Mumbai, 8 April (CommoditiesControl): Malaysian palm oil futures settled down for the third straight session on Monday after hitting a one-year high last week, as losses in rival soybean oil prompted profit booking.
The benchmark palm oil contract for June delivery on the Bursa Malaysia Derivatives (BMD) Exchange closed down 45 ringgit or 1.04%, to 4,298 ringgit ($905.03) a metric ton.
Falling stocks have lifted palm oil prices in recent weeks, but the rally has caused its premium over soybean and sunflower oil to rise, as per a market analyst.
"As a result, palm oil buyers are shifting to other oils. Prices need to come down to avoid a slowdown in demand and exports in the coming months," he said.
India's palm oil imports dropped to their lowest level in 10 months in March as buyers substituted it with cheaper sunflower oil.
The market is now eagerly awaiting data on Malaysia's March exports, production and stock levels, a research analyst said.
The Malaysian Palm Oil Board is scheduled to release the data on April 15.
Soyoil prices on the Chicago Board of Trade fell 1.66%.
Palm oil normally takes directions from the price movements in related oils as they compete for a share of the global vegetable oils market.
Crude oil prices declined over $1 a barrel, with Brent sliding under $90, as Middle East tensions eased after Israel withdrew more soldiers from southern Gaza. Weaker crude oil futures make palm a less attractive option for biodiesel feedstock.
.jpeg)
(By Commoditiescontrol Bureau; +91-9820130172)
0 Comments 
Post Comment 
