Mumbai, 09 May, (CommoditiesControl): Malaysian palm oil futures experienced a marginal decline, reflecting subdued sentiment amidst softer prices observed in comparable edible oils. Traders exhibited a cautious demeanour in anticipation of the imminent release of April's palm oil data by Malaysia.
During the midday session, the benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange exhibited a modest decrease of 6 ringgit, or 0.16%, settling at 3,863 ringgit per metric ton.
According to the sources, the performance of palm futures remained relatively stagnant, influenced by declines in associated vegetable oils futures and apprehensive market sentiment preceding the forthcoming data disclosure from the Malaysia Palm Oil Board. The forthcoming report is expected to shed light on the extent of April's production surge.
According to a Reuters poll, it is anticipated that Malaysia's palm oil exports for April may have experienced a decline of 7.79% month-on-month, amounting to 1.22 million tons.
Meanwhile, data from the General Administration of Customs revealed a significant downturn in China's edible oil imports for April, with a month-on-month decrease of 17.67% and a year-on-year decline of 25.5%.
Dalian's primary soy oil contract registered a decrease of 0.69%, while its palm oil counterpart experienced a loss of 0.96%. Conversely, soy oil prices remained relatively stable on the Chicago Board of Trade.
The Malaysian ringgit, serving as palm oil's currency of trade, maintained stability against the dollar, remaining unchanged at 4.745.
For short-term trades, if prices find support at 3650 levels on the 15-minute timeframe, traders may consider a buy opportunity with a target of 3880 and a stop loss at 3835. Traders who went short at 3925 levels may now book profit at 3860-3850 levels.
Global Futures of Palm oil and Soy oil
(By Commoditiescontrol Bureau; +91-9820130172)
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