Mumbai, 5 April (CommoditiesControl):
Malaysian Palm Oil prices edged lower on Friday, tracking a decline in soyoil prices, with traders eagerly anticipating the upcoming monthly inventory data release from the Malaysian Palm Oil Board (MPOB).
The benchmark palm oil contract for June delivery on the Bursa Malaysia Derivatives Exchange dipped by 34 ringgit, or 0.77%, reaching 4,366 ringgit per metric ton by the midday break. Despite the decline, Palm oil futures have recorded a weekly gain of 4.10%.
Market sentiment remains cautious as traders await the MPOB's inventory data, which is anticipated to show a 6.65% decline in palm oil inventories to an eight month low of 1.79 million tons for March.
Soybean market movements, impacted by lower-than-expected weekly export sales and rising South American harvest supplies, are also influencing palm oil prices indirectly.
In addition to market dynamics, geopolitical tensions in Europe and the Middle East, coupled with concerns over tightening supply and optimism about global fuel demand growth, have contributed to overall volatility in commodity markets.
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