Mumbai, May 14 (Commoditiescontrol):Mumbai, May 14 (Commoditiescontrol): Malaysian palm oil futures extended their gains for a second consecutive session on Tuesday, boosted by a rally in rival oils on the Dalian Commodity Exchange. However, the gains are quite slower as the market players are waiting for Malaysia's palm oil export and production performance for further cues.
The benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange edged up 0.13%, or 5 ringgit, to 3,873 ringgit ($819.16) a metric ton during morning trade.
This upward movement mirrored gains in Dalian, where the most-active soy oil contract rose 1.10% and the palm oil contract increased by 1.98%. However, soyoil prices on the Chicago Board of Trade dipped 0.62%.
According to cargo surveyor Societe Generale de Surveillance (SGS) data reported by LSEG, palm oil exports were estimated at 263,369 metric tons.
Meanwhile, Asian shares maintained their position near 15-month highs, while the US dollar remained firm ahead of eagerly awaited US inflation data. Japanese bonds experienced pressure as the central bank scaled back its bond-buying program.Oil prices also climbed on Tuesday, driven by expectations of a tighter supply-demand balance due to operational disruptions, increased demand, and voluntary output cuts.
Global Futures Palm oil and Soy Oil
(By Commoditiescontrol Bureau; +91-9820130172)
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