Mumbai, May 2 (CommoditiesControl): The BMD CPO Futures for July 2024 faced downward pressure in line with the trend observed in Chicago soy oil prices, compounded by a decrease in exports. This decline marks the fourth consecutive week of losses for palm oil futures.
During early trading, the July delivery contract exhibited a marginal decline of 0.10%, or 4 ringgits, settling at 3,842 ringgit per metric ton. Over the course of the current week, the contract has recorded a cumulative loss of 1.39%.
Soy oil prices on the Chicago Board of Trade witnessed a decrease of 0.35%, while the Dalian Commodity Exchange remains closed until May 5 for International Labour Day holidays.
Reports indicate a decline in palm oil stocks in the world's second-largest producer for the sixth consecutive month, reaching 1.68 million metric tons, reflecting a 2% decline on a monthly basis. Concurrently, exports of palm oil products are estimated to have decreased by 7.79% month-on-month to 1.22 million tons due to stiff price competition from other edible oils, particularly sunflower oil.
Meanwhile, crude palm oil (CPO) output observed a second consecutive monthly increase in April, reaching 1.46 million tons, reflecting a 5% rise month-on-month.
The Malaysian ringgit, the currency of palm oil trade, experienced a 0.25% appreciation against the dollar, making the commodity relatively more expensive for buyers holding foreign currency.
Malaysian Palm Oil Trends Negative, Trading Near 3835; Indecisive Investor Behavior in 3835-3800 Range Suggests Sideways Movement, Caution Against New Positions.
Global Futures Palm oil and Soy oil
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(By Commoditiescontrol Bureau; +91-9820130172)
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