Mumbai, May 27 (Commoditiescontrol): Malaysian palm oil futures experienced minimal fluctuations on Monday, primarily due to the weakness observed in rival Dalian contracts and subdued trading activity. However, the decline was mitigated by projections of increased exports.
The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange witnessed a marginal decrease of 0.05%, settling at 3,883 ringgit ($825.47) per metric ton by midday. While favorable export data for May 1-25 contributed to a higher opening, prices gradually declined in line with the movement of rival Dalian oils. Additionally, trading volume remained low.
Cargo surveyors indicate a rise in Malaysian palm oil exports for May 1-25, ranging between 2.4% and 3.1% compared to the previous month. Conversely, Dalian's most-active soy oil and palm oil contracts experienced declines of 0.77% and 0.18% respectively.
Crude oil prices remained stable in Asian trading, as market participants awaited the OPEC meeting scheduled for June 2nd, where producers are expected to deliberate on maintaining voluntary output cuts throughout the year.
The ringgit, the currency used for palm oil trading, strengthened 0.13% against the dollar, rendering the commodity more expensive for foreign buyers.
Technical analysis suggests that palm oil prices may retest support levels at 3,865 ringgit per metric ton, with a potential breach opening the path towards a range of 3,812 ringgit to 3,832 ringgit.
Global Futures Palm oil and Soy Oil
(By Commoditiescontrol Bureau; +91-9820130172)
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