Mumbai, 23 May (Commoditiescontrol): Benchmark crude palm oil futures on the Bursa Malaysia Derivatives Exchange saw a midday increase on Thursday, closing 26 ringgit higher at 3,894 ringgit for August delivery. This upward movement was attributed to several factors, including tracking gains in CBOT soy oil futures from the previous day, weakness in the Malaysian ringgit, and expectations of improved demand due to the tropical oil now trading at a discount compared to rival soft oils.
However, the rise was tempered by overnight weakness in soy oil, which limited the upside potential. Analysts suggest that while the short-term outlook for Malaysian palm oil prices remains subdued due to increased production and decreased exports, further declines in soy oil prices could exacerbate this downward pressure, potentially leading to a more pronounced slump in palm oil futures.
(By Commoditiescontrol Bureau; +91-9820130172)
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