Mumbai, 02 May (CommoditiesControl): Malaysian palm oil futures witnessed an upswing, aligning with the movements in Chicago soy oil futures along with positive market sentiment due to heightened India’s April import.
The BMD CPO contract for July delivery on the Bursa Malaysia Derivatives Exchange showed an increase of 26 ringgit, or 0.68%, reaching 3,844 ringgit per metric ton.
Reports from cargo surveyors Intertek Testing Services and Amspec Agri indicated a decline in Malaysian palm oil exports ranging between 9% and 11.5% in April compared to the previous month.
Indonesia, the largest global exporter of palm oil, opted to maintain its export tax and levy for May at $52 per ton and $90 per ton, respectively.
Meanwhile, India’s palm oil imports reached a three-month peak during April, surging 41% as compared to the previous month. This significant increase, totalling 682,000 metric tons, was attributed to declining prices, prompting refiners to boost their purchases.
Meanwhile, soy oil prices on the Chicago Board of Trade saw a marginal increase of 0.62%. The Dalian Commodity Exchange remains closed until May 5 in observance of International Labour Day holidays.
BMD CPO futures contract narrates a short-term bullish trend. The afternoon session closed above the threshold of 3835. Investors who entered buy trade may book profit at 3860-3885 with stoploss of 3820.
Global Futures of Palm oil and Soy oil
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(By Commoditiescontrol Bureau; +91-9820130172)
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