Mumbai, May 13 (Commoditiescontrol): Malaysian palm oil futures rebounded on Monday, driven by gains in rival oils on the Dalian Commodity Exchange. The benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange rose 1.71% to 3,867 ringgit ($816.18) a metric ton in morning trade.
This increase followed a strong performance in Dalian, where soy oil and palm oil contracts rose 1.18% and 1.12% respectively. Soy oil prices on the Chicago Board of Trade also saw a 0.42% increase.
The gains in palm oil futures come despite recent data showing a slowdown in Malaysia's industrial production and a decline in palm oil exports for early May. Exports fell 14.2% to 369,920 metric tons from April 1-10, according to cargo surveyor Intertek Testing Services.
For long positions, consider entering if prices close above 3890 on the 15-minute timeframe, targeting 3930, with a stop loss at 3870. For short positions, look for a close below 3865 or the 21-day EMA, targeting 3835, with a stop loss at 3875
Global Futures Palm oil and Soy Oil
(By Commoditiescontrol Bureau; +91-9820130172)
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