Mumbai, 4 April (Commoditiescontrol):
Prices of Malaysian palm edged down on Thursday, snapping four session of gains amid profit taking, while market participants awaited monthly endstock data.
The benchmark palm oil contract for June delivery on the Bursa Malaysia Derivatives (BMD) Exchange declined by 9 ringgit or 0.20%, to 4,398 ringgit ($928.24) a metric ton by the midday break.
"The futures were seen trading sideways on a profit taking after a bullish rally on Wednesday. Market is now waiting for Malaysian palm oil full March production estimates," a research analyst said.
Holidays in the Chinese markets for the rest of the week has also affected activity, he added.
Malaysia's palm oil inventories are expected to have declined 6.65% from the prior month to an eight-month low of 1.79 million tons at the end of March, as per a survey.
The Malaysian Palm Oil Board (MPOB) is scheduled to release the data on April 15.
The Dalian Commodity Exchange is closed on Thursday and Friday for the Qingming festival. CBOT soyoil prices were up 0.34% during Asian hours.
India's rapeseed and mustard output is expected to rise 7% from last year to a record 12.09 million metric tons in 2024. This will help the world's biggest vegetable oil importer cut back on edible oil imports.
India's palm oil imports hit a 10-month low in March to 481,000 tons, as the top vegetable oil importer increased sunflower oil purchases amid lower prices,a market analyst said.
Crude oil prices rose on Thursday on concerns of lower supply as major producers are keeping output cuts in place and on signs of stronger economic growth in the U.S., the world's biggest oil consumer. Stronger crude oil futures make palm a more attractive option for biodiesel feedstock.
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