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Vegoils Commentary: Futures likely to rebound on SA weather trouble

3 Mar 2021 8:29 am
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Mumbai (Commodities Control) – Malaysian palm oil futures fell over 1% for a third straight session on Tuesday, slipping to a one-week low on expectations that inventories would rise due to a drop in exports and rising output.


Palm oil on the European vegetable oils market continued to ease on Tuesday following softer Malaysian palm oil futures on the back of on expectations for growing output versus falling exports, which could increase the stocks number.


The ringgit ended lower against the US dollar for a second consecutive day with the greenback somewhat stronger despite the risk-on mood in the equity market.


CBOT soybean oil futures closed firmer on Tuesday amid concerns about unfavourable crop weather in Argentina and Brazil where rains in Brazil could slow fieldwork and soybean loadings for shipment.


Oil prices fell to their lowest in two weeks on Tuesday on expectations OPEC+ producers will ease supply curbs at their meeting later this week as economies start to recover from the coronavirus crisis.


BMD CPO 3M futures are likely to stabilise towards 3600/3700 RM/MT in coming sessions.


MCX CPO 1M futures to trade towards 1050/1070 Rs/10 kg.


NCDEX ref soy oil is likely to trade towards 1190/1170 Rs/10 Kg.


(Commodities Control Bureau)


       
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