Mumbai, 09 May, (CommoditiesControl): Malaysian palm oil futures experienced one week low consolidation phase, reflecting subdued sentiment amidst softer prices observed in comparable edible oils.
During the midday session, the benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange exhibited a significant decrease of 39 ringgit, or 1.01%, settling at 3,830 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 1.36%, while its palm oil counterpart experienced a loss of 1.73%. Conversely, CBOT soy oil prices are down by 0.16.
The Malaysian ringgit, serving as palm oil's currency of trade, maintained stability against the dollar, remaining unchanged at 4.74.
Traders holding short positions should consider profit-taking as prices hit the 3835 targets. Fresh short positions may be initiated if prices drop and close below 3820, targeting 3800-3780 with a stop loss at 3830.
Global Futures of Palm oil and Soy oil
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(By Commoditiescontrol Bureau; +91-9820130172)
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