Mumbai, April 25 (CommoditiesControl): Malaysian palm oil futures rose for a second consecutive session on Monday despite reports of increased palm oil output. This rise was primarily attributed to strength in the Dalian and Chicago oil futures markets.
The benchmark Palm Oil contract for July delivery on the Bursa Malaysia Derivatives Exchange recorded a modest increase of 12 ringgit, or 0.31%, reaching 3,908 ringgit ($819.12) per metric ton by the midday intermission. The rise can also be attributed to the simultaneous upswing among the market competitors.
According to the sources, an uptick in Malaysian production for the period spanning April 1 to April 25 exerted downward pressure on prices, according to market observations. There was an increase of 4.11% in palm oil output during this timeframe being the world's second-largest producer.
Dalian's predominant soy oil contract exhibited a gain of 1.29%, while its palm oil counterpart saw an uptick of 1.58%. Similarly, soy oil prices on the Chicago Board of Trade experienced a rise of 0.79%.
Anticipated releases of Malaysian palm oil export estimates for April by cargo surveyors are slated for Tuesday.
The Malaysian ringgit, serving as palm's currency of trade, exhibited a marginal depreciation of 0.13% against the dollar, rendering the commodity relatively more affordable for buyers holding foreign currency.
Global Palm oil and Soy oil Futures
(By CommoditiesControl Bureau; +91-9820130172)
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