Welcome       My account   Change Password logout.gif 
Contact Us : 7066511911

Malaysian Palm Oil Futures Fall on Weak Export Data and Chicago Soyoil Prices

18 Jun 2024 4:12 pm
 Comments 1 Comments  |  Comments Post Comment  |  Font Size A A A 

Mumbai, June 18 (Commodities Control): Malaysian palm oil futures experienced a significant decline on Tuesday, the first trading day after the Eid holiday, due to a combination of weak export data and falling Chicago soybean oil prices. The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange closed at 3,883 ringgit ($824.07) per metric ton, marking a 1.15% drop or 45 ringgit.
Market analysts attributed the downward trend to a spread adjustment against competing vegetable oils and persistent concerns about weak palm oil export demand. Cargo surveyor Intertek Testing Services and AmSpec Agri Malaysia reported an estimated decline of 19.8% to 21.6% in Malaysian palm oil product exports for June 1-15.

However, Societe Generale de Surveillance (SGS) provided a contrasting view, reporting an increase in Malaysian palm oil product exports to 488,388 metric tons for June 1-15, compared to 426,947 metric tons during the same period in May.

In related markets, Dalian's most-active soyoil contract saw a modest increase of 0.33%, while its palm oil contract edged up by 0.4%. Conversely, soyoil prices on the Chicago Board of Trade experienced a 0.23% decline.
The recent dip in Malaysian palm oil futures underscores the market's sensitivity to fluctuations in export demand and global vegetable oil prices. Technical analysts predict a potential further decline, with the palm oil FCPOc3 contract potentially breaking the 3,889 ringgit support level and falling into the 3,811-3,843 ringgit range.

Global Futures Palm oil and Soy Oil

(By Commoditiescontrol Bureau; +91-9820130172)

  Rate this story 1 out of 52 out of 53 out of 54 out of 55 out of 5 Rated

   Post comment
Comment :

Note : This forum is moderated. We reserve the right to not publish and/or edit the comment on the site, if the comment is offensive, contains inappropriate data or violates our editorial policy.
Name :  
Email :  

Post Comment  

Latest Market Commentary
DCE Oil Complex Evening Closing - 22 Jul 2024
DCE Daily Rates Update ( Time: 20:25 ) - 22 JULY 2024
Gujarat Castor Market Stabilize on Limited Demand, Lowe...
Mustard seed, oil trade higher in Jaipur, flat elsewher...
Rajasthan Kharif Oilseeds Sowing Down -10.52% - 19-Jul-...
Top 5 News
Small Cardamom Prices Continue to Trade Higher
ZCE Cotton And Yarn Evening Closing - 22 Jul 2024
DCE Oil Complex Evening Closing - 22 Jul 2024
Clove Prices Steady for the Past One and a Half Months
Domestic and Vietnamese Pepper Prices Remain Low Amid W...
Top 5 Special Reports
Economic Survey Highlights India's Growth Prospects and...
Weekly: ICE Sugar Futures Extend Weekly Fall As Global ...
Weekly: ICE Cotton Extends Week of Losses as US Dollar ...
Monsoon Revival Spurs Kharif Crop Sowing, Paddy and Pul...
IGC Report Forecast Rise in Global Rapeseed Production
Copyright © CC Commodity Info Services LLP. All rights reserved.