Mumbai, May 14 (Commoditiescontrol): Mumbai, May 14 (Commoditiescontrol): Malaysian palm oil futures rose on Wednesday, driven by increased imports from India along with rise in CBOT soyoil and other competitors in the market.
The benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange climbed 46 ringgit, or 1.21%, to 3,861 ringgit ($821.14) per metric ton during the morning session.
Dalian's most-active soyoil contract rose 0.15%, while its palm oil contract was traded flat. Soyoil prices on the Chicago Board of Trade increased 0.67%.
Ahead of the monthly U.S. soy crushing data from the National Oilseed Processors Association (NOPA), analysts surveyed by Reuters anticipate the trade group to report a total crushing of 183.072 million bushels of soybeans in April. This figure represents a 6.8% decrease from the record-high March total but a 5.7% increase from the same period last year.
According to a leading trade body, India's palm oil imports surged to a three-month high in April, increasing by 40.9% from the previous month to 684,094 metric tons due to attractive lower prices.
Malaysian ringgit grew stronger by 0.02% contributing to price hike.
The short-term trend for palm oil remains positive. Traders are advised to consider initiating long positions at current levels, targeting a price of 3,930 ringgit with a stop loss set at 3,830 ringgit.
Global Futures Palm oil and Soy Oil
(By Commoditiescontrol Bureau; +91-9820130172)
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