derivatives (BMD) Exchange closed down 10 ringgit or 0.23%, to 4,397 ringgit ($928.22) a metric ton.
"The futures were seen trading sideways on a profit taking after a bullish rally on Wednesday. Market is now waiting for Malaysian palm oil full March production estimates," a research analyst said.
Holidays in the Chinese markets for the rest of the week has also affected activity, he added.
Malaysia's palm oil inventories are expected to have declined 6.65% from the prior month to an eight-month low of 1.79 million tons at the end of March, as per a survey.
The Malaysian Palm Oil Board (MPOB) is scheduled to release the data on April 15.
The Dalian Commodity Exchange is closed on Thursday and Friday for the Qingming festival. Soyoil prices on the Chicago Board of Trade slipped 0.02%.
India's rapeseed and mustard output is likely to rise 7% from last year to a record 12.09 million metric tons in 2024. This will help the world's biggest vegetable oil importer cut back on edible oil imports.
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