Mumbai, June 14 (Commoditiescontrol): Malaysian palm oil futures experienced sideways trading on Friday, concluding a week marked by a slight decline. The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange closed with a marginal increase of 0.25% to 3,946 ringgit ($836.55) a metric ton.
Market analysts attribute this sideways movement to the upcoming Hari Raya Haji holiday, which will close the Bursa Malaysia Derivatives Exchange on Monday. Additionally, investors are weighing the impact of lower rival oil prices and a weaker ringgit on palm oil's attractiveness.
Despite the week's slight dip, experts predict support for palm oil prices around 3,900 ringgit per ton, citing slowing production in Malaysia and rising exports in June. However, a recovery is expected to be capped at around 4,150 ringgit per ton.
In related markets, Dalian's most-active soyoil and palm oil contracts experienced minor declines of 0.55% and 0.54%, while soyoil prices on the Chicago Board of Trade also edged down by 0.8%.
The palm oil market is currently navigating a complex landscape influenced by multiple factors, including holiday closures, currency fluctuations, and movements in related oil markets. While the short-term outlook suggests sideways trading, analysts remain optimistic about potential price support in the coming weeks. Investors are advised to closely monitor market developments and adjust their strategies accordingly.
Global Futures Palm oil and Soy Oil
(By Commoditiescontrol Bureau; +91-9820130172)
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