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Vegoils commentary: Vegoil Futures to show correction on slowing demand

8 Apr 2021 7:41 am
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Mumbai (Commodities Control) - Malaysian palm oil futures gained 1% to a near two-week high on Wednesday, tracking bullish rival Dalian and soyoil while signs of rising exports in April and tight supply underpinned prices.


Malaysia’s CPO prices are expected to soften to between RM2,200 and RM2,600 per tonne over the next 18 months, said Moody's Investors Service.


Palm oil on the European vegetable oils market edged lower on Wednesday following technical selling in CBOT soyoil futures and due to easier energy markets.


The Ringgit closed unchanged against the US dollar yesterday amid a mixed market sentiment, remaining mired between the competing forces of softer US yields and lower oil prices.


CBOT futures slid on Wednesday ahead of the USDA's monthly supply and demand report due on Friday, expected to show a slowdown in exports of U.S. oilseeds as South America's crop fills global demand needs.


Crude Oil futures inched higher on Wednesday on an improving global economic outlook but gains were capped by rising gasoline inventories and fears that new coronavirus outbreaks will weaken a global recovery in fuel demand.


BMD CPO 3M Futures is likely to trade in range of 3700/3800 RM/MT in coming sessions.


MCX CPO 1M futures are likely to trade in range of 1110/1090 Rs/10 Kg in coming sessions.


NCDEX ref soy oil is likely to trade towards 1280/1320 Rs/10 Kg.


(Commodities Control Bureau) 


       
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