Mumbai, 02 May (CommoditiesControl): BMD CPO Futures for July 2024 extended a downward pressure following the trend observed in Chicago soy oil prices combined with the declining exports. This decline marks the fourth consecutive week of losses for palm oil futures.
During early trade, the July delivery contract dropped by 0.44%, or 17 ringgit, to reach 3,829 ringgit per metric ton. Throughout the current week, the contract has recorded a loss of 1.72%.
Soy oil prices on the Chicago Board of Trade experienced a decrease of 0.58%, while the Dalian Commodity Exchange remains closed until May 5 for International Labour Day holidays.
Crude oil futures saw a marginal increase in early trade on Friday due to expectations of OPEC+ continuing output cuts. However, they are on track for weekly losses due to uncertainties in the U.S. economy and limited disruptions in crude supply caused by the Israel-Hamas conflict. Stronger crude oil futures enhance the attractiveness of palm oil as a biodiesel feedstock.
The Malaysian ringgit, the currency of palm oil trade, strengthened by 0.29% against the dollar, rendering the commodity a bit expensive for buyers holding foreign currency.
In market news, Asian stocks rallied following Apple's announcement of a record $110 billion share buyback plan, particularly boosting the tech sector. Meanwhile, the yen saw some recovery from recent 34-year lows amidst a turbulent week that witnessed suspected interventions from Tokyo.
Malaysian Palm Oil move towards a bearish trend. Trading Near 3835; Indecisive Investor Behaviour in 3835-3800 Range Suggests Sideways Movement, Caution Against New Positions.
Global Futures Palm oil and Soy oil
(By Commoditiescontrol Bureau; +91-9820130172)
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