Mumbai, April 30(CommoditiesControl): On Tuesday, Malaysian palm oil futures experienced a decline, marking their lowest closing point in more than two months. This downturn was attributed to decreased exports in the world's second-largest producer and the subdued prices of Chicago soy oil.
The benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange concluded down by 101 ringgit, or 2.58%, settling at 3,814 ringgit ($799.58). This marks the lowest closure since February 22.
The decline in export figures, along with the sharp drop in soy oil prices on the Chicago Board of Trade, has exerted pressure on Malaysian palm oil futures to reclaim market share in the physical market as per the sources.
AmSpec Agri reported an 11.5% decrease in Malaysian palm oil product exports for April compared to March, while cargo surveyor Intertek Testing Services noted a 9% decline.
Dalian's most-active soy oil contract experienced a 0.13% loss, while its palm oil contract slipped by 1.08%. Soy oil prices on the Chicago Board of Trade witnessed a decline of 2.86%.
The Malaysian ringgit, the currency of trade for palm oil, depreciated by 0.1% against the dollar, resulting in the commodity becoming relatively less expensive for buyers holding foreign currency.
BMD CPO narrates a bearish trend with potential selling opportunities if prices breach 3800, targeting 3750-3720, with a stop loss set at 3830.
Global Palm Oil and Soy oil Futures
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